Here is the latest update from the Allica Bank. A Commercial Mortgage lender, that you can access via our commercial mortgage team. For full details of their latest product contact our team today.
Fixed rate reductions and new RLS backed Commercial Investment Product
We are delighted to announce that we will be reducing fixed rates across all products from Monday 15th January 2024. You can find our new rates here >>
We have also changed our appetite for Commercial Investment mortgages, which means our standard Commercial Investment product is now only available up to 60% LTV on loans under £2m, and up to 65% LTV on loans over £2m.
To fill the gap our appetite changes have left, we will be introducing a 5-year Interest Only product, backed by the Recovery Loan Scheme (RLS), for any loan over 60% LTV up to a maximum of £2m, which has the same LTV limits as our current offering.
In order to apply for a mortgage supported by the RLS guarantee, your client will need to complete the RLS Questionnaire linked in both our product guide and mandatory information checklist. If you haven’t previously attested to the terms of the RLS with us, you will be prompted to do so in the portal before you’re able to start an application.
There is no impact on either our Semi-Commercial Investment or Owner Occupier products.