Atom bank has announced reductions to the interest rates on its commercial mortgages by up to 0.61%.
This adjustment will set variable rates starting at 2.04% over the base rate and fixed rates beginning at 6.25% for loans up to a maximum loan-to-value of 45%.
The bank offers a variety of commercial products, including Business Banking Secured Loans (BBLS) and Recovery Loan Scheme (RLS) products.
Atom bank will stop accepting new RLS applications after midnight on Tuesday, 28th May. The rate reductions are temporary and specifically significant in RLS pricing, applicable only until this cut-off date.
Atom bank continues to enhance the efficiency of its services for commercial clients through its broker portal, which allows intermediaries to quickly generate an indicative quote.
Brokers can also opt to instruct valuations at any stage up to the approval in principle (AIP), potentially reducing the overall time from offer to completion.
Significant improvements have been made to Atom’s commercial underwriting process and broker portal, which have streamlined application workflows and reduced the average time from application to AIP to just one working day.
These enhancements, coupled with a 42% reduction in the average application-to-offer time, now enable Atom to issue offers within an average of 14 working days.
Tom Renwick, head of business lending at Atom bank, discussed the strategy behind the rate cuts: “We know how crucial price is for commercial customers at the moment, which is why we are delighted to be able to make further reductions to our commercial mortgage rates.
“With the RLS coming to an end next month, in particular, we want to ensure that businesses are able to take advantage at the best possible rates on this product.
“Atom bank is passionate about combining our efficient digital model with fair, bespoke pricing in order to deliver the support that SMEs across the country need.
“This temporary price cut is just the first in a series of propositional changes we are making which will ensure we continue to stand out from the crowd in delivering for the wide range of commercial borrowers who are currently underserved by high street banks.”
