The new deals include:
- Two year 60% LTV at 1.09% (re-mortgage with a £900 product fee)
- Two year 60% LTV at 1.39% (re-mortgage, no product fee)
- Two year 75% LTV at 1.12% (re-mortgage, with a £900 product fee)
- Two year 75% LTV at 1.49% (re-mortgage, no product fee)
Lisa Wood, chief marketing officer at Atom bank, said: “We are always on the lookout to be able to offer customers great rates, so we’re delighted to be able to bring our two-year fixed rate deals back on sale for 60% and 75% LTVs.”
Wood also says that the quickest application to date has been 22 minutes from the moment the broker placed the case: “What we aim for is real time decisions on mortgages. The broker inputs all the details and that automatically comes over to us and kicks off the decisioning systems. We try as much as we possibly can to automate decisions.”
Because the customers are asked to download the Atom app, they can also keep track of the application process in real-time: “With the app, you can track exactly where you’re up to at each stage of the process. We’re taking the pain out of it for the brokers, but equally they shouldn’t have to ring the customers.” Said Wood.
According to Moneyfacts, Digital Mortgage by Atom bank’s two year 60% LTV at 1.39 with no product fee is tied with Santander’s lowest two year deal with no fee at 60% LTV.
The two year 60% LTV at 1.09%, with a product fee, is also tied with Hanley Economic BS for the leading market rate.
However, Santander offers a two year 75% LTV product at 1.44% deal for remortgage customers only, compared with Digital Mortgage’s 1.49%.
Santander also offers a 1.09% deal for two years at 75% LTV with a fee of £1499, compared with Digital Mortgage’s 1.12% with a fee of £900.
Around 30% of brokers have access to Digital Mortgages by Atom bank products, though Wood said that the proposition is growing all the time: “We were very specific when we started about who we initially partnered with, because we wanted to pace our business to make sure we can offer a quality service.”
“It gives us the ability to grow our distribution as we grow our business,” Wood added.
To date, the startup has raised £220m in funding.
Based in Durham, Atom Bank, the parent of Digital Mortgages, offers its branchless, app based bank through iOS and Android apps.