Somo has reduced rates on its key first and second charge products following the Bank of England’s (BoE) base rate cut. The adjustment is designed to support landlords, buy-to-let investors and UK businesses in accessing quick, affordable short-term funding. Following the BoE’s decision to lower the base rate to 3.75%, the lender has reduced its bridging loan pricing across core products by 0.25%. As a result, its first charge bridging product now starts from 0.65%, with second charge pricing now available from 0.69%.

Nationwide Building Society has appointed Guy Bainbridge as a non-executive director (NED) at Nationwide, Virgin Monye and Clydesdale Bank, with effect from 1 February. He will also become a member of the society’s audit committee and board risk committee. Bainbridge is currently a NED and chair of the audit committee at Manulife, NED and chair of the audit committee at ICE Clear Europe Limited, and NED and vice chair of the board at Yorkshire Building Society. He will step down from his role at Yorkshire Building Society at the end of the year.

Atom bank has reduced its operational carbon emissions by 22% over the last financial year. The bank said the emissions reduction was achieved during a period of substantial business growth, with a 19% increase in customers, 29% in lending and 31% in savings deposits. Furthermore, its emissions per employee fell by 27%. The bank said that the achievement demonstrates its ambitious climate action and business expansion can be "mutually supportive goals". The latest data comes after Atom’s 2021 sustainability report outlined its commitment to become climate positive by 2035.

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