"Crucially, the offer validity also extends to purchases, providing comfort for prospective homeowners during this more uncertain period"
Atom Bank has made a number of policy changes and cut rates by up to 0.35%.
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. The 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 lowered rates across its two, three and five year purchase and remortgage products, with reductions of up to 0.35% across the entire range.
Three-year purchase and remortgage rates now start from 4.69% up to 60% LTV with a £900 fee.
Five-year fixed rates at 60% LTV start from 4.34% for purchase and remortgage with a £900 fee.
Five-year fixed rates at 80% LTV have reduced to 4.54% with a fee and 4.69% fee-free.
Richard Harrison, head of mortgages at Atom, commented: “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.
“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.”
