It’s very difficult to offer mortgage advice that isn’t, in some way, framed around COVID-19, simply because everything is changing as a result of it. We even touched on COVID fatigue on a recent article on remortgaging.
Yet, here we are again offering a COVID-tinged article. However, this one is slightly different as it touches on an area that we haven’t covered for some time and affects those applying for a commercial mortgage.
If you’re a commercial landlord right now, then this period of economic uncertainty – not to mention swathes of the UK workforce currently working from home instead of the office – is likely to have made you ask yourself a number of questions.
Maybe you’re an employer that’s come to the realisation that your business operates perfectly well even with your employees working from home, and that the large offices you own have simply become an unnecessary overhead. As a result, you’ve decided to maintain an office presence, but downsize to a much smaller one. Equally, maybe your business is growing, or you’re simply tired of working from home, and have decided to take advantage of the market and buy a small office with a commercial mortgage.
If you fit into either of these categories, then you’re probably looking at commercial mortgage options and highly motivated to uncover the best commercial mortgage deals.
The benefits of taking out a commercial mortgage
1. There are many advantages of getting a commercial mortgage. Here are a few:
2. Commercial mortgages generally provide better interest rates than standard business loans
3. Commercial mortgage interest is tax deductible
4. You can rent out office space, or even a single desk, the revenue from which can be used to repay your commercial mortgage
5. As with any property, if your business property increases in value, so too does your capital
Complete Mortgages is a mortgage broker in Guildford that specialises in commercial mortgages and has been able to arrange a commercial mortgage for a large number of businesses up and down the UK.
Whilst we’re already seeing an increase in applications for commercial mortgages, we believe that the fallout from COVID-19 will lead to even higher demand for this type of mortgage in the coming months, particularly – albeit sadly – as the government’s furlough scheme comes to an end in the autumn and employers inevitably restructure their workforce.
On that basis, we’re urging those looking to get a commercial mortgage in the short term to contact us sooner rather than later so that we can get Complete Mortgages’ clients at the front of what we expect to be a long queue of commercial mortgage applications by the end of summer.
Contact us on 01483 238280 or email firstname.lastname@example.org to discuss your commercial mortgage requirements, or to ask us to find you the most competitive commercial mortgage deals on the market right now.