Atom Bank has broadened its rate discount strategy for large commercial mortgages, reflecting its commitment to supporting UK business borrowers.
- Originally limited to loans between £1m and £2m, the 0.25% discount now applies to loans up to £4m.
- Effective immediately, the discount applies to applications submitted by 29th November.
- Fixed and variable rates differ, with trading businesses and property investments benefiting distinctly.
- Feedback from brokers has been overwhelmingly positive, highlighting the competitiveness of Atom Bank’s offerings.
Atom Bank has taken a significant step in supporting the UK business sector by broadening its rate discount on large commercial mortgages. The extension of a 0.25% discount, previously available only on loans ranging from £1 million to £2 million, now encompasses loans up to £4 million. This strategic move aims to enhance the accessibility of competitively priced funding solutions for a more extensive range of commercial clients.
The discounted rates are effective immediately for applications made before midnight on 29th November. For fixed-rate loans, trading businesses can access rates of 7.24% at a 65% loan-to-value (LTV) and 6.28% at 45% LTV, while property investment loans are available at 6.89% at 65% LTV and 6.21% at 45% LTV. Variable rate loans offer rates at 2.96% for trading businesses and 2.71% for property investment, both at a 65% LTV.
Brokers have been empowered by Atom Bank’s Quick Quote tool, which facilitates the generation of indicative quotes for clients. This tool intends to streamline the loan application process, providing potential borrowers with immediate insights into the possible financial scenarios available to them.
The decision to extend the discount follows Atom Bank’s record-breaking £9.95 million loan facility to a hotel refurbishment project in Leicester, showcasing its capacity to cater to sizeable financing demands. David Castling, Atom Bank’s head of intermediary distribution, emphasised the positive feedback from broker partners, recognising the increasing interest in commercial loans of varied magnitudes: “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.”
Atom Bank’s move is not merely about competitive pricing; it underscores their commitment to delivering excellent speed and service, ensuring SME owners have timely access to necessary funding. This aligns with the growing demand within the commercial loan market, further strengthening the support system for business owners across the UK.
Atom Bank’s extension of its mortgage rate discounts underscores its strategic support for the diverse borrowing needs of the UK business sector.
