{"id":1310,"date":"2023-06-02T00:00:00","date_gmt":"2023-06-02T00:00:00","guid":{"rendered":"https:\/\/www.simplybusiness.co.uk\/knowledge\/articles\/what-is-a-commercial-mortgage\/"},"modified":"2025-05-22T13:14:23","modified_gmt":"2025-05-22T13:14:23","slug":"what-is-a-commercial-mortgage","status":"publish","type":"knowledge","link":"https:\/\/www.simplybusiness.co.uk\/knowledge\/commercial-landlord\/what-is-a-commercial-mortgage\/","title":{"rendered":"What is a commercial mortgage? A guide for small businesses"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">You might be considering a commercial mortgage if you want to buy a new business premises, either because you\u2019ve expanded your business or no longer want to rent an existing property. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A commercial mortgage is much the same as a residential mortgage, but it\u2019s for a property that\u2019s used for business. Our guide to <a href=\"\/knowledge\/retail\/how-to-buy-commercial-property\/\" data-type=\"knowledge\" data-id=\"885\" >choosing a business premises<\/a> has more on what to look for. Here we\u2019ll explain how you get a business mortgage for your chosen property, and tips for finding the best commercial mortgage rates. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-when-might-you-need-a-commercial-mortgage\">When might you need a commercial mortgage? <\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">You\u2019ll need a commercial property mortgage if you&#8217;re:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">buying a property for business use and you need to borrow the money (you\u2019re not a cash buyer)<\/li>\n\n\n\n<li class=\"wp-block-list-item\">buying a business that includes a property as part of the sale<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re renting your current property and the landlord\u2019s put the rent up, or you no longer want to be bound by a commercial tenancy, buying your own property to run your business from could be a logical step. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Another scenario is that you\u2019ve expanded your business and are starting to employ people to work for you, so you might be considering buying a property instead of renting one. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-commercial-mortgage-rates-how-do-they-work\">Commercial mortgage rates \u2013 how do they work?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Mortgage lenders set their rates and are offered at either a fixed or variable interest rate.  <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The mortgage term will be agreed with repayments made over a period of time, from three to 25 years. A longer term can mean lower monthly repayments but more interest will be accumulated. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bear in mind, too, that the current economic climate of <a href=\"\/knowledge\/business-structure\/current-bank-of-england-base-rate-for-businesses\/\" data-type=\"knowledge\" data-id=\"1374\" >rising interest rates<\/a> means more expensive loans and mortgage repayments. It\u2019s important to consider fluctuating rates when deciding whether you can afford a new business mortgage, and speak to a financial adviser if you\u2019re not sure about anything. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s also worth noting that interest you pay is <a href=\"\/knowledge\/self-assessment\/self-employed-expenses\/\" data-type=\"knowledge\" data-id=\"1511\" >tax-deductible<\/a> when working out how much of your profit you need to pay tax on.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-get-a-commercial-mortgage\">How to get a commercial mortgage<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Your first step will be to meet with a commercial mortgage advisor to discuss your options for buying a property with a mortgage. Here are a few other considerations when it comes to mortgages for business owners: <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Check you can afford the deposit<\/strong> \u2013 you\u2019ll need to put down around 20 to 40 per cent of the overall property price. This is much higher than for residential mortgages as lenders see this as a higher risk (and the sale price is often higher). <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Organise your accounts <\/strong>\u2013 banks and lenders will ask for between three to six months of bank account statements. <\/p>\n\n\n\n<div id=\"nba-body-001\">\n<\/div>\n\n<p class=\"wp-block-paragraph\"><strong>Check your credit score<\/strong> \u2013 make sure you have a good business <a href=\"\/knowledge\/business-tax\/what-is-business-credit-score-and-how-can-you-improve-it\/\" data-type=\"knowledge\" data-id=\"1060\" >credit score <\/a>and improve it if you need to. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Apply through a broker or bank<\/strong> \u2013 as well as bank statements, you\u2019ll also need company information, proof of identity and address, details of assets, liabilities, income, and expenditure.  <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Consider other fees <\/strong>\u2013 applying for a mortgage also means legal fees, arrangement fees and a cost for valuing the property. You\u2019ll also need to pay your broker fees if you use one. