Atom bank reduces commercial mortgage rates
10 Apr 2024
Atom bank has announced reductions in its commercial mortgage rates.
Variable rates now start at 2.08% above base rate for loans at 45% loan to value (LTV).
The bank says highlights of its range now include:
Loan type
LTV
Representative rate over base rate
Trading businesses
60%
2.89%
Trading businesses
50%
2.59%
Property investment
60%
2.84%
Property investment
50%
2.54%
All rates quoted are subject to status and assessment of application.
Atom bank also offers a range of fixed rate commercial mortgages, with rates starting at 6.20%.
Tom Renwick (pictured), head of business lending at Atom bank, said: “Atom bank is a dedicated supporter of small businesses, so as the cost of funds have changed it is important to reflect that in our variable rate pricing. With inflation continuing to fall, and speculation growing around potential base rate reductions, variable rates will continue to hold an appeal for business borrowers.
“However, while price is a crucial factor for brokers and their SME clients, so too is speed. Business borrowers need to know where they stand as quickly as possible, which is why Atom bank has made a significant number of improvements to our broker portal over the last year, ensuring that on average we are able to issue an Agreement in Principle in just one working day after receiving a fully packaged application.”