A specialist business bank has launched its first fixed rate mortgages to support its business customers through the current challenging economic conditions.
Redwood Bank, which this year is celebrating five years in business, is offering the assurance of consistent monthly payments over two or three years.
Gary Wilkinson, CEO and Co-Founder of the Bank, said: “The time is right to introduce these new products for our customers, who are facing uncertain times. We want to be able to continue to support them, and one of the ways we can do that is by taking away the anxiety that goes with rising interest rates.”
The new fixed rate mortgages will be available over a two or three-year fixed period. The Loan to Value (LTV) will be up to 75 per cent for secured residential investment and 70 per cent for secured commercial property loans.
Customers can choose between capital and interest or interest only, the latter will be up to 30 years for residential and up to 10 years for commercial properties. They will also be able to take advantage of interest-only periods that will revert to capital and interest repayments.
Redwood Bank, which has offices in Letchworth, Hertfordshire, and Warrington, Cheshire, will tailor the fixed rate and the reversion rate individually to each customer, to allow complete flexibility.
“We want to be able to offer further support to SMEs at a time when they need it. Giving them two or three years of fixed mortgage payments allows them to plan without worrying about what decisions may come from the Bank of England.
“With so many businesses facing real challenges, we are determined to do everything we can to be right by their side to provide assistance.”