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Digital Economics 06 Dec 2016

Atom launches residential mortgages - its first consumer lending product

Atom Bank, the UK's first bank built exclusively for mobile and in which BBVA has a 29.5% stake,  launched residential mortgages - its first consumer lending product - which allows customers to manage the process from offer to completion through the Atom app - the only UK mortgage provider to do this.

ATOM BANK the most innovative European fintech firm

The other key elements of Atom mortgages are:

  • Availability through selected independent mortgage advisers to ensure that customers get the best advice when choosing a product.
  • A full range of retail mortgages, including self-employed, re-mortgages and first-time buyers, with buy-to-let to follow.
  • Instantaneous updates on progress of documents to both customer and intermediary through the app.

Atom’s Director of Retail Mortgages, Maria Harris explained: “Our mortgages are designed to be easy to understand, with fair and transparent fees and no charges where there isn’t a true cost. We make sure our customers are updated in real time directly via their App. We are also keen to make the process of buying a house quick and painless - in some cases, mortgage offers can be made on the same day.”

Atom app mortgage page

Once an Atom mortgage has been recommended by the intermediary, customers will need to download the Atom App, available free via the Apple or Google Play stores. In the App, customers can:

  • Log in securely with face and voice biometrics and track their Decision in Principle (DIP) and application progress every step of the way.
  • Receive all updates and communication via the App – no danger of documents being lost or account information going astray.
  • Accept their mortgage offer via the App - electronically with a tap of their phone.
  • Keep and store all key documentation - no need for customers or brokers to post anything - it’s all automatic.

Harris explained why Atom mortgages are being offered through independent mortgage advisers: “ 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. Our ultimate aim is to help people get what’s right for them, and for them to have the best experience along the way.”

Atom obtained its banking license in June 2015 and launched the new bank in April 2016 with two market-leading Fixed Saver accounts, along with SME lending via a panel of specialist business intermediaries. Following mortgages, Atom will be launching a full suite of products in the coming months and throughout 2017, including current accounts, debit cards, overdrafts and instant access savings, all of which will be managed via the App.