You are here: Home - News -

Atom Bank product transfer fee capability to launch ‘before year-end’

by:
  • 18/05/2018
  • 0
Maria Harris, director of intermediary lending at Atom Bank confirmed a raft of plans for its intermediary mortgage arm last night, including a promise brokers will be able to complete product transfers through the intermediary portal this year.

Speaking at an event in Hoxton last night, Harris said it planned to invest another £18m on technology this year doubling last year’s spend and that broker feedback continues to drive its mortgage plans.

The bank has completed over £1bn in mortgage completion and said it managed an application to offer which took 14 seconds earlier this year.

The lender said it is also working on automated valuation models, making it easier for young professionals to get on the housing ladder and announced a new first-time buyer range this week and extending its existing products up to 95% loan to value.

The digital lender’s new mortgages will be available at between 80 – 95% LTV and will offer £500 cashback, along with a free valuation and no product fee.

The range consists of two, three and five-year fixed rate mortgages with rates starting from 2.24%.

This year Atom bank increased mortgage terms to 40 years, removed the maximum loans size for first-time buyers and reduced required time in a new job to 12 months for applications.

Harris said: “We want to change banking for good and for the better. We’ll keep improving what we do and we’ll keep going, especially in our lending.”

Atom Bank confirmed a £149m capital raising from investors including Spanish Bank BBVA, lifting its stake in the bank to almost 40 per cent.

To March, the bank has taken more than £1.3bn in customer deposits and lent over £1.2bn. Atom said it will use the new investment to fund “further investment in technology and business capabilities”.

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
HSBC building
HSBC starts using Open Banking data to assess customer affordability

HSBC has taken a significant step into the Open Banking regime by signing a deal with a third-party software and...

Close