Atom brings out new near-prime deals Mortgage Finance Gazette

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Atom has launched a number of near-prime products with rates from 5.09%.

The deals come with a £1,500 arrangement fee and are available at up to 90% loan-to-value.

The range includes both purchase and remortgage deals.

Two-year fixes start from 5.09%, while three and five-year deals are from 5.24%.

Borrowers who take out Atom’s near-prime deals will be offered a prime rate at maturity if they have sufficiently improved their credit position.

The lender says 70% of borrowers on near-prime deals that matured over the past year went on to qualify for a prime rate.

Atom head of mortgages Richard Harrison says: “This new range of products are sure to be welcomed by brokers and their near-prime clients.

“The higher arrangement fee opens up lower interest rate options for customers, particularly those borrowing higher loan amounts.

“Atom is determined to provide greater choice to those who may have experienced a temporary credit blip in the past but want to raise finance for either a property purchase or remortgage.”

Atom trimmed near-prime rates twice in June.