Atom Bank and Family Building Society have reduced mortgage rates across their ranges, with cuts of up to 30 basis points and 25bps respectively.
The changes come as HSBC cut rates by up to 34bps today, alongside a number of other lenders who are making reductions, including Coventry and Leeds.
Atom Bank has lowered rates across its prime mortgage range by up to 25bps.
Products up to 85% LTV have reduced by 20bps, while those at 90% LTV have fallen by 25bps. Rates at 95% LTV have decreased by 10bps.
Prime rates now start from 5.29% for borrowers with a deposit of at least 15%. The lender’s prime range includes two, three and five-year fixed rate options across both fee-free and fee-assisted products.
The cuts follow a recent 20bps reduction across Atom Bank’s near prime range and reflect improved swap market conditions.
Atom Bank head of mortgages Richard Harrison says: “We are pleased to be able to follow our Near Prime rate cuts with reductions across our Prime product range.
“Across the bank we are committed to delivering outstanding value and service to borrowers, irrespective of whether they have a spotless credit record or the odd blip.
“After the recent turbulence, we are seeing a period of relative stability in swap markets and are moving quickly to ensure brokers and their clients benefit from more competitive rates.
“By reducing rates on our Prime range, we’re providing a compelling range of options for all borrowers, underpinned by the speed and certainty that defines the Atom Bank experience.”
Family Building Society has also reduced rates across its owner occupier and buy-to-let ranges, while reintroducing products at 60% LTV.
Within its owner occupier range, the lender has launched a new set of reduced-price fixed rate products and reinstated lower LTV tiers. It has also reduced two-year capital and interest products, alongside core two and five-year interest-only deals.
In its buy-to-let range, two-year fixed rates have fallen by 25bps and five-year fixed rates by 15bps. Rates for existing customers, including product transfers and further advances, have also been reduced, with buy-to-let products decreasing by up to 25bps.
Family Building Society head of intermediary sales Darren Deacon says: “Although it’s anybody’s guess how long the fragile ceasefire will last, the relative stability in the Gulf has been reflected in market sentiment allowing us to be able to make these rate reductions and to reintroduce pricing for lower LTVs.
“We completely understand the frustration that our intermediary partners are experiencing right now, but I’m hopeful that this new expanded and reduced rate product set will provide some welcome good news to borrowers and those looking to remortgage.”
