As of today Allica will be launching Fixed Rate Mortgages. We’ve had a lot of requests for these from our broker panel, in particular with base rate continuing to rise, so I am pleased we’ve been able to deliver upon this for you at such a crucial time.
You can find our full updated product guide attached, however here is an overview of our pricing:
Fixed rate owner-occupied mortgages will be priced between 5.75% and 5.99%.
Initially, we will be offering a five-year fixed rate. However, we will be exploring which other terms will be most of interest to you and your clients – so please do let us know if there are term lengths you’d be most interested in seeing.
We will also be making some changes to the way we assess affordability for our owner-occupied mortgages in light of rising interest rates and energy costs. Effective from tomorrow we will be applying an additional stress of 1% on all of our variable margins, as well as applying some sensible adjustments to energy costs.
All of our fixed rate products will be stressed at pay rate, so no additional stressed rate adjustments will be needed for these products.
Dont forget Allica are on Kevin’s Kick off Meeting on Monday morning.