Church Mortgages

Buying property and/or raising a mortgage can be a lengthy process fraught with many pitfalls, so it is important to have an awareness of what some of these pitfalls may be.  We suggest that you read this document which tries to raise awareness of some of the issues and considerations that arise to help churches and Christian charities through the process of raising a mortgage or purchasing property.

Proper planning and preparation are crucial.

Trying to save money by doing everything themselves has often resulted in major difficulties for churches and charities.  Expert advice is not free but it can end up saving considerable cost.

Trustees should explore all options to fulfil their duties.  In section 10 of the Charity Commission’s guidance document CC33 Acquiring Land  it states “If trustees are buying land with the aid of a loan, it is their duty to secure the best borrowing terms reasonably obtainable by comparing interest rates and other terms between various lenders.”  In practice this will be very difficult for most trustees to do without the help of a specialist broker, who can approach different lenders on behalf of the applicant to negotiate and secure the best rate and terms possible

Enlisting the help of a specialist mortgage broker such as ourselves can be invaluable.

Please contact us for advice and arranging mortgages.