Atom bank launches near prime products and reduces rates

Atom bank has launched new 3-year fixed Near Prime products and reduced the interest rates on its existing range.

Effective from today (Thursday 18th April), rates have been reduced by up to 0.30% across the range.

2-year fixed rate products have been reduced by between 0.10% and 0.30%, while 5-year fixed rates have been reduced by between 0.15% and 0.30%.

As a result, 2-year fixed rates start at 6.14% while 5-year fixed rates start at 5.64%.

Atom bank also launched a 3-year fixed rate near prime range; the range starts at 5.99%, with mortgages available between 60% and 85% loan-to-value. (LTV)

Richard Harrison (pictured), head of mortgages at Atom bank, said: “We are delighted to confirm these rate reductions to our Near Prime range, as well as the launch of a new 3-year product to provide further choice.

“We know that brokers will welcome a wider range of competitively priced products as they cater for those clients who may have the odd black mark in their credit records.

“The challenges of recent years have put household budgets under pressure, and will inevitably result in more borrowers with credit blips falling into the near prime category.

“That’s why Atom bank is committed to delivering not only competitive products for these borrowers, but the best possible experience too.

“We have opened up the greater use of technology on Near Prime cases, such as Automated Valuations, to ensure that these borrowers benefit from the market-leading response times that our Prime customers already enjoy.”