Atom bank drops rates on Prime products

Rates are reduced by up to 45bps

Atom bank drops rates on Prime products

Digital lender Atom bank has announced a series of rate reductions on its Prime and Retention products.

The bank is lowering rates on its two-year purchase and remortgage products by up to 30 basis points (bps), while its three-year products are getting reductions of up to 45bps. The five-year fixed rate products have been slashed by up to 30bps.

The new rates include a two-year fixed rate at 5.69% with a £900 fee at 90% LTV, down from 5.99%; a three-year fixed rate at 5.59% with no fee at 90% LTV, previously 5.99%; and a five-year fixed rate at 5.34% with no fee at 95% LTV, reduced from 5.59%.

Rates on Atom bank’s Retention and Further Advance mortgage products are also decreasing. Three-year products have been cut by up to 30bps, while two- and five-year products have been reduced by up to 25bps.

“Atom bank is determined to offer great value mortgage products at speed,” said Richard Harrison (pictured), head of mortgages at Atom bank. “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.”

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