Qualifying and affording a mortgage can be a difficult task, particularly when it comes to Christian churches or organisations that are relying on other people’s generosity to help repay the mortgage. There are various lenders that specialise in offering mortgages to Christian organisations, in order to help people be able to afford buying, building or developing the organisation and premises. Securing a high street mortgage as a Christian organisation can be complicated and different organisations are often governed by different rules and regulations, making money difficult to borrow.
Getting a low rate mortgage is made a lot easier when using dedicated lenders, but there are various steps that even they will want to see in order for you to qualify. Knowing the vision of the organisation’s work and purpose, and whether a property or alterations to a property will fulfil that vision are especially important when it comes to trying to borrow money. Many lenders, even dedicated lenders, will not be interested in allowing you to borrow money if there is no clear and firm leadership in the organisation and if the leadership is not committed, or it has unrealistic goals (or no goals at all). Some lenders have various offers such as mortgage rates starting at just 4%, which is just one example of mortgage rates offered as part of the professional services from Stewardship. Even as a Christian organisation, many lenders will require sight of a business plan or a vision statement that covers past, present and future to ensure that everything is realistic.
It is important for organisations to understand that a key decision for a lender to decide whether to allow a borrower the money or not is dependent on whether the lender believes that an organisation can afford to repay the loan, both on the outset and ongoing. If they believe that you can, then it is important to discuss the various different types of mortgages that might suit you. For example, a low rate mortgage for some Christian organisations may be based on a fixed rate or variable rate mortgage, or an interest only repayment of up to 12 months, all depending on what the organisation believes they can afford.
For most Christian organisations, it is probably their first option to discuss with their local banker or high-street lender about the options that they might have, however most high-street lenders are unwilling to lend. Nevertheless, specialist Christian lenders and some charity lenders will not only look at the commercial viability of a Christian organisation, but also the charitable and social benefit. This is why it is easier to source a low-rate mortgage from specific Christian lenders, particularly if you have a solid business plan/vision statement for the organisation, and have good credit history to show that you’re able to pay off the mortgage.
Low rate commercial mortgages for Christian organisations are best sought after through specific Christian focussed lenders as they not only understand the financial side, they are also more in touch with the religious and social side, meaning they are more likely to find the best options for you. Whether you’re looking to buy, build or develop a Christian organisation, then looking at the likes of services from Stewardship for professional and low rate mortgage options is the best path, as they understand the unique challenges that Christian organisations face.