Atom enhances near prime range with new products and reduced rates

Atom Bank is reducing interest rates on its near prime range by up to 0.30%.

Two-year fixed rate products are being reduced by between 10 and 30 bps, while five-year fixed rates are reducing by between 15 and 30 bps.

As a result, two-year fixed rates now start from 6.14% while five-year fixed rates start at 5.64%.

Alongside the rate reductions, Atom is also launching a new three-year fixed rate near prime range available between 60 and 85% LTV, with rates starting at 5.99%.

Richard Harrison, head of mortgages at Atom Bank, commented: “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. 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.”