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Applicants
Income
Security
Solicitors
These pages are designed to give you some guidance on our Commercial mortgage Lending criteria. We are committed to being flexible in our approach to mortgage lending. We look at each case on an individual basis, so if your circumstances do not appear to fit our criteria, contact us and we will endeavour to help you.
Please also read Mortgages explained for a general explanation of mortgages and related topics.
Commercial mortgages are administered through Newbury Mortgage Services Ltd, which is a wholly owned subsidiary of Newbury Building Society. You do not become a member of Newbury Building Society when you complete a mortgage through Newbury Mortgage Services Ltd.
Applicants
Commercial mortgages are available to individuals, partnerships, limited companies and pension schemes for the purchase or refinance of individual properties or portfolios.
The applicants must be resident in the UK and have permanent rights to reside in the UK.
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Income
Assessable income is based on the average of the retained net profits during the last two-year period. Assessable income must be sufficient to cover annual interest charges twice over. Suitable adjustments will be made in the calculations for items such as depreciation, non-recurring items and existing interest charges.
We require sight of the last three years' accounts and an accountants' certificate to assess affordability and the health of the business. We also ask for a business plan including cash flow projections for the following 12 months and a curriculum vitae for each of the applicants to assess business experience. We may apply for personal status references as well as those for the business.
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Security
We require a first legal charge over properties offered as security for a Commercial mortgage. The property you are offering as security must be within a 60-mile radius of Newbury.
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Solicitors
Newbury Mortgage Services Ltd requires separate legal representation for all Commercial mortgages. We can provide a fixed quote on request. You will need to pay all legal fees.
back to top
Income
Security
Solicitors
These pages are designed to give you some guidance on our Commercial mortgage Lending criteria. We are committed to being flexible in our approach to mortgage lending. We look at each case on an individual basis, so if your circumstances do not appear to fit our criteria, contact us and we will endeavour to help you.
Please also read Mortgages explained for a general explanation of mortgages and related topics.
Commercial mortgages are administered through Newbury Mortgage Services Ltd, which is a wholly owned subsidiary of Newbury Building Society. You do not become a member of Newbury Building Society when you complete a mortgage through Newbury Mortgage Services Ltd.
Applicants
Commercial mortgages are available to individuals, partnerships, limited companies and pension schemes for the purchase or refinance of individual properties or portfolios.
The applicants must be resident in the UK and have permanent rights to reside in the UK.
back to top
Income
Assessable income is based on the average of the retained net profits during the last two-year period. Assessable income must be sufficient to cover annual interest charges twice over. Suitable adjustments will be made in the calculations for items such as depreciation, non-recurring items and existing interest charges.
We require sight of the last three years' accounts and an accountants' certificate to assess affordability and the health of the business. We also ask for a business plan including cash flow projections for the following 12 months and a curriculum vitae for each of the applicants to assess business experience. We may apply for personal status references as well as those for the business.
back to top
Security
We require a first legal charge over properties offered as security for a Commercial mortgage. The property you are offering as security must be within a 60-mile radius of Newbury.
back to top
Solicitors
Newbury Mortgage Services Ltd requires separate legal representation for all Commercial mortgages. We can provide a fixed quote on request. You will need to pay all legal fees.
back to top
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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