What is a Semi-Commercial Mortgage?
A semi-commercial mortgage, also known as a mixed-use mortgage, is a type of loan specifically designed for properties that have both residential and commercial components. These properties combine elements of both residential living spaces and commercial business spaces within a single structure.
Is a Semi-Commercial Mortgage right for you?
If you’re looking to acquire, refinance, or renovate a building that combines living spaces with business premises, a semi-commercial mortgage could be the perfect solution.
Seek Expert Guidance for Your Semi-Commercial Mortgage
The specific details of semi-commercial mortgages can vary between lenders and based on individual circumstances.
Keys Mortgages will help you approach the decision-making process with careful consideration, ensuring that the chosen mortgage aligns seamlessly with your unique financial goals and property aspirations.
Contact us today to discover how we can help transform your property aspirations into thriving realities.
Semi-Commercial Mortgage FAQs
Lenders assess semi-commercial mortgages based on the potential rental income from both residential and commercial tenants. The borrowing amount can depend on factors like the property’s market value, rental yields and your own financial circumstances.
Borrowers typically need to provide extensive documentation, including personal financial statements, business plans (for commercial aspects), property details, and evidence of rental income. Lenders will also evaluate your credit history and financial stability.
Interest rates for semi-commercial mortgages vary depending on factors like the lender, your creditworthiness and market conditions. Rates could be higher than traditional residential mortgages due to the increased complexity and potential risks involved.
Yes, it’s possible to live in one of the residential units of a semi-commercial property you own. However, lenders often consider the overall income potential of the property, including the commercial aspects, when determining the mortgage terms.
Yes, semi-commercial mortgages can be used for refinancing purposes as well. Refinancing might be considered to take advantage of better terms, release equity, or fund improvements to the property.