Commercial First spells it out for borrowers

Commercial First has launched an illustration facility to give clients a summary of the costs and charges of commercial mortgage contracts.

The Commercial First Illustration, which is the first of its kind, contains details of the terms of a mortgage contract including payments during and after the fixed rate or interest-only period expires. It also makes clear all associated fees and early repayment charges payable.

Andrew Montlake, partner at Cobalt Capital, says: “Commercial mortgages are different from residential mortgages and it can be unclear what the terms of these deals are. This is a good way to help brokers with basic commercial deals.”