It also reduces rates of two- and five-year fixes
Digital lender Atom bank has launched a new three-year fixed rate Near Prime mortgage range and announced reductions in interest rates across its existing products.
The new three-year option starts at a rate of 5.99% and is available for loans between 60% and 85% loan-to-value (LTV).
The bank has also reduced rates by up to 0.30 percentage points. Specifically, two-year fixed rates were decreased from 0.10 to 0.30 percentage points, while five-year fixed rates were cut between 0.15 and 0.30 percentage points. Rates for two-year and five-year fixed mortgages will begin at 6.14% and 5.64% respectively.
“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,” said Richard Harrison (pictured), head of mortgages at Atom bank. “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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