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Commercial Mortgages for B&Bs and Guest Houses: Everything You Need to Know

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If you’re in the bed and breakfast (B&B) or guest house industry, you know that owning and running such businesses can be both rewarding and challenging. To grow your business, you may need to invest in your property, hire additional staff, or expand your services. However, you may not have the necessary funds to do so. This is where commercial mortgages come in. Commercial mortgages can provide you with the financing you need to support and expand your B&B or guest house.

Commercial mortgages are loans that are specifically designed for businesses. They differ from residential mortgages in several ways, such as eligibility criteria, loan-to-value ratios, and interest rates. To obtain a commercial mortgage, you’ll need to meet certain eligibility criteria, such as having experience in the hospitality sector, providing a deposit, and having a good credit score. The application process can also be more complex and time-consuming than that of a residential mortgage. However, if you’re approved for a commercial mortgage, you’ll have access to a larger amount of funds than you would with a personal loan or credit card.

By obtaining a commercial mortgage, you can benefit from several advantages, such as lower interest rates, longer repayment terms, and greater flexibility. You can also use the funds for a variety of purposes, such as purchasing a new property, renovating your existing property, or refinancing your debt. In addition, by working with a specialist mortgage broker, you can increase your chances of finding the right lender and securing the best deal for your needs.

Key Takeaways

  • Commercial mortgages are loans specifically designed for businesses, including B&Bs and guest houses.
  • To obtain a commercial mortgage, you’ll need to meet certain eligibility criteria and go through a complex application process.
  • By obtaining a commercial mortgage, you can benefit from lower interest rates, longer repayment terms, and greater flexibility.

Understanding Commercial Mortgages

If you’re looking to buy a bed and breakfast or guest house, you may need to consider a commercial mortgage. A commercial mortgage is a loan that is specifically designed for businesses, rather than individuals.

Definition and Explanation of a Commercial Mortgage

A commercial mortgage is a type of loan that is used to purchase or refinance a property that is used for business purposes. This can include anything from an office building to a retail space, and of course, a bed and breakfast or guest house. The loan is secured against the property that is being purchased, meaning that if you can’t make your repayments, the lender can take possession of the property.

Differences between a Commercial Mortgage and a Residential Mortgage

The main difference between a commercial mortgage and a residential mortgage is the purpose of the loan. A residential mortgage is used to buy a property that you will live in, while a commercial mortgage is used to buy a property that will be used for business purposes.

Another key difference is the interest rates. Commercial mortgages generally have higher interest rates than residential mortgages, as they are considered to be a higher risk for lenders. This is because businesses can be more volatile than individuals, and there is a greater risk of default.

Lenders and Mortgage Brokers

When it comes to getting a commercial mortgage, you have two main options: going directly to a lender, or using a mortgage broker. A lender is a financial institution that provides loans, while a mortgage broker is a middleman who can help you find the best deal on a commercial mortgage.

If you decide to go directly to a lender, you will need to do some research to find one that offers commercial mortgages. You will also need to provide a lot of documentation, including business plans, financial statements, and tax returns.

Using a mortgage broker can make the process easier, as they will do the research for you and help you find the best deal. They will also help you prepare your application and provide guidance throughout the process.

Overall, getting a commercial mortgage for a bed and breakfast or guest house can be a complex process. However, with the right knowledge and support, you can find the right loan for your business and achieve your goals.

Eligibility and Application Process

Eligibility Criteria

To be eligible for a commercial mortgage for your bed and breakfast or guest house, you will need to meet certain criteria. These criteria may vary depending on the lender, but generally, you will need to have:

  • Hospitality experience: Lenders will want to see that you have experience in the hospitality industry, either as a B&B owner or manager. This will show them that you have the skills and knowledge needed to run a successful business.
  • Personal finances: You will need to have a good personal credit history and a stable income to show lenders that you can make the mortgage repayments.
  • Business plan: You will need to have a solid business plan that includes profit projections, renovation requirements, an understanding of the market and your competition, and clear marketing plans showing how you’ll achieve a high occupancy rate (and therefore higher profits).

In addition to these criteria, lenders will also look at the property itself. They will want to see that it is in a good location, has a strong potential for income, and is in good condition.

