Pepper Money said the changes to its two-, three- and five-year fixed rates will support a range of customers, including those who are self-employed, those with recent adverse credit, and first-time buyers.

Paul Adams, sales director at Pepper Money, said: “We’re really pleased to make further rate reductions across our specialist mortgages range. Following the recent election results and favourable movements in swaps, we’re reducing our rates again to pass this on to customers as quickly as possible.

“With rate reductions come more optimism and an increase in market activity for our broker partners and us. But, as demand grows, our broker partners can be assured that transparency and efficiency remain a priority as the market gets busier.”

He continued: “Pepper Money was recently named the top specialist lender and the highest ranked lender overall in the latest Mortgage Lender Benchmark survey by Smart Money People, and we’ll continue supporting our new, lower rates with an ongoing commitment to award-winning service delivery.”

Adams said that as part of this commitment, underwriters would call a broker after they submitted an application, and declines would be reviewed by a senior underwriter as part of its “human approach” and to give “every application a potential second chance”.

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Earlier this month, Pepper Money lowered five-year fixed rates and brought back its mid-fee products.

 

Atom lowers near prime and prime fixed rates

Atom Bank is reducing rates in its near prime and prime ranges by up to 0.2% and 0.15% respectively.

For near prime, two-year fixed rates are being cut by 0.2%, while three- and five-year fixed rates are being lowered by 0.1% and 0.15% respectively.

Two-year fixed rates will be priced from 6.04%, three-year fixed rates from 5.89% and five-year fixed rates from 5.49%.

On the prime side, cuts of 0.15% have been made to two-year fixed rates, while three- and five-year fixed rates are falling by 0.1%.

Two-year fixed rates start at 5.39%, three-year fixed rates start at 5.19% and five-year fixed rates start at 4.94%.

Richard Harrison, head of mortgages at Atom Bank, said: “We are pleased to announce rate reductions across both our core product ranges to help more borrowers achieve their homeownership aspirations.

“We know that those borrowers with less-than-perfect credit can often find it difficult to secure a mortgage. We believe that our increased use of technology to speed up decision-making on near prime cases, alongside our competitive pricing and flexible criteria, can provide these borrowers with a fantastic route to getting on the ladder.”

He added: “Atom is always pushing to make borrowing faster, easier and better value for money. We have made huge strides as a lender in recent years, progress [that] has been recognised by Smart Money People’s last two Lender Benchmark Studies, where brokers who’ve worked with Atom rated us the best bank out there.”