It is available at up to 65% LTV where the security has an EPC rating of between A and C.
The product’s rate is 25 basis points lower than that of the bank’s comparative five-year option.
Borrowers will need to demonstrate 1.50x repayment cover at pay rate.
According to Allica, the launch comes in response to extensive broker feedback and demand, as the Bank of England is expected to make further increases to interest rates in coming months.
Considering the heightened demand, the bank has committed up to £100m in ten-year fixed-rate funding in Q4 of this year.
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Established in 2020, Allica has lent more than £1bn to UK SMEs since it launched to market and reached monthly profitability in September.
Nick Baker, chief commercial officer at Allica (pictured above), said: “We aren’t built on legacy technology, which means we can be agile and change our proposition in response to what brokers tell us they’re seeing in the market.
“I’m extremely pleased that, in launching our ten-year fixed-rate mortgage, we are enabling SMEs to focus their energy on managing their business and achieving their ambitions, offering some stability in a period of uncertainty."
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