Atom Bank has announced a raft of rate cuts across both Near Prime and Prime product ranges.

Rates on Atom bank’s Near Prime range of products are being cut by up to 0.25%.

Prime products available at 95% loan-to-value (LTV) will see their rates reduced by up to 0.15%.

The rate reductions take effect from 12 September.

Earlier this year Atom bank broadened its Near Prime criteria, increasing the acceptable level of unsatisfied, unregistered defaults from £1,000 to £2,500, alongside reducing the timeframe in which defaults are taken into account from three years to two.

In August, Atom bank made a series of revisions to its lending criteria, including increasing the maximum loan-to-income (LTI) achievable on loans of up to 90% LTV to six times income, for applicants with incomes of £75,000 or over.

For those looking to borrow at 95% LTV, Atom bank will lend up to 5.5 times the applicant’s income if they have an income of £75,000 or over.

Commenting on the recent changes Atom’s head of mortgages Richard Harrison said: “These rate cuts mean Near Prime borrowers and Prime borrowers with small deposits have even more competitive products from which to choose and can benefit from the speedy service we are building a reputation for.”