Small business is booming in the UK, with many people taking the plunge and starting up their own businesses. A bed and breakfast is one of the more popular business types pursued. Owning a bed and breakfast is undoubtedly hard work, and lending may be required in order to help finance those dreams. If you wish to find a mortgage to help fund your dreams of owning a bed and breakfast, or need help with any other aspect of B&B finance, our expert whole-of-market brokers can help you.
Owning a B&B requires work and preparation. Funding is especially important, and is essential to get your business off the ground in the first few months. Mortgages are usually required to secure a property, so locating the right lender is one of the first steps if you are considering starting a bed and breakfast business.
Features of a mortgage generally include a long term, between 15 and 20 years on average, and seasonal payments paid to the lender. The loan to property value is quite high and allows for less of a hefty financial impact on the borrower, particularly if the business takes off and provides them with enough income to comfortably support the business and the repayments. Securing a mortgage is made substantially easier if the borrower can provide a deposit, but also if the borrower has a good personal credit history, if they have relevant experience in running a bed and breakfast or working in the hospitality industry, and if they have strong income projections or three years worth of Vendors trading accounts.
Our team can help you with securing a mortgage for your venture into the bed and breakfast business. When it comes to applying for B&B finance, we can draw up a comprehensive debt application to increase the chances of your mortgage being accepted. As independent whole of market brokers, we can also source the best possible mortgage for your property. Subject to market conditions, personal and financial circumstances and the market valuation of the business, we can find you the right mortgage for your business.
Our “no win, no fee” policy means that you will only pay us for our services if you receive a written acceptance of an offer of finance from the lender or from us. If you don’t, you don’t have to pay a single penny for our services. When you are looking for a mortgage to help you with owning a bed and breakfast, our team of professional brokers will do all that they can to find the right mortgage for you and your circumstances.