N & P Commercial Mortgages
Norwich & Peterborough Building Society, of which N&P Commercial Mortgages is a part, is not a bank. It is part of an old mutual society, founded in 1852, that is owned by its customers.
The N&P Commercial Mortgages arm is able to offer its commercial mortgage service - that has won awards for its innovative and flexible approach - to viable businesses and property investors based in the UK.
The specialist team that deals with commercial mortgage enquiries was set up around 25 years ago and is proud to boast that it now serves more than 2,000 mortgage customers.
In practice N&P accepts applications from limited liability partnerships (LLPs), special purpose vehicles/entities (SPV/SPE) and viable limited companies for flats over commercial, multi-units and vanilla Buy To Let property. N&P does however ask for applicants to be earning a minimum of £35,000 per year.
N&P's range includes commercial mortgages for business owner-occupiers and for investment. This is typically done on a capital and interest-repayment basis, although periods of interest-only are also considered.
The commercial investment mortgages are mainly designed for those borrowers who are seeking to buy or to refinance offices, retail shops, warehouses and industrial units with up to 75 percent Loan To Value (LTV). N&P also considers lending for purchases through Self Invested Pension and Self Administered Pension schemes.
Owner-occupier mortgages are offered by N&P for established businesses with a profitable, proven track record, which can provide the previous three years’ certified or audited accounts.
What N&P Commercial Mortgages offer includes:
- Commercial investment property mortgages designed for Buy-To-Let or Already Let business properties. These can also be used to purchase property through a pension scheme or to raise capital, for example against existing investment properties.
- Up to 25 year loan terms from five to 25 years.
- Personal service from application to completion with direct dial contact numbers.
- Loan To Values (LTV) up to 75%.
- VAT bridging facilities available for 12 weeks interest-only.
- Experience in Self Build and Pension Scheme lending.
- Face-to-face management for customers with loans of more than £200,000.
- Variable rates where 50 percent of a balance can be repaid annually without charge.
- Fixed rates if required.