Maeve Ward (pictured), managing director of residential mortgages at Shawbrook Bank, said: “Partnering with AToM to offer our 55 Plus Mortgage is fantastic news, especially since the launch of their new AToM Together system – the first on the market to offer fully automated functionality.
“The new integrated system offers brokers a decision in principle and generates an ESIS based on an actual decision, not an indicative one – speeding up cycle times, helping brokers to offer an even better service to their customers,” she added.
Dale Jannels, managing director of AToM, said he was looking forward to “working closely with Maeve and the team” to promote the product offering to its brokers through AToM Together.
The 55 Plus mortgage is aimed at borrowers approaching the end of their existing interest-only mortgage with an outstanding balance. It allows borrowers to extend their interest-only loan by remortgaging to Shawbrook over a term of five to 15 years.
Latest figures from the Council of Mortgage Lenders (now part of UK Finance) show there are currently 1.9 million borrowers with interest-only loans in the UK.