Allica slashes commercial mortgage rates

Allica Bank has reduced the pricing for its commercial mortgages as part of a major pricing refresh, with rates starting from 6.10%.

The challenger bank has further enhanced its recovery loan scheme offering and can now use the scheme to support businesses purchasing properties for investment purposes.

Commenting on the pricing decreases, Allica’s head of commercial mortgage sales for the South, Stephen Spinks, said: “The current economic outlook for the UK and likelihood, as it stands, that the Bank of England may reduce interest rates perhaps as early as the middle of the year is welcome news for banks, brokers and businesses.

“It has enabled Allica to reduce our rates earlier than we expected and we hope this trend continues.

“Established businesses are such an important part of our local communities across the UK, and it is vital they can access the capital they need to invest and grow after so many challenging years.

“We hope these cuts in our rates will enable brokers to find a suitable lender for even more of their clients.”

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