Atom Bank has reduced rates on its Prime mortgage range.
Interest rates on all Prime mortgages have been reduced by 0.15%, following a 0.15% cut in mid-June.
Rates now start at 5.14% for two and three year fixed rates with LTV up to 85%, with a product fee of £900, while five year fixed rates start at 5.19%.
The latest Prime rate cuts follow Atom Bank’s launch of Near Prime products this week with a 95% LTV, in addition to a 0.10% rate cut on its existing range of Near Prime mortgages.
Richard Harrison, head of mortgages at Atom Bank, said: “Reducing our Prime rates twice in just a few weeks is a great example of our determination to deliver great value to brokers and borrowers.”
“Enhancing our Prime range in this way, just days after launching our 95% LTV Near Prime proposition, highlights our ability to support a wide range of borrowers. We will continue to combine that innovative spirit with great rates and the industry-leading speeds for which we have become known.”
Foundation has announced the relaunch of its F1 £4£ Remortgage Only product and rate reductions for residential and buy-to-let (BTL) product transfers.
Foundation has relaunched its F1 £4£ Remortgage Only, with a term of just two years, fixed at 75% LTV, available at 3.99% with a 4% fee.
The product also includes a free standard appraisal and no application fees.
As there are no additional loans for this product, affordability is assessed on a wage rate basis with an ICR for all applicants of 125%.
Foundation has also reduced rates by up to 0.25% on its residential and BTL product transfer ranges.
Grant Hendry, Foundation Sales Director, comments: “Bringing back our F1 £4£ Remortgage Only 2-Year Fixed product is a significant improvement that reflects the reality of today’s market.”
“The product is designed to provide a practical solution for landlords looking to refinance and not only offers a great two-year interest rate, but also a range of benefits – from the affordability assessment to the fee-backed incentives that reduce upfront refinancing costs.”
ElsewhereHSBC has said it will make a number of cuts to home mortgage rates and BTL from tomorrow.
However, the lender never tells brokers in advance what the new rates will be and the new prices will be available tomorrow.
Coventry for intermediaries closes all fixed rates at 65% and 85% LTV, excluding offset and interest-only offset.