Atom Bank’s two-, three- and five-year fixed rates will be lowered. Two-year fixed rates start from 5.59%, three-year fixed rates start from 5.44% and five-year fixed rates are priced from 5.24%.
The lender has recently made changes to its Near Prime range, increasing the maximum loan to value (LTV).
Richard Harrison, head of mortgages at Atom Bank, said: “The financial strain of recent years means brokers are seeing greater numbers of clients who have experienced a temporary payment issue, and so fall within the Near Prime category.
“We are committed to providing these borrowers, including those with more modest deposits, with access to highly competitive mortgage products, which is why we move quickly to reduce rates whenever possible.”
He added: “We have repeatedly broken internal records for Near Prime lending over the last 12 months, and have big ambitions for becoming the first-choice lender for brokers when their client has a less-than-spotless credit record.
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“The combination of consistent cuts, criteria enhancements and our market-leading speed of service are helping us to scale up our Near Prime lending to support even more borrowers in the future.”
Family BS cuts select fee-free rates and ups JBSP LTV
Family Building Society has reduced a select range of fee-free owner-occupier interest-only and expat buy-to-let (BTL) deals, and increased its joint borrower sole proprietor (JBSP) LTV to 90%.
Owner-occupier repayment and interest-only deals have been cut by 0.1% and two-year fixed rate owner-occupier interest-only deals have fallen by 0.15%.
The lender’s expat BTL five-year fixed rate has decreased by 0.2%.
Family Building Society’s JBSP two- and five-year fixed rates at 90% LTV can be used for loans up to £500,000.
Darren Deacon, Family Building Society’s head of intermediary sales, said: “The introduction of these lower-priced and fee-free products will give a real boost to borrowers and intermediaries alike in the face of a potentially challenging market as it absorbs the reintroduction of the lower stamp duty thresholds and the ongoing economic uncertainty.
“Similarly, the increase to 90% LTV in our new two- and five-year JBSP products will provide families an even greater choice as they seek to help first-time buyers and second-steppers in their quest for homeownership.
“I am also sure intermediaries will welcome the significant reduction in our expat buy-to-let five-year rates, which will enable them to help even more of their buy-to-let clients.”