Application Process

Once you’ve determined that you meet the eligibility criteria, you can begin the application process. This process may vary depending on the lender, but generally, it will involve the following steps:

  1. Research lenders: Research different lenders to find one that offers commercial mortgages for B&Bs and guest houses. Look at their eligibility criteria, interest rates, and fees to determine which one is the best fit for your needs.

  2. Gather documentation: Gather all of the documentation you will need to apply for the mortgage. This may include your business plan, financial statements, tax returns, and any other relevant documents.

  3. Submit your application: Submit your application to the lender. They will review your application and documentation to determine if you meet their eligibility criteria.

  4. Property valuation: If the lender determines that you are eligible, they will conduct a property valuation to determine the value of the property and how much they are willing to lend.

  5. Closing: If the lender approves your application and property valuation, you will need to sign the mortgage agreement and pay any closing costs. Once this is done, the mortgage will be funded.

Overall, the eligibility criteria and application process for a commercial mortgage for your bed and breakfast or guest house can be complex. However, with the right preparation and research, you can find the right lender and secure the funding you need to start or grow your business.

Types of Commercial Mortgages

When it comes to financing a bed and breakfast or guest house, there are a few different types of commercial mortgages to consider. Each type of mortgage has its own eligibility criteria, advantages, and disadvantages. In this section, we will discuss the most common types of commercial mortgages for B&Bs and guest houses.

Bed and Breakfast Mortgages

Bed and breakfast mortgages are specifically designed for properties that are used for this type of hospitality business. These mortgages are usually available for both freehold and leasehold properties and can be used to purchase or remortgage a B&B. To be eligible for a B&B mortgage, you will need to have some experience in the hospitality sector. Most lenders will expect you to have been running a B&B for at least two years before they will consider you for a mortgage.

Guest House Mortgages

Guest house mortgages are similar to B&B mortgages, but they are designed for slightly larger properties that have more guest rooms. These mortgages are also available for both freehold and leasehold properties. To be eligible for a guest house mortgage, you will need to have some experience in the hospitality sector. Most lenders will expect you to have been running a guest house for at least two years before they will consider you for a mortgage.

Semi-Commercial Mortgages

Semi-commercial mortgages are designed for properties that have both a residential and commercial element. For example, a property that has a shop on the ground floor and a flat above it. These mortgages can be used to purchase or remortgage a semi-commercial property that is used for a variety of purposes, including B&Bs and guest houses. To be eligible for a semi-commercial mortgage, you will need to have a good credit score and a stable income.

Commercial Remortgages

Commercial remortgages are designed for businesses that already own their property and want to release equity or get a better deal on their existing mortgage. This type of mortgage can be used for both freehold and leasehold properties and can be used to remortgage a B&B or guest house. To be eligible for a commercial remortgage, you will need to have a good credit score and a stable income.

Overall, there are a variety of mortgage options available for B&Bs and guest houses. It’s important to understand the differences between residential and commercial mortgages and choose the right type of mortgage for your business.

3. Why Consider a Commercial Mortgage for a B&B or Guest House?

If you are a B&B or guest house owner, you may be considering the possibility of expanding your current facilities, renovating or upgrading amenities, acquiring a new property or additional land, or refinancing existing debts or consolidating loans. In any of these cases, a commercial mortgage may be the best solution for you.

A commercial mortgage is a type of loan that is secured against a commercial property, such as a B&B or guest house. It is specifically designed for businesses and can be used for a variety of purposes, including those mentioned above. Commercial mortgages typically have longer repayment terms than traditional mortgages and can be tailored to suit your individual needs.

There are several reasons why you should consider a commercial mortgage for your B&B or guest house. Firstly, it can provide you with the funds you need to expand or upgrade your facilities, which can help you attract more customers and increase your revenue. This can be particularly important if you are in a competitive market and need to differentiate yourself from your competitors.

Secondly, a commercial mortgage can help you acquire a new property or additional land, which can be a great way to expand your business and increase your revenue. This can be particularly beneficial if you are in a growing market and want to take advantage of new opportunities.