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Get a commercial survey<\/strong> \u2013 your lender will want to do a mortgage survey to assess the valuation of the property, but you might also want to organise your own buildings survey to check the condition and any potential problems. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Read more on business finance with our <a href=\"\/knowledge\/income\/balance-sheet-template\/\" data-type=\"knowledge\" data-id=\"1105\" >balance sheet template<\/a> and <a href=\"\/knowledge\/business-tax\/what-is-ebitda\/\" data-type=\"knowledge\" data-id=\"975\" >how to use EBITDA<\/a> to assess the profitability of your business. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"815\" height=\"543\" src=\"https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/business-woman-in-office.jpg?w=815\" alt=\"Business woman using a mobile phone in an office\" class=\"wp-image-3781\" srcset=\"https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/business-woman-in-office.jpg 815w, https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/business-woman-in-office.jpg?resize=800,533 800w, https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/business-woman-in-office.jpg?resize=768,512 768w, https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/business-woman-in-office.jpg?resize=150,100 150w\" sizes=\"auto, (max-width: 815px) 100vw, 815px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Photo: DimaBerlin\/stock.adobe.com<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-pay-stamp-duty\">Pay stamp duty<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">As with buying any property, you\u2019ll need to pay stamp duty land tax (STLT) when you buy a property for your business.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The rates are different to those for second homes, residential and buy-to-let properties. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Stamp duty is due for non-residential or mixed use properties bought for <strong>\u00a3150,000 or more<\/strong>. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Read our <a href=\"\/knowledge\/landlord-tax\/stamp-duty-on-second-home\/\" data-type=\"knowledge\" data-id=\"1537\" >guide to stamp duty<\/a> for more information on the rates, and you can use <a href=\"https:\/\/www.tax.service.gov.uk\/calculate-stamp-duty-land-tax\/#\/intro\" rel=\"noopener noreferrer\" target=\"_blank\">HMRC\u2019s stamp duty calculator<\/a> to work out how much you\u2019d pay. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-can-you-get-a-mortgage-on-a-commercial-property\">Can you get a mortgage on a commercial property?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">As we\u2019ve mentioned in this article, you can get a mortgage on a commercial property. Commercial mortgage lenders will look at your business accounts and credit score to assess affordability before lending you the money. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-semi-commercial-mortgages\">What are semi-commercial mortgages?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re buying a property that has both a residential and commercial use (mixed use) then you\u2019ll need to apply for a semi-commercial mortgage. For example, you\u2019re buying a <a href=\"\/business-insurance\/pub-insurance\/\">pub<\/a> with accommodation. Or perhaps you\u2019re running a <a href=\"\/business-insurance\/guest-house-insurance\/\">guest house<\/a> and also live there.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A semi-commercial mortgage is also designed for commercial properties that also have residential apartments.  <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-you-ll-need-commercial-building-insurance\">You\u2019ll need commercial building insurance<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Insuring your business premises will be a condition of the mortgage. Your lender may give you options to choose from or you can do your own research. They\u2019re looking to confirm that the building is covered at least to the value of the amount you\u2019ve borrowed, but you\u2019ll want to make sure you have ample cover to protect you and your livelihood. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You\u2019ll want protection for risks like fire, flood, and escape of water. Other covers can include contents insurance in case your appliances and furniture is damaged or stolen, as well as fixtures and fittings insurance. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A tailored <a href=\"\/business-insurance\/commercial-buildings-insurance\/\">commercial building insurance policy<\/a> means you can select the cover you need and have peace of mind that you\u2019re protected if the worst should happen. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s also a good time to make sure your <a href=\"\/business-insurance\/public-liability-insurance\/\">public liability insurance<\/a> cover is up to date and that you have <a href=\"\/business-insurance\/employers-liability-insurance\/\">employer\u2019s liability insurance<\/a> if you\u2019ve got staff. Remember to let your insurance provider know if you make any changes to your business so your policy always has the level of cover you need.  <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-alternative-ways-to-fund-a-commercial-property-investment\">Alternative ways to fund a commercial property investment<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-bridging-loans\">Bridging loans <\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A <a href=\"\/knowledge\/funding\/what-is-a-bridging-loan\/\" data-type=\"knowledge\" data-id=\"1027\" >bridging loan<\/a> is a short-term way to borrow money before funds become available. