Five-year fixes now start from 4.84%
Digital lender Atom bank has reduced rates again on its Prime mortgage range for residential customers, with a 60% loan-to-value (LTV) five-year fix now available from 4.84%.
The UK’s first app-based bank has slashed low loan-to-value (LTV) rates by up to 20 basis points (bps) – the seventh time it has reduced mortgage rates since August.
With the latest rate reduction, Atom bank’s Prime two- and three-year fixed rates now start from 5.29% and 5.14%, respectively.
In addition, all repriced products come with a free valuation, and remortgage deals feature fee-assisted legals.
Pepper Money recently made rate reductions of up to 15bps across its Prime and Near Prime ranges.
“We’re delighted to be able to introduce these new rate reductions, which are the seventh set of cuts since August,” remarked Richard Harrison (pictured), head of mortgages at Atom bank. “This particular move is focused on supporting lower LTV customers and providing a greater incentive to remortgage. It also complements the enhancements we recently made to benefit higher LTV borrowers.
“Our 60% LTV 5-year products are now priced below 5%, and we expect them to be well received by brokers and their clients, given where rates have been over the last 12 months.
“At Atom, we are all about providing speed, ease, and value to our intermediary partners and their clients and these reductions further demonstrate our continued lending appetite, supported by the strength of our service proposition.”