Finally, a commercial mortgage can help you refinance existing debts or consolidate loans, which can help you reduce your monthly payments and improve your cash flow. This can be particularly important if you are struggling to meet your financial obligations and need to free up some cash to invest in your business.

When considering a commercial mortgage, it is important to work with a reputable lender or mortgage broker who has experience in the B&B and guest house industry. They can help you find the best deal and ensure that the terms of the loan are tailored to suit your individual needs.

Benefits of a Commercial Mortgage for B&B Owners

If you own a bed and breakfast or guest house, a commercial mortgage can be an excellent way to finance your property. Here are some benefits of using a commercial mortgage:

  • Lower Interest Rates: Commercial mortgages often have lower interest rates than other types of loans, such as personal loans or credit cards. This can help you save money over the life of the loan.

  • Flexible Repayment Terms: With a commercial mortgage, you can often choose from a range of repayment terms to find one that fits your budget. This can help you manage your cash flow and avoid financial stress.

  • Leverage Property Equity: If you have equity in your property, you may be able to use it to secure other types of financing for your business. This can help you fund other projects or investments that can help your business grow.

When looking for a commercial mortgage, it’s important to work with a reputable lender or broker who can help you find the best deal for your needs. They can help you navigate the application process and ensure that you get the best rates and terms possible.

Overall, a commercial mortgage can be an excellent way to finance your B&B or guest house. With lower interest rates, flexible repayment terms, and the ability to leverage your property equity, it’s a smart choice for many business owners.

Financial Aspects

When it comes to financing a bed and breakfast or guest house, there are several financial aspects to consider. In this section, we will cover loan-to-value, mortgage rates, deposit requirements, and fees.

Loan-to-Value

Loan-to-value (LTV) is the amount of the mortgage loan compared to the value of the property. Lenders typically offer up to 75% LTV for bed and breakfast mortgages. This means that you will need to provide a deposit of at least 25% of the property value. However, some lenders may require a higher deposit of up to 30-40% due to tightened lending criteria.

Mortgage Rates

Mortgage rates for bed and breakfast and guest house mortgages can vary depending on the lender, loan amount, and loan term. It is important to shop around and compare rates from different lenders to find the best deal. Some lenders may offer fixed-rate mortgages, which means that the interest rate is fixed for a set period of time, while others may offer variable-rate mortgages, which means that the interest rate can fluctuate.

Deposit Requirements

As mentioned earlier, lenders typically require a deposit of at least 25% of the property value for bed and breakfast and guest house mortgages. This means that if the property is valued at £300,000, you will need to provide a deposit of at least £75,000. However, some lenders may require a higher deposit of up to 30-40%.

Fees

There are several fees associated with bed and breakfast and guest house mortgages, including valuation fees, legal fees, and broker fees. Valuation fees are charged by the lender to assess the value of the property, while legal fees are charged by solicitors to handle the legal aspects of the mortgage. Broker fees are charged by mortgage brokers to help you find the best mortgage deal. It is important to factor in these fees when budgeting for your bed and breakfast or guest house mortgage.

In addition to these fees, there are also mortgage payments to consider. Mortgage payments are typically made on a monthly basis and include both the principal amount and the interest. The amount of the mortgage payment will depend on the loan amount, interest rate, and loan term.

Overall, financing a bed and breakfast or guest house can be a complex process. It is important to do your research and work with a reputable lender and mortgage broker to find the best deal for your needs.

Additional Financing Options

If you’re looking for additional financing options for your bed and breakfast or guest house, there are several options available to you. Here are some of the most common financing options to consider:

Bridging Loans

Bridging loans are a short-term financing option that can be used to help you purchase a property quickly. Bridging loans are typically used when you need to purchase a property quickly but don’t have the funds available to do so. Bridging loans are often used by property developers, investors, and landlords. They can also be used by bed and breakfast owners to purchase a new property quickly.

Business Loans

Business loans are another financing option to consider. Business loans are designed to help businesses finance their operations and growth. Business loans can be used to purchase equipment, hire employees, or expand your business. Business loans can also be used to finance the purchase of a new bed and breakfast or guest house.

