Allica introducers will now see owner-occupied mortgages with rates lowered by 0.20% on loans under 60% LTV, while semi-commercial investment and owner-occupied mortgages have rates cut by 0.15% on loans under 70% LTV — experienced care home operators will also see rate reductions of 0.20%.
The bank is continuing to offer an additional 0.25% discount for loans exceeding £750,000 or properties with an EPC rating of A to C.
In addition, Allica Bank has also reduced asset finance rates by 0.25% on loans between £150,000 and £2.5 million with terms of between 24 and 84 months.
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Commenting on the rate reductions, Nick Baker CCO at Allica Bank (pictured above), said: “There’s a huge amount of untapped potential in the established SME economy, and brokers are well positioned to help their clients realise it.
“It’s vital that banks play their part in helping them do so and Allica’s latest batch of rate reductions are designed to unlock that potential.”
Last year the bank also set its sights on the commercial bridge-to-let market after moving into the bridging industry.
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