Atom bank has cut rates by 0.10% across its Prime residential mortgage range as well as its further advance and retention products.

Atom bank has already increased the maximum loan-to-income limit to six times income for those earning more than £75,000 and raised the maximum loan-to-value available on flats, new-build flats and new-build houses in London and the South East.

It has also broadened its Near Prime criteria to help more borrowers, by more than doubling the level of acceptable unsatisfied register defaults to £2,500 and cutting the ‘look back’ period for defaults from three years to two.

WARMLY WELCOMED

Richard Harrison, Head of Mortgages at Atom bank, says: “I have no doubt that this rate reduction will be warmly welcomed by brokers and borrowers alike.

“These cuts mean that Atom bank continues to offer incredible value to Prime borrowers, particularly those with only a modest deposit, who are looking to raise the funds for a purchase, to remortgage, or simply to obtain a further advance.

“These rate cuts go hand in hand with our recent criteria improvements, increasing income multiples to six times income for those earning above £75,000 and maximum LTVs to 95% on new-build houses in London and the South East, and are driven by our desire to deliver for a greater number of borrowers who may have been underserved elsewhere.

LASER-LIKE FOCUS

And he adds: “The combination of keen pricing, cutting edge technology and a laser-like focus on working faster and more efficiently is helping Atom bank build a strong reputation with brokers.

“The fact that we have been named best bank in the Smart Money People Mortgage Lender Benchmark for H2 of 2024 – our third straight win – shows how our products and processes are resonating with advisers and their clients. We are determined to maintain that momentum in 2025 and beyond.”

The rate reductions apply with immediate effect.