Buy to Let Mortgages

Buy to let mortgages are a type of mortgage that is designed for landlords. Buy to let mortgages are used to purchase a property that will be rented out to tenants. Buy to let mortgages can be used to finance the purchase of a new bed and breakfast or guest house. If you plan to rent out rooms in your bed and breakfast or guest house, a buy to let mortgage may be a good financing option to consider.

Development Finance

Development finance is a type of financing that is used to finance property development projects. Development finance can be used to finance the construction of a new bed and breakfast or guest house. Development finance can also be used to finance the refurbishment of an existing property.

Overall, there are several financing options available to bed and breakfast and guest house owners. It’s important to consider all of your financing options carefully and choose the option that best meets your needs.

Dealing with Credit Issues

When applying for a commercial mortgage for your B&B or guest house, your credit history will be a crucial factor in determining your eligibility for a loan. If you have credit issues, it may be more challenging to secure financing, but it is not impossible.

The first step in dealing with credit issues is to obtain a copy of your credit report and review it for accuracy. You can obtain a free credit report from a credit reference agency such as Experian or Equifax. Ensure that all the information in your report is correct and up to date. If you find any errors, you should contact the credit reference agency to have them corrected.

If your credit history is less than perfect, it is essential to be upfront with your lender about your financial situation. Explain any extenuating circumstances that may have led to your credit issues, such as a divorce or illness. Your lender may be more willing to work with you if they understand your situation.

Another option for dealing with credit issues is to offer collateral or a higher deposit. This shows your lender that you are committed to the success of your business and may increase your chances of securing financing.

If you have significant debt, it is essential to take steps to reduce it before applying for a commercial mortgage. This may involve consolidating your debt, negotiating with creditors, or seeking professional financial advice. Reducing your debt will improve your credit score and increase your chances of securing financing.

In summary, dealing with credit issues when applying for a commercial mortgage for your B&B or guest house may be challenging, but it is not impossible. Be upfront with your lender, review your credit report for accuracy, offer collateral or a higher deposit, and take steps to reduce your debt. By following these steps, you can increase your chances of securing financing and achieving your business goals.

Role of Property and Security

When applying for a commercial mortgage for your bed and breakfast or guest house business, the property you are purchasing or refinancing will play a significant role in the process. The lender will use the property as security against the loan, which means that if you default on your payments, the lender can seize the property and sell it to recoup their losses.

The type of property you are purchasing or refinancing will determine whether you need a commercial mortgage or a residential mortgage. If more than 40% of the property is used for residential purposes, you may be able to use a standard residential mortgage. However, if less than 40% of the property is used for residential purposes, you will need a commercial mortgage.

The market value of the property will also be a factor in the lender’s decision to approve your commercial mortgage. The lender will want to ensure that the property is worth the amount of the loan, and they may require an independent valuation to confirm the property’s value.

In addition to the property’s market value, the lender will also consider the property’s income potential. For example, if you are purchasing a bed and breakfast business, the lender will want to see that the income generated from the business is sufficient to cover the mortgage payments.

When it comes to security, the lender will want to ensure that the property is suitable for their purposes. This means that the property must be in good condition and free from any major defects that could affect its value. The lender may also require additional security, such as a personal guarantee or a charge on other assets, depending on the size of the loan and the borrower’s creditworthiness.

Overall, the property you are purchasing or refinancing will play a significant role in the lender’s decision to approve your commercial mortgage. It is important to ensure that the property is suitable for your business needs and that you can afford the mortgage payments before applying for a commercial mortgage.

Role of Specialist Mortgage Broker

When it comes to securing a commercial mortgage for your bed and breakfast or guest house, working with a specialist mortgage broker can be beneficial. A specialist broker has in-depth knowledge and experience in the hospitality finance sector and can help you navigate the complex lending landscape to find the best deal for your business.

Here are some of the ways a specialist mortgage broker can help you:

Expertise and Knowledge

A specialist mortgage broker has a deep understanding of the unique requirements of the hospitality industry and can help you find lenders that are willing to provide financing for your bed and breakfast or guest house. They can also advise you on the eligibility criteria, documentation requirements, and other factors that may affect your ability to secure a commercial mortgage.

