Variable rates now start at 2.04% over base, while fixed rates are now from 6.25% for loans up to 45% LTV.

The bank’s range of commercial products include business banking secured loans and Recovery Loan Scheme (RLS) products, the latter of which will see a decrease in pricing on a temporary basis.

The lender will be closing new RLS applications from midnight on Tuesday 28th May.

Valuations can be instructed at any point up to the issuing of the AIP, with an aim to reduce the time from offer to completion by a matter of weeks.

This, alongside improvements to its commercial broker portal, has reduced the bank’s application-to-AIP time, currently averaging at one working day.

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“We know how crucial price is for commercial customers at the moment, which is why we are delighted to be able to make further reductions to our commercial mortgage rates,” said Tom Renwick, head of business lending at Atom bank.

“Atom bank is passionate about combining our efficient digital model with fair, bespoke pricing in order to deliver the support that SMEs across the country need.”

Tom added that the temporary price cut on its RLS product was the first in a series of propositional changes the lender was making.

“[This] will ensure we continue to stand out from the crowd in delivering for the wide range of commercial borrowers who are currently underserved by high-street banks.”

Following changes to its underwriting process, lending policy, and internal and external systems, Atom bank is currently able to issue an offer in 14 working days on average.