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Atom Bank launches broker-only mortgage proposition – exclusive

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  • 06/12/2016
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Atom Bank launches broker-only mortgage proposition – exclusive
Intermediary-only digital start-up Atom Bank has announced the roll out of its mortgage proposition, with planned deals for first-time buyers, the self-employed and customers borrowing into retirement, through the brand Digital Mortgages.

The bank, which hopes to position itself as a mainstream challenger, will initially distribute its products through Legal & General’s key account firms alongside LSL networks Pink and First Complete. The website with all products and criteria went live this week offering an SVR of 3.75%.

Rates on Atom’s deals for purchase and remortgage will start at 1.19% at 60% Loan to Value (LTV) for a two-year fix with a £900 fee, or 1.63% on a fee-free deal for house purchase. On the remortgage side, the bank is offering a five-year fix at 2.89% to 90% LTV, with the same £900 fee.

The maximum age at the end of the term is 80, with the maximum term set at 35 years. Customers can borrow a maximum loan size of £2m. Loan-to-values on shared ownership deals will be available up to 95%, with new build mortgages up to 85% LTV.

Atom has a team of seven BDMs and brokers can access support via the lender’s case tracking service on the website or the lender’s Twitter channel which is monitored 24/7. The contact centre which looks after customers will also take calls from brokers and provides a list of answers to FAQs.

Atom’s proposition is provided through technology that intends to make life easier for the intermediary and their customer, while also enabling all decisions to be made in real time.

Consumers who have been recommended an Atom mortgage through their intermediary will then be directed to download the bank’s app which is available for free in the Apple and Google Play stores. Through the app, customers can track their decision in principle and application progress, store and share key mortgage documents and accept Atom’s mortgage offer electronically.

Customer log in on the app is facilitated by face and voice biometric technology, which ensures customer’s details are stored securely, Atom said.

Atom’s director of retail mortgages, Maria Harris (pictured), said:”Our technology and systems are all about making the mortgage application process easier for the intermediary and their customer. We’re using digital to change the way that we support a mortgage application today but also to build a platform that supports the technology of tomorrow.

“We are human too though. With an experienced field-based team and contact via telephone, email and even Twitter, we’ll be providing support right across the UK.”

Customers will receive instantaneous updates through the app and track their mortgage application journey through every stage.

Atom said this will mean brokers spend less time per case, with clients given access to a “robust and dependable service.” Brokers will be told exactly what is required upfront and will be able to scan and attach documents.

Atom’s CEO Mark Mullen added: “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. If the broker can offer their client an exceptional experience, they have a happy client and more time to spend on building their own business.”

Read Mortgage Solutions’ exclusive interview with Maria Harris; Atom Bank: How the digital start-up launched a broker-only mortgage proposition

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