The bank will pay the same level of procuration fee for product transfers and further advances as it will for new business.
Atom intends to offer new-build, shared ownership, contractor and self-employed mortgages as well as products which offer lending into retirement options all under its intermediary brand, Digital Mortgages by Atom Bank.
It will limit its distribution in the early stages while systems and processes are tested before gradually rolling out its range to a wider market. The range of products will also be restricted in the first phase of the launch as a group of brokers, working with the challenger, help to shape criteria for the full suite of mortgages.
Maria Harris (pictured), head of intermediary mortgage sales, said: “We are starting off small to begin with, but let there be no mistake, we are here to change the market through technology. We are offering something modern and fresh for the broker and the consumer. This will be really different.”
Brokers will use Mortgage Sales and Origination, the new version of Iress’s broker origination platform, to place and track cases while customers will use the app to access updates on the progress of their application.
The bank’s regulatory restriction was lifted today which marks the start of its digital banking journey as its banking app and fixed savings products go live.
Atom was granted its banking licence in June last year.