Access to a Wide Range of Lenders

A specialist mortgage broker has access to a wide network of lenders, including banks, building societies, and specialist lenders that offer commercial mortgages for bed and breakfasts and guest houses. This means they can help you compare rates and terms from multiple lenders to find the best deal for your business.

Tailored Solutions

A specialist mortgage broker can work with you to understand your unique circumstances and business needs to provide tailored solutions that meet your requirements. They can help you find a commercial mortgage that fits your budget, cash flow, and long-term goals.

Negotiation Skills

A specialist mortgage broker can negotiate with lenders on your behalf to secure the best possible terms for your commercial mortgage. They can also help you understand the terms and conditions of the mortgage agreement and ensure you are fully aware of your obligations as a borrower.

Overall, working with a specialist mortgage broker can help you save time and money, reduce stress and frustration, and increase your chances of securing a commercial mortgage for your bed and breakfast or guest house.

Choosing the Right Lender

When it comes to choosing the right lender for your B&B or guest house mortgage, it’s important to do your research and find a lender that understands your specific needs as a business owner in the hospitality industry. Here are some factors to consider when selecting a lender:

Lenders

First and foremost, you’ll want to find a lender that specializes in commercial mortgages for B&Bs and guest houses. This type of lender will have experience working with businesses like yours and will be able to offer you the best rates and terms for your mortgage. You can search for lenders online or ask for recommendations from other B&B or guest house owners in your area.

High Street Banks

While high street banks may offer commercial mortgages, they may not have the same level of expertise in the hospitality industry as specialized lenders. Additionally, their lending criteria may be more stringent, making it harder for you to qualify for a mortgage. However, it’s still worth considering high street banks as an option and comparing their rates and terms to those of specialized lenders.

Lender Criteria

When applying for a B&B or guest house mortgage, lenders will look at a variety of factors to determine your eligibility and the terms of your loan. Some common criteria include:

  • Hospitality experience: Lenders may want to see that you have experience running a B&B or guest house before granting you a mortgage.
  • Property value: The value of your property will be a key factor in determining the amount you can borrow.
  • Deposit: You’ll typically need to provide a deposit of at least 25% of the property value, although some lenders may require more.
  • Income: Lenders will want to see that you have a steady income stream to repay the mortgage.
  • Credit score: Your credit score will be taken into account when assessing your eligibility for a mortgage.

Overall, choosing the right lender for your B&B or guest house mortgage is crucial to securing the best rates and terms for your business. Take the time to research your options and compare rates and criteria before making a decision.

Post-Approval and Completion

Congratulations on getting approved for your commercial mortgage for your B&B or guest house! Now that you have received approval, it’s time to complete the process and get your mortgage funds. Here are some important things to keep in mind during the post-approval and completion stage:

Documentation

After approval, you will need to provide documentation to the lender to complete the process. This documentation may include:

  • Property details: You will need to provide details about the property you are purchasing or refinancing, including the address, purchase price, and any other relevant information.
  • Income and expenses: You may be required to provide information about your income and expenses, including details about your business earnings and expenses.
  • Legal documents: You will need to provide legal documents related to the property, such as the title deed and lease agreement.

Make sure you provide all necessary documentation in a timely manner to avoid any delays in the completion process.

Completion

Once you have provided all necessary documentation, the lender will finalize the mortgage and release the funds. Completion typically involves:

  • Signing the mortgage agreement: You will need to sign the mortgage agreement, which outlines the terms and conditions of the loan.
  • Paying fees: You may be required to pay fees associated with the mortgage, such as arrangement fees and legal fees.
  • Receiving funds: Once all documentation is signed and fees are paid, the lender will release the funds to you.

It’s important to note that completion can take several weeks, so be patient and stay in touch with your lender to ensure the process is moving forward.

After Completion

After completion, you will begin making mortgage payments according to the terms of your agreement. Make sure you understand the repayment schedule and budget accordingly to avoid any missed payments.

Additionally, keep in mind that your lender may require periodic reviews of your mortgage to ensure you are meeting the terms of the agreement. Make sure to keep accurate records and stay in touch with your lender to ensure a smooth and successful mortgage experience.

Overall, the post-approval and completion stage is an important part of the commercial mortgage process. By staying organized, providing necessary documentation, and staying in touch with your lender, you can ensure a successful completion and a successful mortgage experience.

