The bank has cut all its owner-occupied and semi-commercial investment mortgage rates by 0.25%, following a reduction earlier this year across its lending products.
Allica Bank has also made a 0.1% cut to its specialist BTL offering.
An additional 0.25% discount will be offered for any business that opens a business current account alongside a commercial owner-occupied mortgage, in a bid to ramp up the number of customers that also use its services for day-to-day banking.
This adds to Allica’s existing range of discounts, which includes offering a 0.25% for properties with an Energy Performance Certificate (EPC) rating of A-C, for loans over £750,000, or for businesses that demonstrate they can cover their repayments twice over.
Rounding off the enhancements, Allica Bank has also improved its affordability criteria.
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The bank has reduced the stress rate it uses to assess base rate-linked loans to 1% while lowering the debt service cover requirements for semi-commercial mortgages to 120%.
Nick Baker, Allica Bank’s chief commercial officer, said: “Market needs are changing fast and it’s important that Allica is changing with them. We keep in close contact with our brokers to understand what they and their clients need, and this range of changes to our proposition reflects what we’re hearing from them.
“By reducing our pricing and affordability requirements, we hope we can support even more businesses achieve their growth plans with the speed and human expertise Allica has become known for within our broker community.”
