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About
Established in Newport in 1869 to help local people build homes, we now help people across Wales and England buy properties and save for their future.
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Our Semi-Commercial Mortgages
  • We lend across England and Wales
  • Up to 75% LTV
  • We lend up to age 85
  • Suitable for individual landlord(s) and Limited Company landlords

Semi-Commercial Mortgage FAQs

What is a Semi-Commercial mortgage?

A Semi-Commercial mortgage is a loan for a property that has both commercial and residential parts – typically the Society lends on properties such as a shop with a flat above. However, you can speak with us about any property with mixed use as long as 40% of the property is used for residential purposes.

What Is Your Semi-Commerical Mortgage Criteria?

The information is intended to give you an idea of your eligibility for our Semi-Commercial mortgages. Meeting the below criteria is not a guarantee of acceptance, your application will also be subject to additional underwriting criteria, credit checks and assessment of a suitable property.

LENDING AREA
  • England and Wales (including Isle of Wight, excluding Channel Islands)
MAXIMUM LTV
  • 75% LTV (Minimum deposit of 25% of property value required) subject to LTV limits of available products
LOAN SIZE
  • Minimum loan: £40,000
  • Minimum property value: £150,000
  • Maximum loan for any single property: £1,000,000
  • Maximum combined loan for multiple semi-commercial properties: £3,000,000
  • Please note product specific minimum and maximum loan sizes may apply
NUMBER OF PROPERTIES
  • We can lend on up to 3 properties
  • At least 40% of the property must be used for residential purposes
TERM
  • Minimum Term: 5 years
  • Maximum Term: 40 years
APPLICANT(S)
  • Minimum age 21
  • Maximum age 85 at the end of the mortgage based on the oldest applicant
  • Each applicant must be an existing home owner
  • Each applicant must have at least 2 years’ experience as a landlord
  • One applicant/director must have a minimum income of £25,000. Profits from rental are acceptable provided these are verified via 2 yrs SA302’s.
RENTAL COVERAGE
  • For individual landlords, we require a minimum rental coverage of 145% of the mortgage interest payment, using an interest rate of 5.5% OR the initial pay rate plus 2%, whichever is greater.
  • For limited company landlords, we require a minimum rental coverage of 130% of the mortgage interest payment, using an interest rate of 5.5% OR the initial pay rate plus 2%, whichever is greater.
  • We will use whichever is lower out of the actual rental income or the valuer’s rental assessment.

TENANCY GUIDELINES
  • Each property should be let under a single Assured Shorthold Tenancy agreement (AST) of no less than 6 and no more than 12 months.
How Do I Apply For A Semi-Commercial Mortgage?

Step 1: Make an Enquiry

The first step to getting a mortgage is submitting our enquiry form.

Step 2: We’ll Call You

After submitting your enquiry, you can usually expect to hear from us within 2 working days.

During this initial phone call we will discuss your requirements and set up an appointment with one of our Mortgage Advisers. Our Mortgage Advisers are available for telephone or branch appointments, with evening and weekend appointments available.  

Step 3: Your Mortgage Appointment

During your appointment, your Mortgage Adviser will provide you with information on the products available and answer your questions on a non-advised basis. If you wish to proceed, they will help you submit your application.

Start the process today by making an enquiry:

Enquire Now

I’m A Mortgage Broker – How Do I Submit An Application For My Client?

Please see our Intermediaries website for details of how to submit a mortgage application to us:

Broker Applications

Our Semi-Commercial Mortgage Rates

As with all our mortgages, acceptance is subject to eligibility, lending criteria and any product specific criteria.

2 Year Discount Rate - Purchase and Remortgage
Initial interest rate % Overall cost for comparison Maximum loan to value Product fee Additional Features  
3.99% 4.9% APRC 70% 1.50% of loan amount - More details
2 Year Fixed Rate - Purchase and Remortgage
Initial interest rate % Overall cost for comparison Maximum loan to value Product fee Additional Features  
4.54% 5.0% APRC 70% 1.50% of loan amount - More details

All our mortgages move onto our Standard Variable Rate after the initial rate period. Our Standard Variable Rate is currently 4.74%. If our Standard Variable Rate changes, your monthly repayments could go up or down. 

Loans available to persons aged 21 or over and are subject to status and valuation of a suitable property, over which security will be required. All lending will be subject to appraisal of the financial standing of the applicants.

Most Buy-to-Let Mortgages (investment type property loans) and commercial mortgages are not regulated by the Financial Conduct Authority.

IF YOU FAIL TO KEEP UP WITH PAYMENTS ON YOUR MORTGAGED PROPERTY (WHICH MAY BE YOUR HOME) A ‘RECEIVER OF RENT’ MAY BE APPOINTED AND/OR YOUR PROPERTY MAY BE REPOSSESSED.

Make an Enquiry

Simply fill in the form below and we'll be in touch within the next few days:

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