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Atom bank launches Near Prime products and reduces rates on

by | Apr 18, 2024

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  • Near Prime rates reduced by up to 0.30 percentage points
  • New three-year fixed rate products introduced

Atom bank, the UK’s first app-based bank, has announced it is reducing the interest rates on its Near Prime range, as it continues to offer value to underserved areas of the market.

Rates are dropping by up to 0.30 percentage points across the range, with the cuts taking effect from today (Thursday 18th April).

Two-year fixed rate products are being reduced by between 0.10 percentage points and 0.30 percentage points, while five-year fixed rates are reducing by between 0.15 percentage points and 0.30 percentage points.

 
 

As a result, two-year fixed rates start at 6.14% while five-year fixed rates start at 5.64%.

Product launch

Alongside the rate reductions, Atom bank is also launching a new three-year fixed rate Near Prime range to provide brokers and their clients with a wider range of options.

 

The three-year fixed rate range starts at 5.99%, with mortgages available between 60 and 85% loan-to-value.

Richard Harrison, Head of Mortgages at Atom bank, commented:

“We are delighted to confirm these rate reductions to our Near Prime range, as well as the launch of a new three-year product to provide further choice. We know that brokers will welcome a wider range of competitively priced products as they cater for those clients who may have the odd black mark in their credit records.

 
 

“The challenges of recent years have put household budgets under pressure, and will inevitably result in more borrowers with credit blips falling into the near prime category. That’s why Atom bank is committed to delivering not only competitive products for these borrowers, but the best possible experience too. We have opened up the greater use of technology on Near Prime cases, such as Automated Valuations, to ensure that these borrowers benefit from the market-leading response times that our Prime customers already enjoy.”

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