Frequently Asked Questions

We’re the UK’s first app-based bank. We’re taking on the establishment and you can be a part of our journey.

If you want to join one of the UK’s most innovative fintechs, working on the latest tech and be part of one of the top 20 places to work in the North East, then take a look at atombank.co.uk/careers.

Atom is a bank that’s all about you.

Welcome to the UK’s first bank built for mobile that’s taking on the establishment. App-based, customer first, here to make things better for you.

Simply, we’re here to do the right thing by our customers. To stand up against the big banks, to save customers time, offer the best products we can and help you take control of your finances.

And we’ve got a whole bunch of products to help you do just this; from Fixed Savers and Instant Savers to mortgages plus we help SMEs with business loans too.

We’re entirely app-based, so we don’t have any physical branches. This means we save money, so we can pass these savings on to you through our rates.

As one of the UK’s most innovative fintechs, there’s a lot more coming from us – we’re well on our way to creating the most customer-centric bank on the planet.

Wherever is most convenient for you. At home, on the train, in the queue at the supermarket…wherever your smartphone or tablet is, we’re there too. Physically, our HQ is in Durham, and we have a small London office too.

We’re branch-free and proud of it. Because we don’t have branches, we can keep our overheads down and pass the savings on to you with really competitive rates. You simply do all your banking on your smartphone or tablet.

But don’t worry, we’re always here to talk. You can catch our Customer Support Team 7 days a week, 8am - 8pm, on email, app chat, social media or phone.

Atom is a privately-owned company with a broad range of shareholders, including BBVA and Toscafund Asset Management. To find out more, visit our investors page.

Afraid not. We’re an app-based bank, and you can only open an account with us through your smartphone or tablet.

Unfortunately not. You can only become a customer if you’re a UK resident. If you’re going to reside overseas temporarily, you must let us know as you may have difficulties using and updating our app. If you’re going for 3 years or longer, we’ll need you to close your account.

This might have something to do with it’s format. To double-check the format is okay, go to the Royal Mail website and put in your postcode. The website will show your address correctly. Simply copy it when you log in.

You’ll find more info about our mortgages on our Mortgages page, where you can also search for a broker.

Our mortgages are available through brokers. A broker will make sure that you get a mortgage product that’s right for you, even if that’s not with us. You can find a broker here.

Interested in joining a bank that’s built around you? Of course you are. All you have to do is download the app.

Keep up to date with how we’re revolutionising banking, by subscribing to our newsletter.

You’ll find more info about opening a Fixed Saver account on the Fixed Saver page or you can follow the steps below.

If you’re a new customer, you’ll need to download the Atom app to your mobile or tablet. Once it’s installed, tap on ‘New customer, get started’, view the content about Atom and then browse our Fixed Saver products. Select the product you’d like, read the details and tap Apply.

If you’re an existing customer, log into your app on your mobile or tablet. Tap the menu and select Browse products. Select the product you’d like, read the details and tap Apply.

At least 18 years old.

When you apply for an account you don’t need any paper documents. We just verify your identity electronically through the app. On the odd occasion that we do need more info, we always try and keep it to an absolute minimum.

When you apply to become a customer, we’ll ask you for some personal details so we can verify your identity. The exact details we’ll need will vary depending on what you’re applying for, but will always include information like your full name, address and date of birth.

To complete the identification and verification (‘ID&V’) process, we’ll run an identity search with a credit reference agency. If you apply for a savings product, this will leave a ‘soft footprint’ on your credit file, so won’t affect your credit history. If you apply for a mortgage, it’ll leave a ‘credit footprint’ on your file which means other providers will be able to see that we’ve run a search.

There are times when we may ask you to complete ID&V again (to keep our records up to date if you move house, for example).

Yep – just download the app on your other devices and tap ‘Add a Device’. We’ll email you a unique passcode to use, then we’ll verify your identity and you’re in.

Safe – visit our Security page.

When a loved one dies, dealing with their finances is probably the last of your worries. We do everything we can to make the process as stress-free as possible.

When you get in touch, we’ll ask you to send us a certified copy of the death certificate. If you’re not a customer, we’ll need to check your ID, your passport or driving licence will be ideal. If possible, please have account numbers to hand when you call us, as this will allow us to trace the accounts and get things started for you quickly.

If you have any further questions about our bereavement process, simply call us. Lines are open 8am - 8pm.

When your account is due to mature we will notify you well in advance through notifications in your Atom app, and through SMS and email. These notifications will guide you through the next steps and what your options are upon maturity. All instructions can be given and acted upon within the app to make this as easy as possible for you.

