Price reductions aim to further support first-time buyers
Digital lender Atom bank has announced rate reductions of up to 15 basis points (bps) across its mortgage products, with price cuts for both Prime and Near Prime customers.
The lender has reduced rates across its full Prime product range, with the two-year fix at 95% loan-to-value (LTV) seeing the largest reduction. The product is now priced at 6.14% and carries no product fee and offers a free valuation.
All Near Prime rates have also been lowered by 10bps to support those with less than perfect credit.
The UK’s first app-based bank revealed that in the last 12 months, over half, or 56%, of all its completions were for first-time buyers. This, according to Atom, reflects its focus on helping customers with smaller deposits who want to buy their first home.
“Mortgage rates continue to fall at Atom,” said Richard Harrison (pictured), head of mortgages at Atom bank. “This is good news for customers, particularly those who are looking to take their first step onto the property ladder as we continue to support them with great value on our higher LTV products.
“We understand that first-time buyers have arguably been impacted the most by the increase in house prices, higher interest rates and the cost-of-living crisis. That’s why we’re proud of the fact that the majority of our lending over the past 12 months has been to this group.
“Our latest rate reductions, with cuts to higher LTV products, highlight our continued focus on delivering speed, ease, and value to the customers who need it most.”
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