Commercial Mortgages - Self Certification

Most high street commercial mortgage lenders will have a set list of documents that a potential borrower will need to supply before they will even be considered for a mortgage. In the case of a small or seasonal business, this is where the problems begin. If your business does not currently generate enough money to have three years worth of audited accounts, or to employ an accountant, your application will not even get beyond the initial stage.

This is where we come in. Rather than relying on your past history, we will look at your future potential. We will need to know the basics about your trading history as well as carrying out a personal credit check; however these are only one consideration in our decision.

We are happy to accept a self-declaration if you can not provide three years accounts. Many people these days do not receive their income regularly, either through being self-employed, or by only taking on seasonal work or by having several different sources of income. In this case you can declare your income to us and we will accept this declaration and continue with your loan application. We may apply a ‘sense check’, for instance if you declare a huge amount of income for relatively low paid work, we may ask for further proof.

We will use this declaration when we calculate your monthly repayments, so it is very important that the information you give us is correct. If it is not, you may have problems keeping up your repayments.

More Commercial Mortgage Topics:

• Would It Work? - why a commercial mortgage would work for your business
• Use and Benefits - weigh up the pros and cons
• Who Can Get One? - who can take out a commercial mortgage?
• Bad Credit History - don't let credit history stop you
• Self Certification - make sure you have the right documents
• Property Types - property types that we allow
• Our Commercial Mortgages - how our mortgages work
• Interest Rates - understand interest rates with some examples
• Security - make sure you're secure
• Fees - understanding confusing legal fees
• Filling in an Application Form - don't worry they're easy - learn here

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