Atom bank has reduced the rates on its commercial mortgage range by up to 76 basis point (bps).

Its variable rates have been cut by up to 76bps, while fixed rates have been reduced by up to 73bps, with the largest reductions applying to higher loan-to-values.

CURRENT SERVICE

Agreement in Principles (AIP) are currently issued within one working day of the receipt of a fully packaged application, while the timeframe between an AIP being accepted and an offer being issued is down to an average of below 10 working days.

Alongside the latest cut across the range, Atom bank is also currently offering a rate discount on large commercial mortgages. Those borrowing between £1 million and £4 million qualify for a rate discount of 25bps.

The rate discount was introduced to deliver greater support to businesses with more substantial borrowing requirements, and applies to all applications submitted before midnight on Friday, 29th November.

Tom Renwick, head of business lending at Atom bank, said: “I have no doubt that this latest rate cut on our commercial mortgage range will be welcomed by brokers and their clients.

“We know that many SMEs are pushing on with their investment plans now that the uncertainty of the Budget has cleared, and these competitive rates will help set them up for success in the future.

“The combination of the rate reduction and our discount for larger commercial mortgages makes clear Atom bank’s commitment to this market. Whether it is pricing or improvements to our processes, we will continue to adapt our proposition wherever necessary to support the UK’s SMEs.”