Family travel linsurance quotes within minutes | Monefi.
A commercial mortgage is your business’s trusted ally, firmly secured by your commercial property. It’s not a one-size-fits-all deal; it’s a solution tailored to your budget, property, and business needs. Finding the best rates, and an ideal lender is a journey that’s made easy with the guidance of a dedicated commercial mortgage team at Monefi. Book your free consultation today!
What is Family Travel Insurance?
Commercial mortgages come into play when your business requires funding beyond traditional loans. These loans allow you to borrow substantial amounts, starting from £25,000, with your business property serving as collateral. Spanning 3 to 25 years, a commercial mortgage provides the flexibility your business needs.
The Basics:
Lenders typically require an initial deposit, ranging from 25% to 50%. Your loan-to-value (LTV) ratio, the maximum you can borrow, usually caps at 75% of your business property’s value. For instance, if your commercial property is valued at £300,000, your maximum LTV is £225,000. This means you’d need a deposit ranging from £56,250 to £112,500.
Types of Family Travel Insurance:
There exist two primary categories of commercial mortgages:
Single Trip
This variant is designed for the acquisition of property intended for your business operations. It can be used to purchase your current business premises or secure new property for your operations.
Annual Multi-trip
If your goal is to invest in property, such as for rental purposes, this mortgage comes into play. In the case of residential properties, a buy-to-let commercial mortgage is required. It's also suitable for semi-commercial properties with mixed commercial and residential use, such as a storefront with residential flats above it.
Long Stay
If your goal is to invest in property, such as for rental purposes, this mortgage comes into play. In the case of residential properties, a buy-to-let commercial mortgage is required. It's also suitable for semi-commercial properties with mixed commercial and residential use, such as a storefront with residential flats above it.
Expert's tip on selecting the right Commercial Mortgage:
The choice between these mortgage types depends on factors like your financial plan, the property in question, and the nature of your business. Lenders specialise in serving various business types, so exploring available options is essential. Monefi’s specialist mortgage experts can simplify this process. Leveraging on their expertise, you can identify the highest loan-to-value ratio, necessary documentation, and streamline the application process.
What does family travel insurance cover?
Type of Policy
Commercial mortgage repayments often mirror rental costs for the same property. However, with a mortgage, your payments go towards building equity, turning your money into a valuable investment.
Holiday Destination
The interest paid on your commercial mortgage is tax-deductible, offering your business an opportunity to lower its annual tax burdens and boost financial efficiency.
Optional Cover
Commercial mortgages typically have more attractive interest rates compared to other business loan options, allowing you to save on borrowing costs.
Medical Conditions
As your property’s value appreciates, you stand to gain a substantial lump sum when you decide to sell. It’s a potential windfall for your business.
Trip Length
Owning your premises eliminates the need for rent payments and shields you from the uncertainties of rent increases. Moreover, you have the option to generate income by leasing out your business space or land.
Excess
Owning your premises eliminates the need for rent payments and shields you from the uncertainties of rent increases. Moreover, you have the option to generate income by leasing out your business space or land.
Why should you consider having a family travel insurance?
When securing a commercial mortgage, it’s essential to be aware of associated fees:
Ease of Management:
Handling a policy that covers multiple individuals is more convenient than managing several individual policies.
Cost Savings:
Opting for a group policy can be more economical, especially when you need coverage for multiple children.
Child-Free Travel Inclusion:
Certain annual policies extend coverage to parents traveling without their children at various times during the year.
Complimentary Coverage for Young Children:
Some policies offer free coverage for children under a specified age.
Family fravel insurance add ons to consider:
Winter Sports Cover
Assistance in case of sudden and unexpected home emergencies, such as boiler breakdowns, burst pipes, electrical failures, or lockouts. It typically offers access to a helpline for immediate assistance and covers the cost of emergency repairs, ensuring your home remains safe and functional.
Gadget Cover
Accident cover provides financial protection in case you or a family member is injured within your home. It can help cover medical expenses, loss of income, or rehabilitation costs resulting from accidents that occur on your property.
Adventure Sports
Legal protection covers matters related to disputes with neighbours, tenants, or property-related legal matters. It covers the cost of legal advice and representation, ensuring your rights are protected.
Cruise Cover
Legal protection covers matters related to disputes with neighbours, tenants, or property-related legal matters. It covers the cost of legal advice and representation, ensuring your rights are protected.
How to get cheap family travel insurance deals:
Increase Your Excess
Different insurance types come with varied pricing. It’s crucial to weigh your options to find what suits your business best.
Choose the Right Policy Type
Your industry or profession has unique risks, impacting the insurance cost. Tailored insurance is key.
Eliminate Add ons that are not needed
Larger businesses with more employees or higher annual turnovers generally face higher insurance costs.
Why choose Family travel insurance via Monefi?
Your business is unique, and so are its insurance needs. Through our collaboration with Simply Business, we at Monefi offer a wide array of business insurance products. Each type is designed to protect specific aspects of your enterprise. Here’s a look at your options:
Flexibility to Suit Your Plans
Safeguard against legal disputes with coverage up to £1,000 per claim. Gain access to vital legal and tax support services.
Quick and Easy Comparison
Essential protection to help your business recover from trading interruptions due to events like fires or floods.
Cost Savings
Comprehensive coverage for you and your employees against accidents, including benefits for bodily injury, death, and access to health support services.
Latest news:
Is There an Age Limit for Family Travel Insurance?
The down payment for a commercial mortgage typically falls in the range of 20% to 40% of the property’s value. However, the exact amount can vary based on factors like the lender’s policies, your financial situation, and the type of property you’re purchasing.
Can Nieces and Nephews Be Included in a Family Travel Insurance Policy?
Eligibility criteria for a commercial mortgage often include factors like creditworthiness, business viability, deposit amount, business plan, property type, loan purpose, repayment source, legal structure of your business, your experience, age, and the condition and value of the property.
Book a free consultation call with us to learn about your eligibility!
Can I Get Family Cover if Someone Has a Pre-existing Condition?
A commercial mortgage can be a game-changer for your business, offering versatile options such as:
- Property acquisition
- Purchasing an existing business
- Releasing capital for investment
- Property development
- Investment in properties for leasing
- Revamping your business premises
- Acquiring vehicles, machinery, and equipment
- Harness the power of a commercial mortgage to elevate your business to new heights