Once your FaceID and VoiceID biometrics are registered, you can choose how you want to log-in to the app. If you don’t want to use FaceID and VoiceID, you’ll be able to use your 6 digit passcode. For some actions we will ask for an additional layer of security, which might be your FaceID or VoiceID.

Just download the app on your other devices and tap ‘Add a Device’. We’ll email you a unique passcode to use, then we’ll verify your identity and you’re in. Check out this video to see the process in full.

If you need to reset your passcode, get in touch with our Customer Support team on 0333 399 0051 and they’ll be able to help.

If a biometric security upgrade is required on your app, you’ll be prompted when you log-in and taken through the following steps:

1. Open your app as normal, you’ll see a prompt to upgrade your security.
2. Log into the app with your passcode (the six digit numerical code you choose when registering).
3. You’ll be asked to refresh your FaceID and VoiceID, it only takes a few minutes.
4. Follow the prompts.
5. Once you’ve followed the prompts, that’s it! You’ll be benefiting from the latest biometric security.

Once you’ve registered your FaceID and VoiceID on your main device, you can download the app on your other devices and tap ‘Existing Customer’ followed by ‘Add a Device’. We’ll email you a unique passcode to use, then we’ll verify your identity and you’re in.

To keep up-to-date with advances in technology and implement upgrades that make sure your money and info are safe - the security of our customers is our number one priority. The upgrade also means you might find the log-in process smoother.

We use sophisticated biometrics that don’t rely on your device’s security. That means we use your voice, face and eyes to recognise you, instead of fingerprint. We believe this is the best way to give you the strongest encryption levels.

This info is found in Support Information, here’s how to get there: Log into your app, go to menu and tap Help & Support. Then tap Support Information - you’ll find the version number listed there.

Open your app, you’ll find three login options at the bottom of the screen. These are Passcode, FaceID and VoiceID - select the one you want to use and follow the instructions on screen. You’re in!

From your hub screen, simply tap on the menu. Then press Log out.

The simplest way to find out if an update is available is to search for the app in the App Store or Google Play Store. If an update is available, you’ll see a button that says ‘Update’ - tap this and the latest version will be downloaded.

We try to support as many devices as possible but as with many other apps, some are too old for us to support.

You are likely to have issues with our app if your device can’t run either the most recent operating system (iOS 14 for iPhones and iPads, Android 11 for Android Phones and Tablets) or the two before that (iOS 13 and iOS 12 for iPhone/iPad, Android 10 and Android 9 Pie for Android Phones and Tablets).

To check which operating system your device uses: For Android: go to ‘Settings’ then ‘About Phone’. The operating system will be listed here. For iOS: go to ‘Settings’ then navigate to ‘General’ and then ‘About’. The operating system will be listed under ‘Version’.

We’d love to, but there are many different types of mobiles and tablets with so many operating systems that we can’t test them all. We trial our app on the most popular mobiles and tablets so we can make sure you get the best banking experience possible.

We try to support as many devices as possible, but as with many other apps, some may not be compatible, especially if they are getting a little old.

You are likely to have issues with our app if your device can’t run either the most recent operating system (iOS 14 for iPhones and iPads, Android 11 for Android Phones and Tablets) or the two before that (iOS 13 and iOS 12 for iPhone/iPad, Android 10 and Android 9 Pie for Android Phones and Tablets).

To check which operating system your device uses: For Android: go to ‘Settings’ then ‘About Tablet’. The operating system will be listed here. For iOS: go to ‘Settings’ then navigate to ‘General’ and then ‘About’. The operating system will be listed under ‘Version’.

You’ll find more info about how we’re supporting customers here.

Head over to the How to complain page where we explain how you can make a complaint and exactly how we’ll deal with it.

For our savings and mortgage products you can do all your banking in the app. However, if you need a friendly voice to assist you with something, please contact our Customer Support Team. We also have a range of helpful videos on our YouTube channel.

This info is on your account screen, here’s how to get there: Log in and you’ll be taken to your hub screen where you’ll see your accounts. Scroll to the account you’re interested in and you’ll see your account number and sort code.

We use biometric security which includes voice and face recognition to keep your account safe and secure. But we can’t do that unless we’re allowed to access your camera and microphone.

There are a few reasons why you might not have been able to open an account. Often, declines are due to mistakes in your personal details, which stop us matching your data with credit agencies.

