I am sure you are aware of the current pressures on the economy, and the effect that this is having on both Bank of England Base Rate as well as the cost of funding for lenders in the market more generally. As a result of these ongoing pressures, we are making some changes to the pricing of our fixed rate loans secured by commercial property.
Owner occupied, Commercial Investment, and Semi Commercial Investment (20-50% residential) fixed interest rates will be increased by 0.25%. We will still be applying a 0.25% reduction of £750k or higher.
For Semi-commercial Investment (51-80% residential) we are in a position to reduce the rates by 0.25%. Again, the further 0.25% reduction will apply to any loan of £750k or higher.
These changes will take effect from 5pm on Monday 16th May. Any full applications received prior to this will be assessed based on the current published fixed rates.
There are no changes at this time to our variable rate mortgages.