Announcement
We’ve changed some of our rates!
Great news! From today, we’ve reduced rates across our commercial mortgage range by up to 0.70% on our 2, 3, and 5-year fixed rates.
The commercial property market continues to strengthen, and we’re delighted to provide even more competitive mortgage products to build on this momentum.
Reflecting the changes to the longer term interest rate outlook in recent months, we have also increased some of our 10-year fixed rates with this product update.
Debt Service Cover Ratio (DSCR)
We’ve reduced our DSCR from 130% to 125% for individual and limited company borrowers on fully commercial property and for limited company borrowers on semi-commercial property.
This change will help you to offer more product choice to customers, particularly on shorter term 2 and 3 year fixed rates where a 1% stress rate is added to the payrate for maximum loan calculations.
Pipeline
As a reminder, all Indicative Mortgages Offers (IMOs) must progress to valuation within 14 days to remain valid. FMOs are valid for 90 days as detailed on the offer document.
Where the product for a pre-FMO application has reduced in price, we will offer you the best available product at the time of issuing the FMO.
If you have any queries please get in touch with your Regional Development Manager or our Sales Desk, who are always on hand to help.