The lender has confirmed it has split its product range to appeal to owner-occupier commercial properties and investment properties.
As part of Commercial First’s owner-occupier range, three products have been designed for commercial and semi-commercial property, with one for residential properties that serve a business use. A specific scheme is also available for farm properties.
Its owner-occupier range also includes a ‘Trading from Home’ (TFH) scheme, available to business borrowers who work from home, and to those purchasing or remortgaging a property that they work and live in.
Its investor range includes a pricing scheme based around the property loan-to-value (LTV), with margin reductions in operation for long-term tenant leases.
The product range includes pricing from 2.25 per cent to 3.35 per cent above LIBOR, available up to 75 per cent LTV.
Stephen Johnson, Commercial First’s sales and marketing director, said: “We have made a big commitment in widening the scope of our product range; re-investing the scale we now have in the business to improve pricing and broaden our appeal. Our primary focus has always been owner-occupied self-cert borrowers, and while we remain absolutely committed to this sector, we also felt it was important to support our intermediaries and provide our same straightforward mortgage approach for more status borrowers and also commercial property investors.”
Peter O’Donovan, mortgage manager at Bestinvest, welcomed the enhancements. He commented: “I think the more commercially minded investor will definitely look at the range, and it could lead to a bit more interest in the commercial market.”