To minimise this risk, please make sure the details you provided are correct and up-to-date, and that the bank details you’ve given us are from a UK current account in your name.

Firstly, don’t panic. Simply get in touch as soon as possible if you’re concerned about making your payments. We’ll always work with you to understand your circumstances and find the best solution.

It’s really easy to contact us via the app, but if you don’t have access to it, you can call us on 0333 399 0050 or email customersupport@atombank.co.uk, our customer support centre is open from 8am to 8pm every day.

People’s circumstances change all the time, we get that. That’s why we’ll always work with you to better understand your particular situation and find a solution. We know it may be a difficult time, but the sooner you can get in touch with us the sooner we can help.

It’s really easy to contact us via the app, but if you don’t have access to it, you can call us on 0333 399 0050, our customer support centre is open from 8am to 8pm every day.

Firstly, don’t panic. Simply get in touch as soon as possible and we’ll work with you to better understand your circumstances and find an affordable solution.

It’s really easy to contact us via the app, but if you don’t have access to it, you can call us on 0333 399 0050 or email customersupport@atombank.co.uk, our customer support centre is open from 8am to 8pm every day.

It’s really easy to contact us via the app, but if you don’t have access to it, you can call us on 0333 399 0050, our customer support centre is open from 8am to 8pm every day. We’re here to help, so let’s talk it over.

We’ve partnered with iehub.co.uk to allow our customers to complete an online income and expenditure (I&E) assessment. IE Hub is a free, secure online portal that makes it really easy for you to share information about your income and outgoings with us. It’s straightforward, just:

1. Create a free account with IE Hub at iehub.co.uk
2. Follow the instructions to complete your I&E assessment
3. Grant us access to your information by selecting to share with ‘Atom bank’ from the list of companies at the end of the assessment. Remember to add your mortgage account number as your reference and click submit.

Don’t worry, your information is completely safe and secure and will remain confidential - you can also remove access whenever you want. We’ll only use the information you share with us to assess the affordability of your mortgage payments. We only get notified when you’ve shared your I&E assessment, so as soon as we receive that update, we’ll be in touch at the earliest opportunity to discuss appropriate support.

If you’d prefer to carry out an I&E assessment over the phone you can call us on 0333 399 0050 and we’ll take you through it.

No, not at all. If you have any concerns about your finances, please get in touch – whether this is related to COVID-19 or not. The most important thing is that you contact us as soon as you think there may be an issue.

If you are impacted by COVID-19 we also recommend that you visit the Financial Conduct Authority‘s information page ‘Dealing with financial difficulties during the coronavirus pandemic’ as you’ll find some good advice on there.

https://www.fca.org.uk/consumers/dealing-financial-difficulties-coronavirus

Put simply, this is an agreed fixed period of time where you don’t make any payments on your mortgage. Please bear in mind that you’ll still accrue interest and this may impact future lending decisions.

There are a range of other options available too and we can chat about these as soon as you get in touch.

The good news is that we can potentially help you in a number of different ways. But before we get to that, we need to better understand your circumstances. Once we know what’s what we might suggest one of the following:

• Accepting reduced payments for a period of time, to allow time for your circumstances to improve.
• Arranging a plan to repay any money owed at an affordable monthly amount. This will be tailored to your individual circumstances and based on how much you can afford.
• Allowing you to pay your mortgage back over a longer period by extending your mortgage term. This will depend on your age and how long you have remaining on your term but it could help keep your payments affordable.
• Temporarily changing the type of your mortgage, for example by converting your repayment mortgage to interest only to reduce your monthly payments.
• Allowing you time to sell your property.

It’s important to understand that some of these solutions may not be appropriate based on your circumstances. You should also be aware that information on any solution may be reported to Credit Reference Agencies and could affect your eligibility for future borrowing. Additionally, depending on the solution your monthly payment may increase at the end of the solution and you may also pay more over the term of your mortgage. But before any solution is agreed we’ll give you more information on the potential impacts. What’s more, we’ll also provide you with information on how you can contact independent providers of debt help and money guidance.

As soon as you’re ready to discuss your individual circumstances with us, please get in touch and we’ll look at the options available to you and the impact they might have. It’s really easy to contact us via the app, or by calling 0333 3990050. You can also email customersupport@atombank.co.uk, our customer support centre is open from 8am to 8pm every day.

