Atom bank extends commercial mortgage rate discount
23 October 2024
Atom bank, the UK’s first app-only bank, has extended the rate discount available on its range of large commercial mortgages.
The move means that commercial mortgages of between £1m and £4m will now qualify for a rate discount of 0.25%. Previously the discount was available on commercial mortgages of between £1m and £2m.
The new discount, which takes effect immediately, is available for applications submitted before midnight on Friday, 29th November.
Representative examples of the discounted rates for fixed rate loans of between £1m and £4m are detailed in the table below:
|
Loan type |
LTV |
Representative fixed rate* |
|
Trading businesses |
65% |
7.24% |
|
45% |
6.28% |
|
|
Property investment |
65% |
6.89% |
|
45% |
6.21% |
And for variable rate loans between £1m and £4m:
|
Loan type |
LTV |
Representative variable rate (plus base rate)* |
|
Trading businesses |
65% |
2.96% |
|
45% |
2.17% |
|
|
Property investment |
65% |
2.71% |
|
45% |
2.09% |
*All rates quoted are subject to status and assessment of application.
Brokers can use the Atom bank Quick Quote tool in order to create an indicative quote for their clients. Business borrowers benefit from bespoke rates, based on their status and circumstances, ensuring flexibility and fair pricing.
As well as personalised rates, commercial borrowers enjoy incredible turnaround speeds. On average, Atom bank is currently issuing an Agreement in Principle in just one working day after receiving a fully packaged application, while the time between the acceptance of an AIP and the issuing of an offer is currently 10 working days on average.
The extended discount has been introduced to deliver even greater support to business borrowers across the UK, as Atom bank continues to provide valued funding at larger loan sizes.
The change comes off the back of Atom bank recently funding its largest ever loan, a £9.95m facility for a hotel refurbishment in Leicester.
David Castling, Head of Intermediary Distribution at Atom bank, commented:
“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.
“Many brokers are currently seeing increased interest from commercial clients across a range of loan sizes, and we want to support them with their plans through competitively priced, bespoke commercial mortgages.
“Atom bank customers enjoy not only outstanding rates but impressive speed and service too, ensuring that SME owners have prompt access to the funding they require.
