Atom bank reduces rates on Prime products by up to 0.45%

By Bridging Loan Directory 30th May 2024

Atom bank, the UK’s first app-based bank, has today announced a series of reductions to the rates on its range of Prime and Retention products.

Rates on the digital bank’s range of two-year purchase and remortgage products are decreasing by up to 0.30%, while rates on the three-year products are being reduced by up to 0.45%.

The five-year fixed rate products are coming down by up to 0.30%.

Highlights of the new range include:

Two-year fixed rate at 5.69% with a £900 fee at 90% LTV (was 5.99%)
Three-year fixed rate at 5.59% with no fee at 90% LTV (was 5.99%)
Five-year fixed rate at 5.34% with no fee at 95% LTV (was 5.59%)

Reductions are also taking place on Atom bank’s range of retention and Further Advance mortgage products.

Three-year products will see their rates fall by up to 0.30%, while there are up to 0.25% drops on the two-and five-year products.

Richard Harrison, Head of Mortgages at Atom bank, commented:

“Atom bank is determined to offer great value mortgage products at speed, and we are delighted to be able to pass on the recent drop in swap rates through these rate cuts.

We know that brokers love the service we offer and will welcome these more competitive rates, particularly for those clients with smaller deposits.

Product transfers are also a key part of market activity right now, so we are keen to support brokers and our existing customers with competitive pricing on our retention products.”