Selected Prime and Near Prime products get rate reductions of up to 25bps
Digital lender Atom bank has reduced rates across its mortgage products by up to 25 basis points (bps), passing on recent reductions in swap rates to customers.
Atom has reduced rates on selected Prime products across 60% to 90% loan-to-value (LTV), with two- and three-year rates being slashed by up to 25bps and 20bps, respectively, and five-year rates being cut by up to 15bps.
The UK’s first app-based bank has also lowered rates on its five-year Near Prime purchase and remortgage products by 10bps for customers who sit just below the threshold lenders use to identify someone who has a strong credit score.
“We are committed to helping as many people as possible get onto the housing ladder, so delivering the best value to customers, as soon as we can, is always a fundamental aim of the bank,” said Richard Harrison (pictured), head of mortgages at Atom bank.
“With the increased cost-of-living still affecting many households, passing on rate reductions to new and existing customers enables us to help both Prime and those Near Prime borrowers with a less than perfect credit history who may struggle to secure a deal elsewhere.”
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