If you’d like independent support or have debts with multiple creditors we recommend that you visit the Money Advice Service’s Navigator Tool -

https://www.moneyadviceservice.org.uk/en/tools/money-navigator-tool

You can also contact the following organisations for free, confidential and impartial debt advice, or for details about where to get advice in your area:

For debt advice throughout the UK phone 0800 138 1111 or visit www.stepchange.org. StepChange also provides a free, online debt advice service – www.stepchange.org/DebtRemedy.

If you live in England, Wales or Scotland phone 0808 808 4000 or visit www.nationaldebtline.org for debt advice and information. National Debtline also provides a free, confidential and simple to use online debt advice service – www.mymoneysteps.org.

PayPlan helps people resolve their debt problems by providing free debt advice and a wide range of practical, long-term debt solutions – including Debt Management Plans and Individual Voluntary Arrangements. These solutions enable people to repay their debt and plan for a better future. You can contact PayPlan by calling 0800 280 2816 or visiting www.payplan.com.

For advice and information on debt and other topics, visit your local Citizens Advice Bureau or visit www.adviceguide.org.uk in England and Wales, www.cas.org.uk in Scotland or www.citizensadvice.org.uk in Northern Ireland.

For free, unbiased and easy-to-access money tools, information and advice, visit www.moneyadviceservice.org.uk/en/tools/debt-advice-locator or phone 0300 500 5000 to speak to a Money Adviser.

If you live in Scotland, phone 0141 572 0237 or visit www.moneyadvicescotland.org.uk to find contact details for debt advice in your local area.

If you live in Northern Ireland, phone 0808 802 0020 or visit www.adviceni.net for debt advice.

We hope it doesn’t get to that, but if it does, we’ll attempt to contact you as soon as we see payments are being missed to chat through your options. If we’re unable to reach you, we’ll have to consider bringing legal proceedings, which could include taking possession of your property. We’ll notify you well in advance of any legal proceedings starting though and will always aim to work with you to find an alternative solution where possible.

Firstly, don’t panic. If you have payment concerns please get in touch and we can talk through your situation and the options available. Call us on 0333 399 0050 or email customersupport@atombank.co.uk, our customer support centre is open from 8am to 8pm every day, and is ready to help.

We’ll always work with you to understand the business’ circumstances and find a solution. We understand it may be a difficult time, that’s why it’s really important to get in touch sooner rather than later. We’re here to help, so please call us on 0333 399 0050 or email customersupport@atombank.co.uk, our customer support centre is open from 8am to 8pm every day.

Please get in touch as soon as possible and we’ll work with you to find an affordable payment solution.

You can call us on 0333 399 0050 or email customersupport@atombank.co.uk, our customer support centre is open from 8am to 8pm every day.

Simply call us on 0333 399 0050 or email customersupport@atombank.co.uk. We’re here to help, so whatever financial issues your business is facing, let’s talk it over and see what we can do for you.

No, not at all. If you have any concerns about your business’ finances, please get in touch – whether this is related to COVID-19 or not. The most important thing is that you get in touch as soon as you think there may be an issue.

You can call us on 0333 399 0050 or email customersupport@atombank.co.uk, our customer support centre is open from 8am to 8pm every day.

Put simply, this is an agreed fixed period of time where you don’t make any payments on your business loan. However, please be aware that interest will still be accrued and this may impact lending decisions in the future.

The good news is that we offer a range of options and we’ll be able to talk these through with you as soon as you get in touch.

We understand the pressures businesses face, so as soon as you have any concerns about your finances, please get in touch. There are a number of ways we can support you which we can discuss with you to see if your business might be eligible. The most important thing is that you get in touch the moment you think there may be an issue.

You can call us on 0333 399 0050 or email customersupport@atombank.co.uk, our customer support centre is open from 8am to 8pm every day.

Once we’ve fully understood the issues you and your business are facing, we’ll put together some support packages that are appropriate and sustainable for your circumstances. These might include a payment arrangement or changes to elements of your loan.

To help us better understand your concerns, and to discuss your options and any potential impact, call us on 0333 399 0050 or email customersupport@atombank.co.uk.

As well as talking to us about your financial difficulties, you can also contact Business Debtline, a charity that provides free debt advice for small businesses and the self-employed.

Simply visit www.businessdebtline.org or call 0800 197 6026.

It’s an app-based savings account that pays interest on the money you put in it. You can save as little or as much as you want up to £100,000. And you can put money in, or take money out whenever you need it.

Anyone who wants to save money whilst having instant access to it!

You’ll need to be 18 years old or over, have the Atom app downloaded to your device and a UK current account registered in your name.

