Our Customers rate us 4.6 out of 5
Mortgages for flats above commercial property.
Getting a mortgage on a flat above a shop or commercial property can be tricky. Don’t stress; our advisors are here to help you find a specialist mortgage lender.
Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender.
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When your credit record isn’t the best and you’re struggling to find a lender, we can step in so you don’t miss out on your dream home.
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Remortgaging doesn’t have to be tricky, whether you are looking to remortgage to consolidate debt, buy another property or finance home improvements.
Finding The Best Mortgage For Flats Above Commercial Premises Deal For Your Circumstances
Find Mortgage Freedom
It can be stressful applying for a mortgage on a property deemed ‘risky’. This is where a specialist mortgage broker like ‘When The Bank Says No’, can come into their own. You love your chosen home and can’t understand who wouldn’t! Whether you’ve been declined already by mortgage lenders or are fearing the worst, we’re here to help. Mortgages and monthly repayments can be complicated, but they shouldn’t be sources of stress. Whatever you’re going through, our friendly team will guide you towards the right lender and help you achieve your property-owning ambitions whatever the high street banks say.
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We can support you and help you to make yourself as attractive to banks as possible, ready for your next application!
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Can I get a mortgage on a flat above a business premises?
Yes, mortgage lenders will offer mortgages on a flat above a commercial property, however, there may be fewer mainstream lenders available for you to choose from. This means you’ve probably had little success with the mortgage lenders the estate agents introduced you to. However, there are other options available if you are looking for borrowing for a flat above a shop.
Lenders typically consider a mortgage for a flat above a shop as at a higher risk of losing property value over time due to the dual purpose of the building. However, not all lenders think and feel the same way, and many will be happy to offer mortgages on purportedly ‘risky’ commercial premises. The most important thing to do if you are looking to buy a flat above a shop is to get in touch with a team of mortgage advisors at the earliest opportunity and speak to a specialist broker like us. Our broker matching service can help partner you with specialist finance lenders, or shape up your mortgage application to help you achieve a better outcome. Yes, there are fewer lenders but success really depends on specialist advice. Whether you have already been declined or are trying to steer your way through the complex process, expert guidance will ensure you are set up for a future successful mortgage application process. Why not get in touch for a no obligation chat?
Is it possible to get a residential mortgage on a flat above a business or is it only available as a Buy to Let?
Buy to Let mortgages and residential mortgages are available on flats above commercial properties and commercial units. You may have fewer mortgage lenders to choose from, and the lender’s criteria will vary. The ones who accept applications may require a larger deposit or charge higher interest rates in order to mitigate the risk. However, there are a range of lenders out there whose criteria do support different mortgages on these types of properties. When The Bank Says No has an intricate knowledge of the market, and can help you approach the right lender the first time around. Our mortgage introducer service is offered in complete confidence.
Turning Your Nightmares Into Dreams
When you think you’ve hit that brick wall and have all but given up hope of finding mortgage finance, When the Bank Says No are here to turn your ‘No’ into a ‘Yes’. We have access to a range of specialist lenders who are willing to help those that the High Street banks just won’t touch. Get in touch today and see how we can turn your dreams into a reality.
Why are some lenders unable to lend on properties above commercial premises?
Most lenders who are happy to approve a mortgage on a flat above a shop require higher-than-average deposits because a flat above a shop may be a more risky proposition and threaten future resale value. This is based on the many problems people have with these types of mixes between residential properties and a commercial space.
Typically, the deposit will be around 15%, but this can increase depending on the type of business in question. A restaurant or takeaway, for example, may require a higher deposit still due to the additional disruption. However, this is by no means a fixed rule. Our team of mortgage experts have access to lenders who ask for 5% deposits on residential mortgages and 20% deposits on a buy to let property. Depending on your circumstances, we can identify potential lenders and find you a suitable deal that is well within your means.
What deposit would I need to purchase a flat above a shop?
Most lenders who are happy to approve a mortgage on a flat above a shop require higher-than-average deposits. This is because a flat above a shop may be a more risky proposition, threatening future resale value due to the many problems people have with these types of mixes between commercial residences and residential properties.
