Atom bank has reduced rates across its Near Prime range and most of its Prime residential mortgage products.

The lender has cut rates by 0.10% with immediate effect, taking pricing to a starting rate of 5.19% on Prime products at 85% LTV and Near Prime products at 60% LTV.

The reductions follow recent changes to Atom bank’s lending criteria, including a cut to the minimum household income required for customers seeking to borrow at five times income.

The bank said the changes were intended to increase borrowing capacity for eligible customers.

Richard Harrison, head of mortgages at Atom bank, said: “Affordability is a real challenge for many would-be borrowers, and these rate cuts build on our recent LTI improvements to help more customers access the borrowing they need.

“Reducing rates across the vast majority of our products also means brokers can offer their clients even better value across both Prime and Near Prime products.

“While competitive rates are important, so too is speed and certainty. Atom bank’s investment in technology has delivered industry-leading turnaround speeds, empowering brokers and their clients to make informed decisions faster.

“Combined with continuous product improvement, we remain committed to making homeownership more accessible at every stage of the property ladder.”