The Nottingham enhances commercial mortgage range

The Nottingham has introduced a major new feature to its new range of commercial mortgages, enabling small and medium-sized businesses to repay as much as 10% of the capital borrowed annually – without incurring charges.

In response to growing demand from intermediaries and small and medium-sized organisations alike, The Nottingham is rolling out the new feature across its commercial mortgage portfolio with immediate effect, making it one of a small group of lenders to offer such a borrower-friendly facility.

Gary Burrows, senior commercial lending manager at The Nottingham, commented: “It’s important that our proposition reflects market forces – and that is why we are offering attractive features, such as the opportunity to repay a significant amount of capital without incurring a penalty.

“We believe the intermediary community will warmly welcome this latest development. We are committed to this important distribution channel – that’s why we have been working closely with our IFA and mortgage broking partners to deliver an end result that we believe has tremendous all round potential.”

The Nottingham’s commercial lending arm was established in 2006 and has grown organically, relying on the strong relationship the Society enjoys with its intermediary partners throughout England and Wales. Almost 40% of the Society’s commercial business is originated in its heartland of Nottinghamshire, Derbyshire, Lincolnshire and South Yorkshire.

“I am naturally delighted with the progress we have made in commercial lending in a very short space of time,” added Gary Burrows.

“We are keen to make significant inroads into this market in the months ahead – and will be looking to introduce more innovative features in due course.”

Key product features:

Commercial mortgages from The Nottingham are available for purchase, re-mortgage and capital-raising purposes on owner occupied or investment properties. They are available to limited companies, partnerships (excluding limited liability partnerships) and sole traders.
The maximum Loan-to-Value (LTV) is 80%. The minimum advance is £50,000 – the maximum facility is £1 million.
Capital repayment or interest-only terms are available for the full term of the loan.