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This type of finance can be used for property investment if you\u2019re expecting cash to come in from another sale. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re buying a commercial property at auction then this can help you access funds quickly, and you can then transfer it to a commercial mortgage later. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Newer businesses might need more time to build up their trading accounts before lenders will approve a mortgage, so a bridging loan could help you buy a property while you get the paperwork together. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-secured-loans\">Secured loans <\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Secured loans are a way of borrowing money that\u2019s secured against a high-value asset. This type of business finance is a way to secure funding from a lender, with the commercial property acting as the collateral. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Are you looking for a new business property and a commercial mortgage? Let us know how you get on in the comments below.<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-business-finance-guides-and-resources\">Business finance guides and resources<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\"><a href=\"\/knowledge\/cash-flow\/what-is-a-cash-flow-forecast\/\" data-type=\"knowledge\" data-id=\"972\" >How to write a cashflow forecast \u2013 and free template<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"\/knowledge\/income\/how-to-budget-calculator-and-guide-for-the-self-employed\/\" data-type=\"knowledge\" data-id=\"956\" >Free business budget template<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"\/knowledge\/vehicles\/business-car-leasing\/\" data-type=\"knowledge\" data-id=\"1274\" >Business car leasing \u2013 an ultimate guide<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"\/business-insurance\/faq\/what-does-employers-liability-insurance-cover\/\">What does employers\u2019 liability insurance cover?<\/a><\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-group has-azure-200-background-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-94e519ba wp-block-group-is-layout-constrained\" style=\"padding-top:var(--wp--preset--spacing--80);padding-right:var(--wp--preset--spacing--40);padding-bottom:var(--wp--preset--spacing--80);padding-left:var(--wp--preset--spacing--40)\">\n<h3 class=\"wp-block-heading has-text-align-center\" id=\"h-ready-to-set-up-your-cover\">Ready to set up your cover?<\/h3>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">As one of the UK&#8217;s biggest <a href=\"\/business-insurance\/\" data-type=\"page\" data-id=\"5152\" >business insurance<\/a> providers, we specialise in <a href=\"\/business-insurance\/public-liability-insurance\/\">public liability insurance<\/a> and protect more trades than anybody else. Why not take a look now and build a quick, tailored quote?<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/quote.simplybusiness.co.uk\/business\">Start your quote<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Photo: BullRun\/stock.adobe.com<\/em><\/p>\n\n<div id=\"nba-body-end\">\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>If you want to buy a property for your growing business, you\u2019ll probably need a commercial mortgage. Here\u2019s everything you need to know to get started.<\/p>\n","protected":false},"author":3,"featured_media":3780,"comment_status":"open","ping_status":"closed","template":"","meta":{"sb_hreflang":"","sb_hreflang_url":"","disable_breadcrumbs":false,"sb_breadcrumbs":[],"sb_reviewed_by":"","sb_review_date":"","sb_enable_content_gating":true,"footnotes":""},"categories":[336,340,110],"hidden-category":[],"coauthors":[25],"class_list":["post-1310","knowledge","type-knowledge","status-publish","has-post-thumbnail","hentry","category-business-structure","category-commercial-landlord","category-business-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What is a commercial mortgage? A guide for small businesses<\/title>\n<meta name=\"description\" content=\"If you want to buy a property for your growing business, you\u2019ll probably need a commercial mortgage. Here\u2019s everything you need to know to get started.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/commercial-landlord\/what-is-a-commercial-mortgage\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to get a commercial mortgage for your small business\" \/>\n<meta property=\"og:description\" content=\"Learn about your options for buying a business premises and getting a commercial mortgage.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/commercial-landlord\/what-is-a-commercial-mortgage\/\" \/>\n<meta property=\"og:site_name\" content=\"Simply Business UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/simplybusiness\" \/>\n<meta property=\"article:modified_time\" content=\"2025-05-22T13:14:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/06\/what-is-a-commercial-mortgage.jpg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"What is a commercial mortgage? 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