For those in or contemplating Medical sector businesses, we now have 100% commercial mortgages designed specifically for your market expansion, consolidation or purchase. For other businesses looking to similar plans we have a range of products of up to 100% loan facility.
Although the Office of National Statistics had recently revealed that inflation has increased to 2.9% , it was surprising to see the recent reaction of Skipton Building Society being the first to break rank and increase its Standard Variable Rate (SVR); causing disconcertion for its mortgage holders. Another followed; Nationwide is to increase their SVR on its mortgages by up to 0.5% from 1 February. Inevitably others will follow suit.
Every 5 years the generic Rateable Value (RV) of all licensed, leisure and commercial property is reviewed. April 2010 is the date for the latest RVs and have been released from Valuations Office Agency (VOA). Initial read through shows that there will be many reductions, however pubs have risen by 23% and hotels by up to 33%. The Uniform Business Rate, which, when multiplied by the RV calculates Rates Payable, will also change. Large and small properties will go down to 41.4p/£ and 40.7p/£ respectively. Transitional Relief will continue to be applied.
(Image and Article credit: Copyright SUF)