N&P reduces rates on business loans

David Jervis, general manager, business services, said: "These reduced rates offer a great opportunity to fix payments at lower rates than many borrowers would pay for a variable rate mortgage. This will benefit customers who are keen to keep their monthly repayments locked into an attractive interest rate. Limited funds are available so I would encourage businesses to apply quickly."

Main Details

- 6.18% fixed for two years (previously 6.56%).

- 6.21% fixed for five years (previously 6.55%).

- Arrangement fee of 0.5%, subject to a minimum of £300.

- Available for re-mortgaging owner-occupier commercial properties and commercial investment properties.

- 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.

- Additional interest is payable on early redemption.

- After the fixed rate period, the loan reverts to 1.25% - 3% (negotiable) above three month LIBOR / 1.4% - 3% above Bank Base Rate.