We have owner-occupier commerical mortgages for established businesses that have a proven, profitable track record. We will need the last three years' audited or certified accounts for the business.
If only two years of finalised accounts are available, we may still decide to lend, but subject to a higher rate of interest. The rate will be reviewed once the third year of accounts are available. We are unable to assist with a new 'start-up' business.
All loans are subject to status and secured against property. Sometimes, other additional security may be required.
- Commercial Mortgages from 5 to 25 years
- You can borrow any amount from £75,000 up to £10,000,000 maximum per portfolio.
- The LTV we work to is usually 75% for owner-occupier businesses
- Your interest rate will be linked to the Bank of England Base Rate, LIBOR*, or you can choose from a range of fixed rates (early repayment charges, an arrangement fee and other fees will usually apply)
- No compulsory insurance arrangements (fees and conditions apply)
- VAT bridging facility available for a period of 12 weeks on an interest only basis
- No need to transfer your business bank account
It all depends on what your plans are for the flat.
If the residential part is less than 40% of the whole property, then you can take out a commercial mortgage, regardless of what you intend to do with the flat.
If the flat is more than 40% of the total area and you are intending to let the flat out on an Assured Shorthold Tenancy, you can still have a commercial mortgage.
On the other hand, if the flat is more than 40% of the total area and you or your immediate family plan to live in the flat, you may need to take out a Regulated Mortgage, in which case, unfortunately, we can't help you.
N&P can offer you a VAT bridging facility (subject to criteria) for a 12-week period to give you enough time to claim back the VAT. It is important that you are VAT registered to qualify for this facility.
There will be an arrangement fee for this facility but no early repayment charges if paid off within 12 weeks.
N&P will lend up to a maximum of 75% of either the purchase price or the valuation - whichever is lower. This of course, also depends on the quality and location of the property you want to buy.
Yes you can.
We will lend up to 75% of the valuation of the property. It's worth checking with your current lender to see if there are any early repayment charges on your current mortgage.
Moving to us from another mortgage provider will be subject to lending criteria.
Early repayment charges
You can pay off your mortgage early whenever you want, but you will usually have to pay an early repayment charge if you repay all or part of your mortgage within a specified period. Additional interest will be payable in the event of early redemption of the mortgage. Please contact Commercial Lending on 01733 372 425 to discuss what Early Repayment Charges are applicable to our products.
Fees and charges
For a full list of our mortgage charges and a description of when these may apply, you can download our guide to fees and charges here.
- Call our dedicated commercial mortgages team on 0333 414 1171.
- Norwich & Peterborough Building Society,
Commercial Lending Department
Peterborough Business Park
Paperwork we'll need to see
- A fully completed application form.
- The last three years' audited or certified accounts of your business. (If only two years' accounts are available we will consider your application but you may have to pay a higher rate).
- Your last six months' business and personal bank statements.
- Details of your background and experience.
- Certified copy of ID (valid driving licence and/or passport).
This is not a comprehensive list of requirements and as such depending on the type of business borrowing you may be exempt from certain requests or be required to provide additional information.
Download application form