Atom bank has reduced rates within its Prime and Near Prime mortgage ranges by up to 0.55%.

Notable reductions within the Prime range include 2 and 5-year fixed rate offerings up to 85% loan-to-value (LTV) cut by up to 0.45%.

For 2 and 5-year fixes up to 90% LTV, the lender has reduced rates by up to 0.40%, and for 2 and 5-year fixed rate offers up to 95% LTV, rates have been cut by up to 0.30%.

Within the Near Prime range, 2-year fixes up to 75% LTV have been reduced by up to 0.55%, and for 5-year fixed up to 75% LTV the lender has cut rates by up to 0.50%.

Paula Mercer, head of intermediary lending at Atom Bank, said: “Atom understands the needs of customers and appreciates that the pandemic has impacted the majority of people’s finances.

“The initial uncertainty of lockdowns may have caused customers to default or miss loan payments.

“Where mainstream banks and traditional lenders may deny mortgage applications due to indiscretions made over a year ago, our Near Prime package was curated to meet the needs of these customers.

“Despite being new to the Near Prime market, we believe it offers a service that is unparalleled – through our digital offering, speed of service and relevant criteria.

“We look to bring an efficient, streamlined approach that sets us apart from our competitors.”