Atom slashes fixed rates to support SMEs
Atom bank, the Durham-based fintech, is reducing headline rates across its fixed rate commercial mortgage products by up to 0.75%.
Atom, who last year hit £1bn in balance sheet lending to SMEs, is providing the special offer to help ease the pressure on small and medium sized businesses (SMEs) who are grappling with the highest base rate since February 2008, rising inflation and increased business costoffs.
The change comes following recent feedback from Atom’s broker panel, who are seeing heightened demand for commercial mortgages with a fixed rate amid the increasingly uncertain economic environment.
Atom’s fixed rate product offers tenors variants between two and six years, with amortisation profiles up to 25 years. It is available in Interest Only and Capital and Interest Options variants.
The price reduction comes after the delivery of other enhancements to Atom’s commercial mortgage proposition in recent weeks, including the expansion of Portal – Atom’s next generation broker gateway – to include their innovative Quick Quote tool. This allows brokers offering secured business loans to now self-assess and create an indicative quote within the portal before submitting an application.
Tom Renwick, head of business banking at Atom bank commented: “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.
“With the Recovery Loan Scheme and other government interventions coming to an end, we are constantly looking at how we can best offer straightforward, transparent and competitive rates to our business customers – helping them to plan for the future and continue to thrive post-pandemic.”
