We have increased our max LTV to 95% for Near Prime

Today, Tuesday 30th June, we increased the maximum loan-to-value (LTV) available on our Near Prime range to 95%.

Alongside this, we reduced rates by 0.10% across our 60-90% LTV Near Prime products.

Key criteria for the 95% LTV Near Prime tier

To help you quickly identify matching clients, here is a snapshot of our lending criteria for our new 95% LTV tier:

• Defaults: no defaults in the last 12 months. Maximum of one in the last 36 months (unsatisfied default value must be less than £500).
• CCJs: no CCJs in the last 36 months, and no more than one in the last 37 to 72 months, with a value of no more than £500 for unsatisfied CCJs.
• Mortgage arrears: no mortgage arrears in the last 12 months. No more than two months of mortgage arrears in the last 13-24 months.

You can find our full and updated lending criteria here.

Richard Harrison, Head of Mortgages at Atom bank:

“These products have been designed with a particular subset in mind, the borrowers who have only light adverse history - or little credit history at all. Combined with a small deposit, they can find it incredibly difficult to access a mortgage with many mainstream lenders. These new products aim to remove those barriers, ensuring borrowers can get onto, or move up, the housing ladder even if they have an imperfect credit history.”

Jonny Magill, Chief Commercial Officer at Haysto:

“As brokers, we see first-hand just how difficult it can be for borrowers who fall just outside of lenders’ Prime criteria to raise the funds they need, particularly if they only have a 5% deposit.

“This product will make a real difference to those borrowers. Atom bank continues to have a significant impact on this market, consistently helping to expand access to borrowers who don’t meet mainstream lending criteria.”

How to place an application

Brokers can place an application by logging onto the Portal, selecting a Near Prime product code and completing the application.