Atom bank has reduced rates across its Prime and Near Prime mortgage ranges.

All Prime rates have been cut by 0.20 percentage points with immediate effect, while Near Prime rates have fallen by 0.10 percentage points.

Prime products now start at 5.29% with a £900 fee. Near Prime rates also start at 5.29%, with a £1,995 fee.

The lender said 36% of Near Prime applications received an offer on the same day in June, compared with 33% in May.

Atom bank has also added products at up to 95% loan-to-value to its Near Prime range. The products are intended for borrowers with a limited adverse credit history or thin credit files who may not meet the criteria of mainstream lenders.

Richard Harrison, head of mortgages at Atom bank, said: “By reducing rates across both Prime and Near Prime products, we are providing even better value to borrowers, irrespective of their credit status. We have cut rates where possible recently, quickly passing on improvements in the swap markets to borrowers.

“However, competitive rates alone are not always enough. Speed is also a key part of our proposition, with offers delivered sometimes within seconds even on our Near Prime range, giving brokers and their clients greater peace of mind and clarity.

“And, with lending available at up to 95% LTV for both Prime and Near Prime, we can consider a far wider range of potential borrowers, particularly first-time buyers.”