In This Article
About Allica Bank
Allica Bank is a relatively new challenger bank that was granted a banking license in 2019. They have their main offices in Milton Keynes and London.
They offer banking products and services including savings accounts, asset finance, loans, mortgages, and credit cards to both individuals and businesses.
The purpose of Allica Bank is to serve established small and medium-sized businesses (SMEs) who have been left behind by the big banks. They try to combine modern technology with local relationships and expertise to support their customers.
They aim to provide banking services that are straightforward, personal and trustworthy which is highlighted in their core values which are collaboration, integrity, delivery and being straightforward.
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Allica Bank mortgages
Allica Bank only offer commercial mortgages for small & and medium-sized businesses.
Small and medium-sized businesses use commercial mortgages for a variety of purposes, including generating income, diversifying their business, and refinancing.
Businesses trading from freehold or long leasehold property in England, Scotland, and Wales may be eligible for a commercial mortgage from Allica Bank.
Allica Bank try to look individually at every application and work in partnership with mortgage advisors to find the right solution for you.
Are Allica Bank rates competitive?
Allica Bank aims to offer competitive commercial mortgages for SMEs. However, as with any mortgage, it’s important to compare the product against the rest of the market, reviewing the initial interest rate, revert rate, fees charged and the quality of the lender’s service before making a decision. An independent mortgage advisor can review your situation and other rates available in the market to recommend the most suitable deal for you.
Should I remortgage with Allica Bank?
If you are an existing customer of Allica Bank and your initial rate is coming to an end, you may be able to switch your rate with Allica bank without incurring any early repayment charges.
An independent mortgage advisor can help you change your rate or remortgaging to another lender.
Independent mortgage advisors can advise on all products available in the market and find the best option for you, which may not be staying with Allica Bank.
Allica Bank declined my business a mortgage; what do I do now?
If you’ve been declined a mortgage from Allica Bank, you should speak to a mortgage broker as they could help you find another lender that may be willing to give you a mortgage.
Expert mortgage advisors get to know which lender is most suited to each situation, situations such as adverse credit, complex income, or any specific criteria about your situation or the property.
You can check your credit profile you can utilise either Experian, Equifax, Transunion or Check My File, which offers a free trial.
Commercial mortgages are more complex than residential mortgages or buy to let mortgages. Using an advisor that is expert in this field can make the process hassle free.
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Conclusion
Allica Bank is a new challenger bank that was granted a banking license in 2019. They offer banking products and services including savings accounts, asset finance, loans, mortgages, and credit cards to both individuals and businesses. The purpose of Allica Bank is to serve established small and medium-sized businesses (SMEs) who have been left behind by the big banks. They try to combine modern technology with local relationships and expertise to support their customers.
Allica Bank only offer commercial mortgages for small & and medium-sized businesses. Businesses trading from freehold or long leasehold property in England, Scotland, and Wales may be eligible for a commercial mortgage from Allica Bank. Allica Bank try to look individually at every application and work in partnership with mortgage advisors to find the right solution for you.
If you are an existing customer of Allica Bank and your initial rate is coming to an end, you may be able to switch your rate with Allica bank without incurring any early repayment charges.
An independent mortgage advisor can help you change your rate or remortgage to another lender. Independent mortgage advisors can advise on all products available in the market and find the best option for you, which may not be staying with Allica Bank.
Should you want to speak to a mortgage advisor, I NEED ADVICE can match you with a mortgage advisor who is experienced in your situation and can review the whole market and recommend the right mortgage for you.
They are experienced, which can boost your chances of being approved.
