Commercial Finance
Atom cuts commercial mortgage rates
Atom Bank has reduced rates on its commercial mortgage products by as much as 0.75 per cent.
The bank said it did this to ease the pressure on small and medium sized businesses (SMEs) that are dealing with the highest base rate since February 2008, rising inflation and increased business costs.
It added that its broker panel reported a heightened demand for fixed rate commercial mortgages due to this uncertainty.
Fixed rate terms range from two to six years while mortgage terms are available for up to 25 years. The loan can be repaid on a capital and interest, or interest-only basis.
The lender also offers bespoke rates.
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Tom Renwick, head of business banking at Atom Bank, said: “Broker feedback has shown that there is an increasing need for commercial mortgages with a fixed rate during what is a particularly turbulent time for businesses.
“A fixed rate loan provides businesses with greater certainty over their loan repayments in the face of rising business costs and the Bank of England base rate surging to its highest in over a decade. With the prospect of further hikes in the base rate, we feel now is absolutely the right time for us to cut our rates on commercial products.”