Allica Bank has announced the launch of a 10-year fixed-rate business mortgage. The fintech challenger bank said its aim is to give businesses the option of some “much needed long-term certainty” in a turbulent market, and help SMEs plan and manage their business costs. The launch comes as the Bank of England looks set to make further increases to interest rates in the coming months, as many firms look for ways to lock in their costs for the long-term. In light of this demand, Allica revealed it has committed up to £100m in 10-year fixed rate funding in Q4 of this year.

Mortgage Broker Tools (MBT) has announced the launch of a new mortgage help desk. The move aims to give brokers immediate telephone access to experts who are able to help research the best solutions for their difficult cases. MBT said its help desk will complement the MBT Affordability digital research platform, by providing brokers with access to an experienced team who are on hand to answer questions and help place cases.

Buckinghamshire Building Society has relaunched the fixed rate options on two of its specialist products. The society’s Joint Borrower Sole Proprietor (JBSP) product is now available on a five-year fix with a maximum LTV of 90%, and the term is based on the applicant's selected retirement age, not the supporting parties, with a maximum term available of 40 years. Buckinghamshire also confirmed that its Impaired Credit proposition is available with an improved maximum LTV of 70%, up from 60% previously, along with an initial fixed period of three years.

BuildLoan has launched a new advanced stage payment product with Chorley Building Society. In common with all BuildLoan’s range of advance stage payment products, the new deal is specifically designed to overcome the risk of a down-valuation disrupting the clients’ cashflow during the build. The new product offers clients the opportunity to have each stage of funds linked directly to the cost of each element of the build and released to the client before they start the work. Self and custom builders will be able to borrow up to 85% of their land and build costs and up to 80% of the final value of their new home.

CHL Mortgages has launched new lifetime tracker products across its entire core and refurbishment product ranges. The lender confirmed its products are available to a maximum 70% LTV, with a two-year Early Repayment Charge (ERC) of 3% in year one and 2% in year two. A 2% product fee will apply across the range.

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