Tom Renwick

Atom bank reduces commercial mortgage rates

Atom bank has reduced its commercial mortgage rates, with variable rates now starting from 2.08% above base rate for loans at 45% loan-to-value (LTV).

For trading businesses, loans now start from 2.89% above the base rate at 60% LTV and from 2.59% at 50%.

For commercial property investment loans, rates start at 2.84% above the base rate at 60% LTV and 2.54% at 50% LTV.

The reduced variable commercial rates are now available with immediate effect.

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 small and medium enterprise (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.”