allica bank

Allica launches fixed-rate commercial mortgages

Allica Bank has today (25th April) introduced fixed-rate commercial mortgages to its portfolio of SME lending products.

The business has initially brought out a five-year fixed rate, with plans to explore other term lengths to meet market demand.

The announcement follows surging demand from SMEs for fixed-rate mortgages amid increasing uncertainty following the Bank of England’s latest base rate rise and increasing business costs.

“With gas prices, interest rates and other business costs all currently on the rise, these are uncertain times for business owners as they look to plan for their future,” said Conrad Ford, chief product and strategy officer at Allica.

“Our broker and introducer communities have been clear that their clients would benefit from the certainty of a fixed rate, and I’m pleased we’ve been able to deliver on this at such a critical time.

“Facing up to the unprecedented challenges of the past couple of years has emphasised how important Allica’s focus on relationships and human expertise really is.”

Earlier in April, Allica pledged to make £1bn in committed loan offers during 2022. 

The bank has also made a series of enhancements in recent months, such as boosting its maximum customer exposure for care home commercial mortgages to £10m, and increasing its maximum LTVs for owner-occupied, commercial and semi-commercial investment mortgages.

Leave a comment