Atom bank has made reductions to the rates on prime and retention products.

The lender’s range of two-year purchase and remortgage products will also see rate decreases by up to 0.30%, while rates on the three-year products are being reduced by up to 0.45%.

Five-year fixed-rate products are coming down by up to 0.30%.

A two-year fixed rate has been lowered from 5.99% to 5.69% with a fee of £900 at 90% loan-to-value (LTV).

A three-year fix has gone down by 0.40% to 5.59% with no fee at 90% LTV while a five-year fix has been reduced from 5.59% to 5.34% with no fee at 95% LTV.

Reductions are also taking place on the lender’s range of retention and further advance mortgage products.

Three-year products will see their rates fall by up to 0.30%, while there are up to 0.25% drops on the two- and five-year products.

Atom bank head of mortgages Richard Harrison comments: “Atom bank is determined to offer great value mortgage products at speed, and we are delighted to be able to pass on the recent drop in swap rates through these rate cuts.”