Atom bank is expanding its rate discount on large commercial mortgages, significantly facilitating business borrowers.
- The bank now offers a 0.25% discount on loans ranging from £1 million to £4 million, an extension from the previous cap of £2 million.
- The newly extended discount applies immediately, with applications accepted until midnight on 29th November.
- This initiative aligns with Atom bank’s strategic effort to provide competitive mortgage rates and support UK business growth.
- Feedback from brokers has been overwhelmingly positive, encouraging Atom bank to broaden its loan options amid rising commercial interest.
Atom bank has strategically extended the rate discount on its large commercial mortgages, effectively broadening the financial relief available to business borrowers in the UK. By increasing the upper loan limit for this discount from £2 million to £4 million, Atom bank enables a more expansive range of enterprises to benefit from reduced borrowing costs. This move comes as part of the bank’s ongoing commitment to fostering a supportive financial environment for businesses amidst an evolving economic landscape.
The 0.25% discount is applicable immediately for all eligible applications, which must be submitted before the deadline on 29th November. This timely initiative is poised to aid numerous businesses seeking substantial funding options under competitive conditions. Atom bank’s decision to extend this discount reflects a proactive approach to meeting the burgeoning demands of the market, as well as its drive to maintain a competitive edge in the financial industry.
For trading businesses, Atom bank offers representative fixed rates of 7.24% at 65% loan-to-value (LTV) and 6.28% at 45% LTV. Property investment loans are similarly advantageous, featuring fixed rates of 6.89% at 65% LTV and 6.21% at 45% LTV. Additionally, the bank provides variable rate options, including 2.96% for trading businesses at 65% LTV and 2.71% for property investment at the same LTV. These rates underscore Atom bank’s commitment to providing attractive financing solutions tailored to diverse business needs.
In supporting documentation, David Castling, the head of intermediary distribution at Atom bank, expressed his satisfaction with the expansion of the rate discount. Mr. Castling remarked, “Having had great feedback from our broker partners, we are delighted to be able to extend our rate discount to a broader range of large commercial loans.” His statement highlights the bank’s dedication to leveraging broker insights in enhancing its financial products to better serve businesses.
Atom bank’s latest endeavour not only demonstrates its ambition to offer exceptional mortgage rates but also showcases its capability to respond promptly to market dynamics with adept strategic initiatives. This extension follows the bank’s record-breaking £9.95 million loan for a hotel refurbishment in Leicester, further cementing its role as a pivotal financial player in the commercial sector.
Atom bank’s extended rate discount is a calculated move to enhance its appeal among business borrowers, demonstrating its commitment to competitive mortgage solutions.
