Commercial Finance
Aldermore releases seven-year fix commercial mortgage
Specialist bank Aldermore, has launched a seven-year fixed rate commercial mortgage product with rates starting at 5.54%.
The rates are available on loans up to 75% loan to value (LTV), and is available for advances worth between £50,000 and £1m with flexible repayment structures.
Bespoke terms are given for loans over £1m.
The new seven-year fixed products include:
- 5.54% for loans up to 60% LTV
- 5.89% for loans between 60-70% LTV
- 5.99% for loans between 70-75% LTV
An arrangement fee of 1.5% is charged on all loans, with a 0.25% commitment fee payable at offer.
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The bank also offers semi-commercial seven-year fixes from 5.34%, and commercial owner-occupied seven-year fixes from 5.14%.
All cases are individually assessed, and Aldermore will pay for the cost of search insurance for commercial remortgages up to £1m.
The offer is valid until 31 July 2018.
Caroline Luxmore (pictured), head of commerical mortgages, said: “Investing in commercial properties or owning your own business premises is becoming more popular and we anticipate that this new product will be attractive to customers who are expanding their portfolios.
Luxmore joined Aldermore earlier this February in the newly created role within the bank’s business finance division.