This is the lowest rate Allica has offered in three years.

Allica will offer brokers commission if they or their clients open a bank account.

The bank has reduced specialist buy-to-let and commercial mortgage rates by up to 0.25%.

This marks the bank’s first major shake-up of its commercial bridging market since it entered the sector last year.

The challenger bank enters the specialist buy-to-let market with products up to 75% LTV.

Full funds will be available from day one, allowing greater flexibility.

The acquisition represented Allica’s first entry into the bridging market.