Atom bank, the UK’s first app-only bank, has reduced the rates on its commercial mortgage range by up to 0.76%.
The rate reductions take effect immediately.
Atom bank’s variable rates have been cut by up to 0.76%, while fixed rates have fallen by up to 0.73%, with the largest reductions applying to higher loan-to-values.
The table below details a representative example of the rates on offer for cases of the highest credit quality at 75% and 45% LTV for property investment loans:
| Variable rate over base rate* | Fixed rate* | |
| Representative rates for 75% LTV | 2.89% | 7.36% |
| Representative rates for 45% LTV | 2.06% | 6.43% |
*All rates quoted are subject to status and assessment of application.
Business borrowers benefit from bespoke rates when working with Atom bank, which are calculated based on their individual status and circumstances, ensuring the borrower enjoys a personalised price.
Brokers can obtain an indicative quote for their business clients using the Quick Quote tool on the Atom bank portal.
In addition to the improved, personalised rates, Atom bank’s commercial mortgage customers also enjoy vastly improved turnaround speeds. Agreement in Principles (AIP) are currently issued within one working day of the receipt of a fully packaged application, while the timeframe between an AIP being accepted and an offer being issued is down to an average of below 10 working days.
Discount for large commercial mortgages
Alongside the latest cut across the range, Atom bank is also currently offering a rate discount on large commercial mortgages. Those borrowing between £1 million and £4 million qualify for a rate discount of 0.25%.
The rate discount was introduced to deliver greater support to businesses with more substantial borrowing requirements, and applies to all applications submitted before midnight on Friday, 29th November.
Atom bank is delivering for business borrowers who require large loans, having recently provided its largest ever loan, a £9.95 million facility for a hotel refurbishment in Leicester.
Tom Renwick, Head of Business Lending at Atom bank, commented:
“I have no doubt that this latest rate cut on our commercial mortgage range will be welcomed by brokers and their clients. We know that many SMEs are pushing on with their investment plans now that the uncertainty of the Budget has cleared, and these competitive rates will help set them up for success in the future.
“The combination of the rate reduction and our discount for larger commercial mortgages makes clear Atom bank’s commitment to this market. Whether it is pricing or improvements to our processes, we will continue to adapt our proposition wherever necessary to support the UK’s SMEs.”