Typically, the deposit will be around 15%, and this can increase depending on the type of business in question. A restaurant or takeaway, for example, may require a higher deposit still due to the additional disruption. However, this is by no means a rule, and our team of mortgage experts have access to lenders who ask for 5% deposits on residential mortgages and 20% deposits on Buy to Lets. Depending on your circumstances, we can identify a suitable deal that is well within your means.
Frequently Asked Questions
Can I Use A Mortgage Calculator To Find Out How Much I Can Borrow?
There are calculators available to help you work out your affordability based on your approximate annual income. However, we would always recommend speaking to a professional mortgage broker when it comes to flats above commercial premises. These types of mortgages can be complex and vary on a case by case basis. Most mortgage calculators tend to work on averages and principles based on standard deals. If you’re looking for mortgage advice with a personal touch, When The Bank Says No is ready to step in and help you understand the best way forward.
We’ll let you know how much you can expect to borrow, which different lenders to approach, and help you tailor and perfect your application. Give us a call today and chat to an exclusive mortgage expert – mortgage approval is within your reach!
What Is A Semi-commercial Mortgage?
A semi-commercial mortgage is a mortgage for a building that has a residential flat and a commercial property. If there is a flat above a shop, then the most suitable mortgage product is a semi-commercial mortgage. The owner does not have to live in the flat, and in fact, they can even decide to use it to generate rental income. This mixed-use mortgage is one of many mortgage options to choose from when you own a property with a flat above a shop.
What Factors Could Impact A Mortgage On A Flat Above A Shop Or Business?
Are Buy To Let Mortgages A Better Option If I Don't Want To Live In The Flat?
As a mortgage broker, we are often asked this question. Some people don’t want to live in a flat above a shop but use the rental income to supplement their own salary or wages. You might also be thinking of leasing the shop so the whole project is an investment. This is where a specialist broker can really come into their own. A buy to let mortgage may be a more suitable choice of finance and we can approach specialist lenders who accept applications for this product. Flats above shops can be financed in different ways and your mortgage broker will advise you on the best vehicle for your plans based on your individual circumstances.
Where Can I Find Flats Above Shops For Sale?
Experienced mortgage advisors for flats above shops.
Specialist finance continues to be a challenge after the credit crunch. Let a broker maximise your chances of success. Choose the right broker and work with our team of professional mortgage advisors who can help you get a mortgage. We find the right mortgage solution for you, even if the property you want to buy is above commercial premises.
Whilst mortgages on flats above shops can be tricky, our team of specialists will help you achieve success against the odds. Already, clients across the UK are enjoying their brand-new commercial premises thanks to our expert guidance. If you need help making your future plans a reality, our personable and approachable team are here to guide you to the right deal.
What Our customers say about us
Our Customers rank us 4.6 out of 5
We feel so fortunate to have found WTBSN
We found WTBSN after landing in a really tricky situation. We were out of term on our current mortgage and our existing broker had exhausted all options to re-mortgage due to the complex nature of our holiday let property (Grade II listed, timber frame construction and above commercial). Working under considerable time pressure due to the financial penalties being imposed by the existing lender, Brian was relentless in his search for a solution that would allow us to refinance a property that was on face value mortgageable. Thankfully, he didn’t give up and nine months later, we completed on the re-finance. We feel so fortunate to have found WTBSN and would like to thank Brian and the team sincerely for going the extra mile. We couldn’t have done it without you!
Rachel Reeves
Simply the best
I will never use another mortgage broker in all my time In property, these guys are the best at communication, customer service and keeping you informed. They are a level above every other broker I’ve come across and they actually get things done.
Emma, Samantha & Ashley have been fantastic in assisting me with 2 mortgages now and they’re superb at what they do. I wouldn’t hesitate to reccommend them to anybody out there who needs a mortgage sorting.
John Burton
I have been dealing with ben
I have been dealing with Ben @ When The Bank Says No. He has been great!! Professional, kept us up to date the whole way and made the entire process so simple. I would most definitely use him again and have already passed his details on to a family member. Thank you for all your help.
Elise
Thank you for your amazing support
Thank you for your amazing support and service during a really difficult time in my life. 5* is just not enough to demonstrate the level of support received. These guys go above and beyond. A personal service, with kindness and compassion. I highly recommend. If you’re struggling with your mortgage, then have a chat to this team. I cannot thank them enough for everything they have done.
Nabila Fowles-Gutierrez
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