Atom bank has lowered rates on its prime mortgage range by up to 20 basis points.

This reduction means Atom is now offering a five-year fixed rate at 4.84% (at 60% LTV) with a £900 fee. Its prime two-year fixes now start from 5.29% while its three-year fixes start from 5.14%. 

All reduced products come with a free valuation, and remortgage products feature fee-assisted legals.

This is the seventh time that Atom has cut rates since August this year. 

Atom says it has also focused on speeding up its service proposition. Over the last four months, one in five (21%) of broker applications were processed on the same day, while over a third (34%) were approved on a same or next basis. 

Atom bank head of mortgages Richard Harrison says these latest rate cuts were focused on supporting lower LTV customer and providing greater incentive to remortgage, and complements similar moves made recently for higher LTV borrowers. 

He adds: “Our 60% LTV five-year products are now priced below 5% and we expect them to be well received by brokers and their clients, given where rates have been over the last 12 months.”