The product is available for residential and commercial investment products
Redwood Bank has launched a limited edition five-year fixed rate mortgage, aimed at extending support to businesses looking for longer-term financial stability.
The specialist business bank is adding the new product to its existing two- and three-year fixed rate mortgages that were introduced last year.
The five-year product is for residential and commercial investment mortgages, with a loan-to-value of up to 75% for secured residential investment and 70% for secured commercial property loans. Five-year fixed rates start at 6.99% for residential and 8.75% for commercial.
The lender added that customers would be able to choose between capital and interest, up to 30 years for residential and 25 years for commercial properties, or interest only, up to 30 years for residential and up to 10 years for commercial properties.
We are thrilled to announce the launch of our new five-year fixed rate mortgages.
— Redwood Bank (@redwoodbank) May 4, 2023
This offer will provide long-term security and peace of mind, adding to our existing two and three-year fixed rate products available at Redwood.
To learn more, visit: https://t.co/LvutiMxloq pic.twitter.com/WUc30tdQFE
“We pride ourselves on supporting British businesses, and at a time when the Bank of England base rate remains high and inflationary pressures are causing further uncertainty, we want to remove some of the stress and anxiety for our customers,” Gary Wilkinson (pictured), co-founder and chief executive of Redwood Bank, said in a post announcing the product launch.
“Businesses have had to deal with so much over the past few years, so they really need a period of stability to be able to regroup. We want to be able to help ease the pressure on them and show our ongoing commitment to British business.
“These new five-year fixed rates will offer certainty on future payments so businesses can plan accordingly. Redwood’s bespoke pricing allows a tailored proposition for our customers, which will also provide them with a competitive reversion rate when the fixed rate period ends.”
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