Commercial Property Mortgages in Today’s Market
It is a no secret that the recent slowdown in the financial markets has driven a lot of investment property buying activity to a virtual halt. A lot of the mortgage lenders have withdrawn the traditional buy to let and the commercial mortgage products that helped property investors buy multiple properties with ease. There is a concerted effort from the world governments to restrict the flow of commercial mortgage lending to lower levels and this is significantly affecting investment property buyers.
The buyers are having to put down much bigger deposits towards a property purchase then they would have done a couple of years ago. Their mortgage applications are also being closely checked to ensure that only the least riskiest of the applicants are given funding. This is driving a lot of investors away from the property market, which is in turn slowing down any recovery in the property market that may have otherwise come.
With so much chaos seen in the recent economic slow down, what can property investors do to increase their chances if obtaining mortgage lending to fund their property purchases? Well if you are an investors looking to get a mortgage for a property then there are 2 things to remember
- Have a bigger deposit (up to 35%) ready to allow you to make the purchase
- Make sure that you have a very good credit history to allow you to successfully pass a buy to let mortgage lenders criteria for your application.
If any of the above 2 points cant be achieved then your chances of getting a best mortgage or the best remortgage are next to nothing. This is especially true after the disappearance of the bad credit mortgage products.
