Atom bank has made various changes to its current Prime and Near Prime mortgage products to make them more accessible for customers.
Atom has increased their maximum loan-to-income (LTI) ratio from 4.75 to 5.5 x income for mortgage applicants with an income of over £60k per annum, available on products up to 90% LTV on both their Prime and Near Prime range.
The move seeks to offer customers a bigger loan, combating rising house prices and inflation to make home-buying more accessible.
The increase applies to both single and joint applications, meaning those who enter into a joint mortgage with a combined income of over £60k can benefit from the changes.
Atom is also making its Near Prime mortgage product available for even more customers by introducing new LTV options of 80% and 85%, making it easier for those with less-than-perfect credit to be approved for a mortgage with a lower deposit.
The Durham-based bank has also reduced its Near Prime mortgage rates by up to 0.15% to offer further support for customers.
Paula Mercer, head of lending at Atom bank, said: “We are delighted to be able to extend our incredible Prime & Near Prime mortgage offering to more customers, by offering these LTI ratio changes and more LTV options.
“Our Near Prime mortgages are aimed at those with less-than-perfect credit and this allows us to open up the market to those who may struggle securing a mortgage from traditional lenders.
“We recognise that with the rising cost of living and the current energy crisis, having perfect finances is just not possible for everyone and buying a house is becoming increasingly difficult. We want to help make mortgages more accessible to those people and we hope that these changes will enable us to do so.”
