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Flexi mortgage for businesses

Abbey National is offering a flexible mortgage for commercial properties.

The Flexible Business Mortgage gives buyers of commercial properties such as shops, industrial units and pubs the options for lump-sum repayments, payment holidays and advances within 48 hours.

Abbey says most businesses have fluctuations in their cashflow and it has designed the mortgage to help owners manage repayments through changeable periods.

Business owners can take payment holidays or reduce monthly payments to reflect changing needs in their business.

Lump-sum payments or increased payments can be made without extra cost.

In any year, borrowers can take two payment holidays of one month each, two reduced monthly instalments of one month each, and two further advances.

The flexible features are available for five years, after which the facility can be extended subject to the property being revalued.

Borrowers can re-borrow up to a maximum of 75 per cent of the value of the property or 70 per cent where a business is bought or refinanced.

It is available for the purchase or remortgage of commercial premises and for equity release to fund business expansion. It can be taken out on freehold and leasehold commercial properties with 50 years or more remaining on the lease at the end of the mortgage term.

Abbey National Business director Gary Hockey-Morley says: “Flexible mortgages have been very popular, so we thought it only fair that businesses are given the same opportunity.”

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