Atom bank reduces variable and fixed commercial rates
Atom bank, the UK’s highest rated bank on Trustpilot, has cut the interest rates across its range of fixed and variable commercial mortgages.
Fixed rates have been reduced by up to 0.47%, while variable rates have fallen by up to 0.41%. The rate reductions take effect immediately. As a result of the cuts, variable rates now start at 1.65% over base rate, and fixed rates start at 6.23%.
The table below details a representative example of the rates on offer for cases at 65% and 45% LTV for property investment loans:
| Variable rate over base rate* | Fixed rate* | |
| Representative rates for 65% LTV | 3.09% | 7.63% |
| Representative rates for 45% LTV | 2.41% | 7.01% |
*All rates quoted are subject to status and assessment of application.
In addition, loans of between £1m and £4m qualify for a further 0.25% reduction. Variable rate loans that fall within this range could start from 1.40% over base rate and 5.97% on a fixed rate.
Mortgage brokers can use the Quick Quote tool on the Atom bank portal to obtain a swift, indicative quote for their business clients.
Atom bank provides business borrowers with bespoke rates, which are calculated based on the individual circumstances of the borrower.
Last year was a landmark year in commercial lending for Atom bank. Not only did the digital lender pass the milestone of lending more than £1 billion, but the bank also enjoyed a record quarter for activity, setting new highs for applications and the value of offers provided.
A crucial factor in the success of the Atom bank commercial team has been the focus on speed, ensuring that customers benefit from quicker turnaround times.
As a result of the succession of improvements made to Atom bank’s broker portal and underwriting processes, Agreements in Principle (AIP) are on average provided within one working day of a fully packaged application being received, while the time between the acceptance of an AIP and the issuing of an offer is now on average of around 10 working days.
David Castling, head of intermediary distribution, Atom bank, commented: “Atom bank is passionate about providing the best possible value to business borrowers, so I have no doubt that this rate cut across our fixed and variable products will be welcome.
“There will be businesses up and down the country looking to kick on with their growth ambitions for the year ahead, and this rate reduction will make external funding more accessible for them. Just as important is recognising that all businesses are different and providing that flexibility when assessing an application. We know that brokers value the fact that Atom bank provides pricing tailored to the individual borrower, rather than employing a ‘one size fits all’ approach.”
