Atom bank has reintroduced a suite of near prime and prime mortgage products.
The app-based lender says following its withdrawal from the near prime market at the end of September, it is re-entering with a suite of two and five-year term products up to 85% loan to value, with rates starting at 6.49%.
The bank’s exit from this market followed then chancellor Kwasi Kwarteng’s tax-cutting mini-budget in September, which roiled international debt markets, and was largely reversed by current chancellor Jeremy Hunt the following month.
Atom says “during these times of economic uncertainty” the aim of its near prime range is to “support those customers who may have less than perfect credit but still aspire to own their own home”.
The firm adds that it has relaunched a suite of prime residential products across two- and five-year terms up to 95% LTV, with rates starting at 5.14%.
It says the biggest rate reduction in this range is a fee-free 90% LTV five-year product, down by 115 basis points to 5.54%.
Atom bank head of mortgages Richard Harrison says: “The average house price has increased by nearly £50,000 over the last two years which, alongside increasing household costs, means it’s a challenging time to be buying a home.
“We’re on a mission to make the experience of borrowing faster, easier and better value than anyone else in the market, and we look forward to working with our broker panel to develop our proposition even more in the coming months.”