Atom bank has introduced a new fee tier to its Near Prime proposition.
The bank has added a £1,995 product fee range to its two-year fixed rate Near Prime products, with rates starting at 4.94%.
The new products include loan-to-values of up to 90%.
The addition of the new fee tier follows the introduction of the £1,500 fee tier in July of this year.
Atom Bank head of mortgages Richard Harrison says: “Near Prime is becoming an increasingly important option for brokers who are seeing more clients with some sort of historical credit blip.”
“These credit issues are often one-offs, yet they can have a long-lasting impact on a borrower’s prospects. That’s why it’s so important for brokers to have a wide range of options to choose from.”
“Adding the £1,995 fee tier allows us to provide products which will hold particular appeal for those who prioritise keeping the monthly repayments as low as possible, as well as those with larger loan amounts.”
“There can be misconceptions about what Near Prime borrowers look like, but as our Near Prime Index highlighted, nearly a third of our cases involve households with incomes above £75,000, and so may be looking to raise bigger sums.”
Last month, Atom Bank researched revealed that around 70% of near-prime borrowers have a household income of more than £50,000 per year.
