The change, which comes following broker and borrower feedback, sees the rate reduce to 4.35% from 4.70%.

This product is available for loans between £500,000 and £5m, up to 70% LTV.

It also offers customers the flexibility of five years of interest-only repayments, before reverting to capital and interest for the remainder of the term, with loan terms of between five and 25 years.

Mike Davies, head of business development at YBS Commercial Mortgages, said: “We’re really pleased to be able to respond to feedback and offer a reduced rate, to make this product more competitive for our brokers and their clients.

“Retail businesses have been impacted by the lockdown, but essential retail has been in demand, so supporting semi-commercial means we’re supporting key sectors of the economy.

“We have been committed to continue lending since lockdown began, and semi-commercial lending is another way for us to do this.

“We’re always looking at ways we can provide long-term stable support for our borrowers, and we’ll continue to do so both now and in the future.”