Atom has trimmed rates on its near-prime deals by 10 basis points and Market Harborough Building Society has cut some rates by up to 20 bps.

Atom’s latest reductions are on two and three-year fixed rates at up to 85% loan-to-value.

Following the changes, the lender’s two-year near-prime rates start from 5.39% and three-year rates from 5.24%.

Borrowers who take out near-prime products and improve their credit score will go on to automatically qualify for one of Atom’s prime rates when their initial deal matures.

Market Harborough has lowered prices on two, three and five-year residential fixed rates.

The lender has a tier system, from one to three.

Products in tier one are the lowest cost, while in tiers two and three, the criteria becomes more flexible to allow for more complex cases and pricing is higher.

Its tier one fixed rates have reduced by 15 bps and its tier two rates by 20 bps.

Residential rates for cases up to £3m now start from 5.04% fixed with a £1,495 product fee.

Market Harborough head of mortgage distribution Iain Smith said: “We’re making these rate reductions off the back of our recent changes, which saw us raising the loan threshold across our standard residential solutions from £2m to £3m to support higher-value borrowing.”

Atom head of mortgages Richard Harrison says: “We are determined to provide borrowers with great value, even if they have experienced a temporary payment blip in the past.

“We are really proud of the fact that the majority of our near-prime customers have qualified for a prime product at maturity in the last year.

“We continue to provide a clear path back to prime status for those borrowers who have suffered a temporary credit blip, ensuring that they get back on a sound financial footing when the time is right.”

Atom’s rate cuts today follow several previous reductions to near-prime pricing.