Regulations and Legal Considerations

When it comes to running a bed and breakfast or guest house business, there are several regulations and legal considerations that you should be aware of. Here are a few of them:

Planning Permission

Before you can run a B&B or guest house, you need to obtain planning permission from your local council. This is because these types of businesses are considered to be a change of use from a residential property to a commercial one. Your local council will also want to make sure that your property meets all the necessary safety and fire regulations.

Licensing

In addition to planning permission, you will also need to obtain all the necessary licenses to run your B&B or guest house. This includes a premises license, which allows you to sell alcohol on your premises if you wish to do so. You will also need a food hygiene certificate if you plan to serve food to your guests.

Insurance

It is important to have the right insurance in place when running a B&B or guest house. This includes public liability insurance, which will cover you if a guest is injured or their property is damaged while staying at your property. You may also want to consider getting business interruption insurance, which will cover you if you have to close your business temporarily due to unforeseen circumstances.

VAT

If your annual turnover exceeds the VAT threshold, you will need to register for VAT and start charging your guests VAT on their accommodation. However, if your turnover is below the threshold, you do not need to register for VAT.

FCA Disclaimer

If you are taking out a commercial mortgage to finance your B&B or guest house, it is important to be aware that these types of mortgages are regulated by the Financial Conduct Authority (FCA). This means that the lender must follow certain rules when selling and administering the mortgage, and you have certain rights as a borrower. Make sure you understand the terms and conditions of your mortgage before signing on the dotted line.

Final Words

In conclusion, obtaining a commercial mortgage for a B&B or guest house can be a complex process, but with the right financial advice, it can be a straightforward and successful endeavor.

It is important to remember that lenders will assess your personal circumstances, as well as the financial viability of your B&B or guest house, before granting you a suitable mortgage. Therefore, it is vital to have a clear understanding of your financial situation and be prepared to provide detailed financial information to lenders.

If you are struggling to secure a B&B mortgage or guest house mortgage, there are other solutions available. For example, you may consider an unsecured business loan to help with cash flow or look into alternative finance options such as crowdfunding or peer-to-peer lending.

As a B&B owner, it is important to shop around and compare different mortgage options to find the best deal for your circumstances. Don’t be afraid to negotiate with lenders and ask for better rates or terms.

Overall, with the right financial advice and careful planning, obtaining a commercial mortgage for your B&B or guest house can be a viable and profitable solution.

Frequently Asked Questions

What are the requirements for obtaining a commercial mortgage for a B&B or guest house?

To obtain a commercial mortgage for a B&B or guest house, you will need to provide a solid business plan that includes a marketing strategy. You should also have experience as a B&B owner or manager. Additionally, lenders will require financial statements, tax returns, and credit reports to assess your eligibility.

What is the maximum loan amount available for a commercial mortgage for a B&B or guest house?

The maximum loan amount available for a commercial mortgage for a B&B or guest house varies depending on the lender and your financial situation. Typically, lenders will offer up to 75% of the property value, but some may offer up to 100% if you can offer additional security

How long is the typical term for a commercial mortgage for a B&B or guest house?

The typical term for a commercial mortgage for a B&B or guest house is between 10 and 25 years. However, the term can vary depending on the lender and your financial situation.

What is the interest rate for a commercial mortgage for a B&B or guest house?

The interest rate for a commercial mortgage for a B&B or guest house varies depending on the lender and your financial situation. Generally, the interest rate for commercial mortgages is higher than for residential mortgages due to the higher risk involved.

Are there any grants or funding options available for starting a B&B or guest house?

There are various grants and funding options available for starting a B&B or guest house. For example, the UK government offers various grants and loans for small businesses, including B&Bs and guest houses. Additionally, some local councils and tourism boards may offer funding or grants for businesses in the hospitality industry.

What is the difference between a semi-commercial mortgage and a commercial mortgage for a B&B or guest house?

A semi-commercial mortgage is a type of mortgage that is used to finance a property that is partly residential and partly commercial. A commercial mortgage for a B&B or guest house is used to finance a property that is fully commercial. The eligibility criteria and interest rates may differ between the two types of mortgages.

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