Atom Bank will withdraw prime and near prime mortgage ranges for new applications from today and increase rates for further advances and retention-only rates.
The lender said that it would take down its products for new customers from 12pm. This includes all prime purchase and remortgage and all near prime products.
It added that it would only accept new applications for two and five-year retention-only products up to 95 per cent loan to value (LTV) and two and five-year further advance products up to the same LTV.
Atom Bank said that it would increase further advance and retention-only rates by up to one per cent from 5pm today.
The lender said that it was withdrawing its mortgages as the Chancellor’s mini-Budget and the Bank of England’s decision to increase the base rate had made markets “very volatile”.
Consequently, several lenders were temporarily withdrawing products to “assess the situation prior to reentering”.
Accord removing resi and buy-to-let new business
Accord Mortgages said it would temporarily withdraw all residential and buy-to-let new business products from 8pm this evening.
The lender confirmed that there would be no changes to product transfers or additional loan and applications in progress would “continue as normal”.
Accord said that the decision was a result of “current market conditions” as it reviewed product ranges.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
