The new product is available for loans between £50,000 and £1m and provides customers with flexible repayment structures.

Rates for the product:

• 5.54% for loans up to 60% LTV
• 5.89% for loans with an LTV between 60-70%
• 5.99% for loans with an LTV between 70-75%.

Bespoke terms are offered for loans over £1m.

Aldermore is also offering semi-commercial, seven-year fixed rates from 5.34% and commercial owner-occupied seven-year fixed rates from 5.14%.

An arrangement fee of 1.5% is charged on all loans and includes a 0.25% commitment fee payable at offer.

“Our new seven-year fixed product highlights our continued commitment to offering simple commercial mortgage products with great rates,” said Caroline Luxmore, head of commercial mortgages at Aldermore (pictured above).

The specialist bank will pay for the cost of search insurance for commercial remortgages up to £1m, with the offer valid until 31st July 2018.

“Investing in commercial properties or owning your own business premises is becoming more popular and we anticipate that this new product will be attractive to customers who are expanding their portfolios,” added Caroline.

“We're delighted to add this longer-term option to our commercial mortgages product suite as we continue to strengthen our market offering throughout 2018.”