Atom bank has cut rates across its Near Prime range by 0.10%.
The reductions apply across the entirety of the lender’s range, covering products from 60% LTV to 90% LTV, and including both fee-charging and fee-free options.
As a result of the reductions, rates now start at 5.39% for a two-year fixed rate at 60% LTV, with a £1.995 fee.
Delivering for Near Prime borrowers
Atom bank has consistently enhanced its Near Prime product range to provide brokers and borrowers with more options.
Alongside reducing rates on a number of occasions, Atom bank has introduced a higher maximum LTV of 90% to support Near Prime borrowers with more modest deposits, as well as launching products with £1,500 and £1,995 fees, in response to broker feedback.
Recent research carried out by Atom bank during a webinar, following the publication of the second edition of its Near Prime Index report, found that not only have the vast majority of brokers (81%) seen an increase in clients with adverse credit or who have failed traditional credit scores over the last 12 months, but that a similar proportion (89%) expect to see further growth over the rest of the year.
Richard Harrison, Head of Mortgages at Atom bank, explained:
“We are always looking for ways to improve our Near Prime proposition, so we are pleased to be able to introduce these rate reductions. These cuts apply across our full Near Prime range, irrespective of LTV or product fee tier, ensuring that all prospective borrowers benefit.
“Near Prime is taking on growing importance for brokers, representing a bigger proportion of their daily workload, which is why it’s important for lenders to embrace the sector. Atom bank has always had a focus on innovative criteria and product design within this space, and we have big plans for the months ahead to support even more borrowers who fall just outside of mainstream lending criteria.”
