N&P reduces rates on business loans

Robert Lankey, head of commercial lending, said: "Fixed rate loans can help commercial borrowers to plan with more confidence. These rates are good news for businesses because they are available to all types of businesses from office users to restaurants, borrowing £30,000 or more. There are always limited amounts of funds available for fixed rates so I would encourage businesses to apply quickly."

Main Details

- 6.56% fixed for two years (previously 6.80%).

- 6.55% fixed for five years (previously 6.77%).

- 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.