One of the most respected Challenger Banks on the market has announced it will be applying the full Bank of England Base Rate reduction of 0.5 per cent to its existing lending products.
Redwood Bank’s decision, effective as of Thursday, March 12, 2020, was taken off the back of yesterday’s emergency response announcement made to steady the economy amid the coronavirus outbreak.
Rates are being reduced from 0.75 per cent to 0.25 per cent, taking borrowing costs back down to the lowest level in history. The Bank of England said it would also free up billions of pounds of extra lending power to help banks support firms.
Gary Wilkinson, CEO and Co-Founder of Redwood Bank, said: “Yesterday’s Bank of England Base Rate announcement is positive news for the UK economy, as it’s going to help tackle the economic implications of coronavirus.
“Almost all of our mortgage products are bespoke to meet the individual needs of clients and have variable rates linked to Base Rate. We have therefore decided to cut our mortgage rates by 0.5 per cent, which we believe our customers will hugely benefit from.”
Founded in 2017, Redwood Bank was launched to offer secured SME lending products to owner-occupied businesses, as well as to experienced commercial and residential property investors.
One of the UK’s most dynamic Challenger Banks, Redwood is committed to helping their intermediary broker partners and their clients with speedy, clear and dynamic lending decisions for business owners and professional landlords.
Redwood Bank is the UK’s first business Challenger Bank to be completely born in the cloud.
Last year it was tipped as ‘one to watch’ in the Best Challenger Bank category at the Growth Finance Awards and the Bank was double award winners at the Savings Champion Awards, picking up the Best Business Account Provider and Best Charity Notice Account Provider.
Redwood Bank’s products include individually assessed mortgages for business owners and professional landlords, and a range of Best Buy savings accounts offered to businesses, charities, clubs and associations.
For further information, visit www.redwoodbank.co.uk
Notes to editors
For further details contact Laura Pearce at Strand PR on email@example.com or 01763 274674 / 07903 106405.
Redwood Bank was launched in August 2017, becoming Britain’s newest business bank for SMEs and completing its ‘mobilisation’ phase just over four months after securing its initial banking licence in April 2017. Redwood Bank offers secured SME mortgages for business owners, as well as for experienced commercial and residential property investors. It delivers fast and efficient mortgage decisions to help their business customers seize property opportunitiesand also offers competitive business savings accounts. Redwood Bank was founded by Jonathan Rowland and Gary Wilkinson. It has a unique private-public ownership structure in which Warrington Borough Council has a one-third stake.