Commercial Remortgage - please help.

converge

Hi,

I was hoping that someone could help us? My families business really needs to change the mortgage as we are currently being charged 15%! (owe 280K value of property approx 500K). We really can't go on like this as the mortgage is sucking up all of our money. We have recently been turned down by Lloyds and have a pretty good credit rating (no ccj's etc). Any ideas? Thanks in advance.

happybroker

this will depend on the profitability of the business and also what area of business you are in as there are quite a few that are well and truly out of favour at the moment.

A good whole of market broker should have contacts with many (if not all) of the banks on the commercial side. They will also have more specialised contacts, they bombard us with emails after all.

As friends and family for a recommendation, this is usually the best way to find a good broker.

converge

Thanks for your reply. It is a garage, making a profit although the mortgage is so high that swallows a lot of it up. Have asked friends and family to no avail...

VIGILANT22

if you have a local reputable builder who uses your garage he will know a mortgage adviser...or any local business people...they tend to know each other..

Dan_1976

If you have a Solicitor, Estate agent, Accountant or mortgage broker they may be able to point you in the right direction.

I hate to say this, but if you dont want to end up with an unknown broker you could try a bigger outfit like London and Country, they love em at MSE HQ!! They may not do them but they will refer to somebody.

You will need to produce a lot of info I imagine, but with a broker you will only have to do it once, he/she will do the leg work for you.

converge

Thanks for your replies, do you know if London and Country charge upfront for their services?

Trollfever

If you have an accountant, solicitor or other professional adviser, then we recommend that you speak to him or her before you make any major decision about the future of your business.

http://www.bdl.org.uk/content.asp?sid=19

Dan_1976

I think they are normally showcased as fee free, but I recon they would refer you to another broker for commercial. Worth a call!

happybroker

try your accountant first.

Dan_1976

The people Trollfever has linked are very good. They offer very good advice, i am not sure your as far in trouble as when I used them, but they are good.

converge

Thanks for the help, our accountant can't come up with anything so will try the no. and perhaps London and Country...any other companies? Thanks!