Atom Bank has announced a second round of mortgage rate cuts this month, offering some relief to both first-time buyers and those remortgaging.

The online lender has reduced rates across its prime and near prime mortgages, meaning borrowers could potentially save hundreds of pounds a year.

Here’s a breakdown of the changes:

Prime Mortgages (For those with good credit scores):

• 2, 3 and 5-year fixed rates: Cut by 0.20% for borrowers with a deposit of at least 10% (up to 90% LTV).
• All mortgages: Reduced by 0.10% for those with a deposit of at least 5% (up to 95% LTV).

Near Prime Mortgages (For those with slightly less perfect credit histories):

• 2 and 3-year fixed rates: Slashed by 0.20% for those with a 40% or 25% deposit (60% and 75% LTV).
• 5-year fixed rates: Reduced by 0.15% for the same deposit levels (60% and 75% LTV).

Richard Harrison, Head of Mortgages at Atom Bank, highlighted their commitment to supporting borrowers, stating: “Our continued focus on price demonstrates how determined Atom bank is to go further in providing tangible support to those who need it most, but who are not being adequately served by many high street mortgage lenders.”

This move from Atom Bank adds to the recent trend of lenders reducing their mortgage rates, offering a glimmer of hope for those concerned about the rising cost of homeownership.