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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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Finding The Best Mortgage for Flats Above Commercial Premises Deal For Your Circumstances

Have you recently been declined for a mortgage on a flat above commercial premises by mainstream mortgage lenders? Unfortunately, this can happen. Mortgage for flats above commercial premises tend to come with more risks than a standard purchase, and the mortgage process can be more complex because of this. Fewer lenders will be willing to help you as a result. Luckily, our team of expert mortgage advisors are here to provide the total solution to your mortgage hunt. With in-depth knowledge of the market and an array of specialist lenders at our fingertips, we can help you find a more appropriate mortgage deal and secure your future home and commercial premises.

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Find mortgage freedom.

It can be stressful applying for a mortgage on a property deemed ‘risky’. You love your chosen home and can’t understand who wouldn’t! Whether you’ve been declined already 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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In order for us to assess your credit history and suitability for different mortgage products, you will need to check your file.

Can I get a mortgage on a flat above a business premises?

Yes, you can find a mortgage for a flat above a commercial property. There may be fewer mainstream lenders available for you to choose from, meaning you probably had little success with lenders the estate agents introduced you to, but there are options available. Lenders typically consider a mortgage for a flat above a shop as tending to be at higher risk of having their property value lowered over time due to the dual purpose of the building.

However, not all lenders think and feel the same, and many will be happy to grant you a mortgage 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. We will be able to introduce you to specialist lenders, or shape up your proposal to help a lender decide on a better outcome. Whether you have already been declined or are trying to avoid this eventuality, expert guidance will ensure you set yourself up for a future successful mortgage application process.

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. You may have fewer mortgage lenders to choose from, and the ones who will consider your application 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 not forbid lending for a range of 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 one the first time around.

Turning Your Nightmares Into Dreams

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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?

Lenders consider a mortgage on a flat above a commercial premises to be higher risk because of the impact the business below may have on the residential property above. Depending on the type of commercial property, the business activities may disrupt the flat with unusual working hours, noise, smells and more. Whether it’s a takeaway, a shop, a garage or something else, a range of businesses have the potential to cause a nuisance – something which can have a significant impact on resale value.

If you cannot keep up with mortgage repayments, lenders want to know if they can recoup their losses through this resale. This type of property, therefore, calls into question its suitability as security for your loan.

Do not lose heart, however, as we know many specialist brokers who specialise in these types of mixes between private and commercial buildings.

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, but we would recommend speaking to a professional mortgage broker when it comes to flats above commercial premises. These types of mortgages can be complex, and 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 – mortgage approval is within your reach!

semi-commercial mortgage is a mortgage for a building that has a flat and a commercial property. If there is a flat above a shop, then you will be able to get this mortgage. The owner does not have to live within the flat, and in fact, they can even decide to generate rental income. Nonetheless, this mixed-use mortgage is one of many mortgage options to choose from when you own a property with a flat above a shop.

The final decision you receive for a mortgage on this type of property will depend on a number of factors. The mortgage lender will want to know what type of business occupies the lower property and what the layout is. Other factors might include whether the main entrance is shared and if the business poses a higher risk of noise nuisance which may make selling the property in the future difficult. If you’re struggling to navigate mortgage negotiations on a property above a shop, our friendly advisors can step in and help. We’ve achieved many a mortgage for flats above all kinds of commercial properties, and are ready to take the strain – just give us a call!

Experienced mortgage advisors for flats above shops.

Our team of professional mortgage advisors can find a mortgage solution for you, even if the property you want to buy is above commercial premises. Whilst mortgages for this type of property can be tricky, our team of specialists can help you achieve success against the odds. Already, clients across the UK are enjoying their brand-new homes thanks to our expert guidance. If you need help making your future plans a reality, our personable, approachable team are here to guide you to the right deal.

 
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