Thursday, July 18, 2024
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Atom Bank slashes rates

Atom Bank slashes rates

Atom Bank has lowered prime rates by up to 0.45% and retention and further advance rates by up to 0.3%.

Rates for Atom Bank’s two-year purchase and remortgage deals are falling by up to 0.3%, and three-year rates are falling by up to 0.45%. Five-year fixed rates are coming down by up to 0.3%.

The lender’s two-year fixed rate at 90% loan to value (LTV) with a £900 fee has gone down from 5.99% to 5.69%.

The firm’s three-year fixed rate at 90% LTV with no fee has fallen from 5.99% to 5.59%, and its five-year fixed rate at 95% LTV with no fee has decreased from 5.59% to 5.34%.

In its retention and further advance range, three-year fixed rates will decrease by 0.3% and 0.25%. Cuts apply to two- and five-year deals.

Richard Harrison (pictured), head of mortgages at Atom Bank, said: “Atom Bank is determined to offer great-value mortgage products at speed, and we are delighted to be able to pass on the recent drop in swap rates through these rate cuts.

“We know that brokers love the service we offer and will welcome these more competitive rates, particularly for those clients with smaller deposits. Product transfers are also a key part of market activity right now, so we are keen to support brokers and our existing customers with competitive pricing on our retention products.”

The rate changes come off the back of several criteria changes, including changes to its near prime criteria and an increase of the max LTV for large commercial mortgages.

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