Buy To Let Mortgage for Flats Above Commercial Premises
re you looking for a mortgage on a Buy-to-Let flat above a commercial property, then we have the answer for you.
These flats need to be leasehold in [and located in] England and Wales. For Scotland the tenure is different.
The flats generally tend to be above retail shops or offices, but not always. Lenders will want to know what trade is being carried out in the shop below.
Lenders generally do not [try to avoid negative opening statements, you could prefix with ‘while’] accept flats above fast-food outlets, restaurants, licensed premises. Shops with associated smells/chemicals/inflammables etc., are also not acceptable by most lenders. However, we have a selection of lenders who can consider these types of properties. We will also need to know what type of property is adjacent on both sides of the property and what trades are being carried out in each case.
The flat must be self-contained and have its own front entrance (ie not through the shop). Mortgages are available up to 85% of property purchase price (or property value for remortgages). Interest only is readily available and applicants do not need letting experience with some of these lenders.
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- Homeowner or owned a Buy to Let property for at least 12 months
- UK passport or UK driving licence as ID
- Evidence of deposit funds and refurbishment costs (bank statement)
- Applicants can be Employed, Self Employed
- Previous experience of similar developments
Types of property
Details about types of acceptable property here
- Self Contained Flats
- Must be leasehold title
- Flat must have its own entrance
- Property located in England Wales and Scotland
Tenancy types accepted
- Working professionals
- Corporate lease arrangements (such as let to local authority)
General Lending Criteria: flats above commercial property
- Purchases or Remortgage
- Interest only or capital + interest repayment
- Mortgages up to 85% Loan to Value
- Lending to Limited companies considered
Mortgage products for flats above commercial premises
Lending restrictions are shown below:
BTL-3 & BTL-8 – Maximum lending is 75% LTV. Experienced landlords only.
BTL-4 & BTL-6 – This lender only lends for properties in England and Wales.
BTL-7 – This is a repayment mortgage only.
BTL-13 – front entrance must be onto the main street, not via the rear yard of the property.
Please click on a PDF below to see full details of these mortgages.
Summary of details required in a professional practice mortgage application
Summary of the application process
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- Fill out our enquiry form online or call us on 0117 2232050
- Receive quotes from lenders
- Complete a mortgage application
- Provide supporting documentation ( Business Plan, CV, Business Valuation Etc. )
- Supply ID and Proof of Address documentation for each applicant
- Property Valuation
- We leiase with the lender on any follow up clarifications or documentation requested
- Offer of Mortgage Received
- Legal Process
Enquire online for a BTL mortgage no obligation quote
Contact us on 0117 223250 to discuss your requirements with a Buy To Let mortgage specialist
Mortgage Application Assistance
We can even complete the mortgage application on your behalf. The mortgage adviser can help you complete the application over the phone or email.
Light Refurbishment Mortgages
Products for property investors buying property to refurbish