Atom bank, the UK’s first app-only bank, has announced rate reductions across its Near Prime and Prime product ranges to continue to provide value to all customers, including those who are traditionally underserved in the market.
Rates have dropped by up to 0.20% across the bank’s Near Prime range and by up to 0.15% across its Prime range, with the cuts taking effect from today (Wednesday 24th July).
For Near Prime, two-year fixed rate products are being reduced by 0.20%, while three-year fixed rates and five-year fixed rates are reducing by 0.10% and 0.15% respectively.
As a result, two-year fixed rates start at 6.04%, three-year fixed rates start at 5.89% and five-year fixed rates start at 5.49%.
For Prime, two-year fixed rate products are being reduced by 0.15%, while three-year fixed rates and five-year fixed rates are reducing by 0.10%.
This means that two-year fixed rates start at 5.39%, three-year fixed rates start at 5.19% and five-year fixed rates start at 4.94%.
Richard Harrison, Head of Mortgages at Atom bank, commented: “We are pleased to announce rate reductions across both our core product ranges to help more borrowers achieve their home ownership aspirations.”
“We know that those borrowers with less than perfect credit can often find it difficult to secure a mortgage. We believe that our increased use of technology to speed up decision making on Near Prime cases, alongside our competitive pricing and flexible criteria can provide these borrowers with a fantastic route to getting on the ladder.
“Atom is always pushing to make borrowing faster, easier and better value for money. We have made huge strides as a lender in recent years, progress which has been recognised by Smart Money People’s last two Lender Benchmark Studies where brokers who’ve worked with Atom rated us the best bank out there.”
