Atom bank has cut rates on its commercial mortgage range by up to 0.76%, with reductions applying across both variable and fixed rates.
Variable rates have been reduced by as much as 0.76%, while fixed rates are down by up to 0.73%, mainly affecting higher loan-to-values (LTVs).
For property investment loans, the rates for 75% LTV are now 2.89% variable and 7.36% fixed.
For 45% LTV, the rates are 2.06% variable and 6.43% fixed.
All rates are subject to status and application assessment, and brokers can use the Quick Quote tool on the Atom bank portal for indicative quotes.
Atom bank has also improved turnaround speeds, issuing Agreements in Principles (AIPs) within one working day of receiving a fully packaged application.
The time taken from acceptance of an AIP to offer issuance is now under 10 working days.
In addition, Atom bank is providing a rate discount of 0.25% for large commercial mortgages between £1m and £4m on applications submitted before midnight on 29th November.
Tom Renwick, head of business lending at Atom bank, said: “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.”
Renwick added: “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 [small and medium enterprises (SMEs)].”
