Atom Bank increases maximum LTI ratio to 5.5

The increase comes as part of a series of changes to its current prime and near prime mortgage offering.

The new LTI ratio is available for mortgage applicants with an annual income of over £60,000, available on products up to 90% LTV on both prime and near prime products. The move seeks to offer customers a bigger loan, combating rising house prices and inflation to make home-buying more accessible.

The increase applies to both single and joint applications, meaning those who enter into a joint mortgage with a combined income of over £60,000 can benefit from the changes.

Atom is also making its near prime mortgage product available to more customers by introducing new LTV options of 80% and 85%, making it easier for those with less-than-perfect credit to be approved for a mortgage with a lower deposit. The bank has also reduced its near prime mortgage rates by up to 0.15%.

Paula Mercer, head of lending at Atom Bank, commented: “We are delighted to be able to extend our incredible prime and near prime mortgage offering to more customers, by offering these LTI ratio changes and more LTV options. Our near prime mortgages are aimed at those with less-than-perfect credit and this allows us to open up the market to those who may struggle securing a mortgage from traditional lenders.

"We recognise that with the rising cost of living and the current energy crisis, having perfect finances is just not possible for everyone and buying a house is becoming increasingly difficult. We want to help make mortgages more accessible to those people and we hope that these changes will enable us to do so.”