Atom Bank has announced a significant extension of its rate discount on large commercial mortgages, broadening the bracket from £1m-£4m.
- The discount, previously applicable only to loans between £1m and £2m, now applies to a wider range of amounts.
- Fixed rates are set at 7.24% for trading businesses and 6.89% for property investment, both at 65% LTV.
- Variable rates for trading businesses are established at 2.96% at 65% LTV, with property investment at 2.71% LTV.
- The initiative aims to bolster business borrowers in the UK, providing competitive, bespoke mortgage solutions.
Atom Bank has made a noteworthy decision to expand its rate discount on large commercial mortgages, extending the benefit from loans exclusively between £1 million and £2 million, to inclusive of amounts up to £4 million. This change is set to take immediate effect, applicable for applications submitted up until midnight on Friday, 29th November. By broadening this boundary, Atom Bank aims to cater to a larger segment of businesses seeking financial flexibility.
For potential borrowers, Atom Bank offers impressive fixed-rate options. For loans ranging from £1 million to £4 million, trading businesses can expect a rate of 7.24% for a loan-to-value (LTV) ratio of 65%, while property investors are presented with a fixed rate of 6.89% at the same LTV. Additionally, the offer includes a rate of 6.28% and 6.21% for trading businesses and property investment, respectively, at 45% LTV. These competitive rates demonstrate Atom Bank’s commitment to providing value-driven services to its clients.
On the variable rate front, Atom Bank continues to deliver appealing options. Trading businesses can obtain loans at a 2.96% rate for a 65% LTV, whereas property investments are offered a rate of 2.71% at the same LTV. This flexibility in loan offerings is designed to accommodate diverse business needs, enhancing Atom Bank’s reputation as a supportive industry leader.
David Castling, head of intermediary distribution at Atom Bank, expressed enthusiasm about the bank’s new direction, highlighting the positive feedback from broker partners. He stated, “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.” Castling emphasized the bank’s commitment to supporting brokers and their clients with tailored commercial mortgage solutions.
This strategic move is further complemented by Atom Bank’s Quick Quote tool, enabling brokers to generate indicative quotes swiftly for their clients. This tool facilitates quick decision-making and enhances service delivery, ensuring that small and medium-sized enterprise (SME) owners have timely access to the funds required to execute their operational plans. These initiatives reflect Atom Bank’s proactive approach in tailoring financial products to meet the evolving needs of the business sector.
Atom Bank’s expanded discount initiative underscores its commitment to supporting UK businesses with competitive mortgage solutions.
