Atom bank has cut rates across its prime mortgage range by as much as 25 basis points (bps), following a reduction to its near prime products earlier this month.

The lender said rates on products up to 85% loan-to-value have been reduced by 20bps, while those at 90% loan-to-value have fallen by 25bps. Products at 95% loan-to-value have been cut by 10bps.

The changes took effect immediately and leave prime rates starting from 5.29% for borrowers with at least a 15% deposit.

Atom’s prime range includes two-year, three-year and five-year fixed rate options, with fee-free and fee-assisted products available.

The move comes only days after the bank reduced rates across its near prime range by 20bps, extending its latest round of repricing across a broader spread of borrowers.

Atom said the latest cuts reflect recent improvements in swap markets and are intended to keep its products competitive as borrowers continue to weigh up purchase and remortgage options against a backdrop of wider economic uncertainty and inflation.

The bank also pointed to its application turnaround times, with full mortgage applications taking an average of three working days to move to offer in March.

Richard Harrison, head of mortgages at Atom bank, said: “We are pleased to be able to follow our Near Prime rate cuts with reductions across our Prime product range.

“Across the bank we are committed to delivering outstanding value and service to borrowers, irrespective of whether they have a spotless credit record or the odd blip.

“After the recent turbulence, we are seeing a period of relative stability in swap markets and are moving quickly to ensure brokers and their clients benefit from more competitive rates.

“By reducing rates on our Prime range, we’re providing a compelling range of options for all borrowers, underpinned by the speed and certainty that defines the Atom bank experience.”