The product, developed by a major high-street lender, is one of the first to be exclusively aimed at the Northern Ireland commercial market. Features include pricing which starts at 1.5% over Bank Base Rate, with normal LTVs up to 75% and term options up to 30 years. Capital repayments can be made at any time without penalty, although there are redemption penalties for total repayment within the term.
Adrian Coles, Managing Director of CMS said, “ CMS is building a reputation for fresh and innovative products in the commercial market and we are very excited about this new product for Northern Ireland. This product came out of our relationship with Solent Mortgage Services (SMS), and their request for a product, which could be tailored for the needs of Northern Ireland.“
Ian Balfour, Sales & Marketing Director of SMS commented “ CMS has proved to be very responsive to the needs of our brokers in Northern Ireland and we are sure that this product will be the first of many which will be of use to all brokers throughout the UK.“
