Atom bank has lowered its prime mortgage rates by up to 0.30 percentage points and all near prime rates by 0.20 percentage points.

Prime five-year fixed rates are now 4.94% to 90% LTV and 5.19% to 95% LTV. Its two-year fixed rates are now 5.44% to 90% LTV and 5.79% to 95% LTV. All these products come with no fee, a free valuation and remortgage products feature fee-assisted legals.

Richard Harrison, head of mortgages at Atom bank, said: “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 onto the housing ladder. 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.

“Having made a number of rate reductions in recent months, we remain steadfast in our commitment to ensure we offer excellent value and a simple, speedy process to help more people achieve their home buying aspirations.”