Specialist bank Aldermore has launched a 7-year fixed commercial mortgage product with rates up to 75% loan-to-value.
The product is available for loans between £50,000 and £1m and provides customers with flexible repayment structures. Bespoke terms are offered for loans over £1m
There’s a 5.54% rate for loans up to 60% LTV, 5.89% for loans with an LTV between 60-70% and 5.99% for loans with an LTV between 70-75%.
Aldermore also offers semi-commercial 7-year fixed rates from 5.34% and commercial owner-occupied 7-year fixed rates from 5.14%.
An arrangement fee of 1.5% is charged on all loans and includes a 0.25% commitment fee payable at offer.
Caroline Luxmore, head of commerical mortgages, said: “Our new7-year fixed product highlights our continued commitment to offering simple commercial mortgage products with great rates.
“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.
“We’re delighted to add this longer-term option to our commercial mortgages product suite as we continue to strengthen our market offering throughout 2018.”
Aldermore will pay for the cost of search insurance for commercial remortgages up to £1m with the offer valid until 31 July 2018.