Atom Bank is moving into the residential mortgage market, promising a mobile-only paperless experience from decision in principle to full and final approval.
The UK digital challenger bank is offering a broad range of residential lending via independent mortgage advisers, including self-employed, contractors, lending into retirement, purchase, re-mortgage, shared ownership, first-time-buyers and new-build properties, with buy-to-let mortgages coming soon.
Atom’s director of retail mortgages, Maria Harris, says: “We strongly believe that offering mortgages via independent experts will give our customers the best service and the very best advice when choosing a mortgage. Customers can find an intermediary who is able to discuss Atom mortgages via our customer support team. In time, this too will be managed via the app.”
Once an Atom mortgage has been recommended by the intermediary, customers will need to download the Atom app in order to track the progress of their application in real time, accept an offer and store all key documentation.
Atom’s CEO Mark Mullen says: “Buying a home can be hugely exciting, but banks are playing with people’s dreams when they make the process so difficult. We want to change this - it should be a positive experience. Old legacy processes that are institutionalised at the traditional banks simply don’t exist at Atom because we’ve built this bank from scratch. We can offer mortgages that are great value, and a service that is fast, informative and transparent. This is genuinely a revolution in mortgage lending.”
Atom will be launching a full suite of products in the coming months and throughout 2017, he adds, including current accounts, debit cards, overdrafts and instant access savings, all of which will be managed via the app.