Commercial mortgages are to receive a boost with the announcement that Norwich and Peterborough Building Society (N&P) is to reduce the rate on its commercial loans.
Rates on its two and five year fixed rate commercial mortgage loans have been reduced to 6.65 per cent and 6.55 per cent from 6.80 per cent and 6.77 per cent respectively.
Both are subject to a minimum of £300 and an arrangement fee of 0.5 per cent and are available for remortgaging owner-occupier commercial properties and commercial investment properties.
"Fixed rate loans can help commercial borrowers to plan with more confidence," said Robert Lankey, head of commercial lending at N&P.
"These rates are good news for businesses because they are available to all types of businesses from office users to restaurants, borrowing £30,000 or more.
"There are always limited amounts of funds available for fixed rates so I would encourage businesses to apply quickly."
N&P lends on factories/industrial units, guest houses/hotels, office premises, sub post offices, retail shops, nursing/residential owner-occupier care homes, private schools, and professional practices such as opticians, chemists, vets, doctors, solicitors and accountants. Click here to find out more about commercial mortgages.
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