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Aldermore to woo commercial buyers with new seven-year fix

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Aldermore has launched a new seven-year commercial fix with rates starting from 5.54 per cent.

This new mortgage will be available up to 75 per cent LTV on loans between £50,000 and £1m.

There will be three tiered rates depending on the LTV. Loans up to 60 per cent LTV will be priced at 5.54 per cent. This will rise to 5.89 per cent for LTVs between 60 and 70 per cent, with a rate of 5.99 per cent between 70 and 75 per cent LTV.

Customers will have flexible repayment options. An arrangement fee of 1.5 per cent is charged on all loans and includes a 0.25 per cent “commitment fee” payable at offer.

Aldermore is also offering a semi-commercial seven-year fix, with rates starting at 5.34 per cent, as well as a commercial owner-occupied seven-year fix, with rates  from 5.14 per cent.

Aldermore’s head of commercial mortgages Caroline Luxmore says: “Investing in commercial properties or owning your own business premises is becoming more popular and we anticipate that this new product will be attractive to customers who are expanding their portfolios.”

As an additional benefit Aldermore said it will pay for the cost of search insurance for commercial remortgages up to £1m.

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