Atom bank, the UK’s first app-based bank, is making a number of policy changes and cutting rates to further help customers looking to remortgage or make their first step onto the property ladder.
Atom is increasing the offer validity period for its remortgage and purchase products to six months, this includes all application types across purchase, remortgage, retention, further advance and Near Prime.
While Atom brings this in as standard, the bank will extend any new and current offers to six-month validity where requested.
Richard Harrison, head of mortgages at Atom bank, said: “Borrowers are facing a challenging period, with higher interest rates and household costs, so we’re making changes that can make a genuine difference.
“Given the recent volatility in mortgage pricing and general uncertainty facing household budgets, customers are understandably keen to secure a new fixed rate well in advance of their current deal expiring.
“The increase in offer validity and product transfer periods applies to both new and existing customers, providing them with the peace of mind to lock in their deal early and leaving them less susceptible to potential rate increases before their deal ends.
He added: “Crucially, the offer validity also extends to purchases, providing comfort for prospective homeowners during this more uncertain period, where there is potentially a higher risk of chains falling through.
“These changes, alongside our reduced rates, ensure that we are able to support a broad range of borrowers effectively, from those looking to remortgage and reduce costs, to people who are looking to make their dream of home ownership a reality.”
In another positive move, the digital bank is also increasing the time that brokers are able to start the product transfer process to six months before their customers’ current deal expires across all products.
In addition, Atom has today introduced competitive rates for its 2-, 3- and 5-year purchase and remortgage products, with reductions of up to 0.35% across the entire range.
With current and prospective homeowners facing a challenging market environment, the increase in offer validity and product transfer periods are designed to support customers more effectively.
The changes, alongside the drop in rates, are a key element of Atom’s mission to make the experience of borrowing faster, easier, and better value for both existing and new customers.
