Atom bank sets new Near Prime records
14 May 2025
Atom bank, the UK’s highest rated mortgage lender on Trustpilot, has set new monthly records for both applications and completions for Near Prime mortgages.
The number of Near Prime mortgage applications in April 2025 was up by 28% from the previous month. This is all the more impressive given that March itself had been a record month for Near Prime activity, with the number of applications 11% higher than the previous record set in October 2024. Applications in April 2025 were nearly three times higher than in April 2024.
The growth was even more pronounced in the value of Near Prime applications, which rose by over 35% in April, compared to the previous record set in March 2025. Year-on-year, the value of applications in April 2025 was 64% higher than in April 2024
These individual record-setting months continue the trend of greater Near Prime activity seen at Atom bank over the last 12 months.
Over the bank’s 2024-25 financial year, the value of Near Prime mortgage applications rose by 58%, while the number of applications saw a 57% uplift. The number and value of completions were both up 48% year-on-year
What do Near Prime borrowers need?
Atom bank has proactively enhanced its Near Prime offering to support more borrowers with occasional blips on their credit records
The digital bank has reduced rates on Near Prime products three times already in 2025, ensuring borrowers have access to competitive mortgage deals.
As well as delivering lower rates, Atom bank has also increased the maximum LTV available on Near Prime products to 90%, opening up its range to those with more modest deposits.
This follows a series of criteria enhancements Atom bank introduced last year, which included increasing the maximum level of unsatisfied registered defaults to £2,500 from £1,000, as well as cutting the ‘look back’ period for defaults to two years from three years.
Richard Harrison, Head of Mortgages at Atom bank, said:
“Setting new internal records for both applications and completions on our Near Prime range shows that brokers and their clients are connecting with what we are doing at Atom bank. We have opened up borrowing to customers who might otherwise have to rely on specialist lenders by introducing more flexible criteria, increasing the maximum LTV to 90%, and delivering consistently competitive pricing, alongside the strong service speeds we are known for.
“The challenges of recent years means that Near Prime is only going to become a more significant segment of the mortgage market in the future. It’s crucial for lenders to support such borrowers not only with their needs in the here and now, but also to regain Prime status. It’s something we are passionate about at Atom bank, and the figures speak for themselves.”
