Move is a direct response to the recent drop in swap rates
Digital lender Atom bank has announced reductions of up to 30 basis points (bps) in its Prime mortgage rates and up to 20bps in its Near Prime rates.
Prime five-year fixed rates now stand at 4.94% for 90% loan-to-value (LTV) and 5.19% for 95% LTV, while the two-year fixed rates are now 5.44% for 90% LTV and 5.79% for 95% LTV.
All these products feature no fees, include a complimentary valuation, and offer fee-assisted legals for remortgage products.
Over the past six months, Atom bank has consistently reduced rates within its Prime and Near Prime range. The lender’s move is a direct response to the recent decline in swap rates, swiftly passing on its benefits to borrowers.
“The recent statistics highlighting that lending to first-time buyers was down by a fifth in 2023 demonstrates the plight of many who are struggling to get on to the housing ladder,” Richard Harrison (pictured), head of mortgages at Atom bank, commented. “We know how important this sector is, so we’re delighted to be offering them further rate cuts with a slick digital experience that can reduce the hassle often associated with an application.
“Equally, we know that the pressure that has been put on household budgets means that increasing numbers of would-be borrowers are more likely to fall within the Near Prime category, so we want to continue our commitment to supporting this area of the market by cutting rates across the range.”
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