Atom Bank makes rate cuts up to 0.68%

Atom Bank’s large commercial mortgage offering, for loans between £2m and £4m, has seen rate reductions of up to 0.25%. 

This follows the lender’s decision to increase the maximum loan to value (LTV) on this range. Now, mortgages of up to £5m are available up to 75% LTV, which Atom Bank said could see some applicants boosting their maximum borrowing potential from £1m to £5m. 

Elsewhere, the lender has lowered rates across its non-government-guaranteed commercial range by up to 0.68%. 

Tom Renwick (pictured), head of business lending at Atom Bank, said: “Across the board, Atom Bank is now even more competitive on price as we look to support more SMEs with their borrowing needs.

“For high-quality borrowers, there has not been a better time to take out a loan with Atom Bank, with highly competitive prices in the £2m-4m space. The cuts on large commercial mortgages, combined with our recent increase to the maximum LTVs available, have been done on the back of a wider appetite for larger loans, and we are keen to unlock finance for borrowers at higher debt levels.” 

Atom Bank said it was also delivering speed and value for SME borrowers with its broker portal, which allows valuations to be instructed at any point before an approval in principle (AIP) is issued. The lender said the use of this function could reduce the time from offer to completion by up to seven weeks. 

Renwick added: “We know that cost is only one element in delivering for commercial brokers and their clients, which is why we continue to introduce improvements to our processes, which mean we can deliver a smooth and speedy service.

“As a result of the ongoing improvements we are making, we are providing an offer within 14 working days on average for fully packaged applications.” 

Last month, Atom Bank lowered prime, retention and further advance rates.