"With the market expecting a reduction in base rate in the months ahead, the appeal of variable rate mortgage deals has increased for many business borrowers."
- Tom Renwick, head of business lending at Atom Bank
Atom Bank has reduced rates across its variable rate commercial mortgage products by 0.30%.
As a result, rates now start at 2.12% above base rate for loans at 45% LTV.
For trading businesses, rates have reduced to 2.62% over base rate at 50% LTV and 2.93% at 60% LTV.
For property investments, rates start at 2.58% and 2.89% above base rate at 50% and 60% LTV respectively.
Atom Bank offers commercial mortgages up to 75% LTV for loan sizes up to £1m, while larger loans of more than £1m can be obtained up to 70% LTV. The range includes Business Banking Secured Loans (BBSL) and Recovery Loan Scheme (RLS) products.
Atom delivers bespoke pricing, as well as the ability to create an indicative quote via its broker portal for its commercial mortgages.
Tom Renwick, head of business lending at Atom Bank, commented: “Price is a huge factor for brokers when looking to secure a commercial mortgage for their business clients, so in addition to our incredibly competitive fixed rate products we are delighted to be able to offer a more competitive range of variable options for this market. With the market expecting a reduction in base rate in the months ahead, the appeal of variable rate mortgage deals has increased for many business borrowers.
“Price is not the only factor for brokers and their clients however, which is why Atom Bank continues to focus on driving forward technology improvements aimed at providing a more efficient process. We have made more than 170 upgrades to our commercial lending broker portal in the last year alone, helping us reduce our application to agreement in principle (AIP) and offer timescales to industry-leading levels, while our Quick Quote tool makes it easier and faster for brokers to provide their clients with an immediate indication of what their funding is likely to cost.”