Yes you can withdraw or add money instantly, as many times as you like. You just need the Atom app and a UK current account in your name to get started.

There is no minimum deposit for Instant Saver. It’s for everyone and you can open an account with £0. There are no withdrawal restrictions either and you don’t have to go into your bank, it’s just a few clicks away within the Atom app.

There is no deposit window for an Instant Saver, you can pay money in and take money out of your account at any time.

You will need to be 18 or over to open an Instant Saver.

Yes, you’ll need to connect a UK current account to your Instant Saver to transfer money in and out. The current account must be in your name and registered to your address.

You can hold one Instant Saver.

Currently, Instant Saver accounts can only be opened as sole accounts (just you) and are limited to one per customer.

There are no charges for opening the account or for withdrawing your money.

No, your Instant Saver is managed through the Atom app. It’s a savings product and is not intended to be used for transactions or bills.

Yes. The interest rate is variable, so can change from time to time. We’ll always let you know when it changes though, and give you at least 14 days’ notice if it goes down. You can find more info about changes to your interest rate and how we’ll tell you about them in the Instant Saver T&Cs.

You can deposit up to £100,000 in your Instant Saver. We may go over this limit in some circumstances, for example to add interest to your account.

The total funds held across all savings accounts with Atom cannot exceed our Maximum Balance Limit of £200,000. You can hold up to £100,000 in an Instant Saver and up to £100,000 in Fixed Savers. We may go over the limit in some circumstances - e.g. to add interest to your account.

This is the account which you can use to send money to and from your Instant Saver. It must be a UK personal current account, in your name and registered at your address. (It cannot be a business current account).

You can add or change your connected account in the app. Check out this video to see the process in full and follow the simple steps. Remember, you can only connect one account to your Instant Saver at any time.

By introducing Confirmation of Payee (CoP) and the connected account feature we’re helping to protect you against fraud, keeping your money as safe as possible. It also means it’s really easy to make deposits, or withdraw money, whenever you want.

Your connected account has to be a UK personal current account that’s in your name and registered to your address. If you’re having issues adding a connected account, please get in touch with our Customer Support team on 0333 399 0050.

Confirmation of Payee (CoP) is an account name checking service which helps protect against fraud, by making sure payments are sent to the correct bank account.

The Confirmation of Payee scheme was recently launched in the UK, to verify account details between banks. We’ve implemented the first phase of this which enables us to check your current account details with other banks so you can connect it to your Atom Instant Saver. The second phase will let other banks check the details of your Instant Saver when you’re making a payment from your connected account, and we’re working to get this live.

In the meantime, please make sure you double-check your Instant Saver sort code and account number when you make the first payment from your connected account, to ensure you’re sending your money to the right account. We haven’t had any cases of payments from connected accounts ending up in the wrong place, but many customers are choosing to send a very small payment in the first instance to ensure it’s working properly, so you might like to try this too.

At the moment, you can’t move funds from your Fixed Saver to your Instant Saver automatically at maturity but we’re working to launch this option and hope to have it ready very soon.

To move your funds at maturity to your Instant Saver, at the moment, you’ll need to withdraw your money, and deposit into your Instant Saver from your connected account.

There is no limit to how much you can withdraw or how many withdrawals you can make, as long as there’s enough money in your Instant Saver.

Funds can only be paid into your connected account - which has to be a UK personal current account in your name and registered at your address.

Our Instant Saver account has a variable rate - this means the rate can change. If the rate goes up we will make this change immediately and let you know. If the rate goes down we will give you at least 14 days’ notice before it changes.

You’ll get your statements monthly and annually, and we’ll let you know when they’re ready in the app. You can also see all your transactions in the app on a day-to-day basis.

All your savings with Atom are protected by the FSCS (Financial Services Compensation Scheme) up to a total value of £85,000.

Please note: this is the total protection value across all Atom savings accounts and not applied per savings account.

No, they’re different. An ISA (its full name is Individual Savings Account) offers tax-free interest payments, plus there’s a limit on how much money you can put into an ISA in each tax year.

You may have to pay tax on the interest you earn from our Instant Saver, depending on your Personal Savings Allowance and you can put in up to £100,000.

Your PSA sets out the amount of interest you can earn in a tax year without having to pay tax on it. Your allowance depends on your individual circumstances and is influenced by things like your income tax band. You’ll find more information here https://www.gov.uk/apply-tax-free-interest-on-savings

‘AER’ means ‘annual equivalent rate’ and is designed to make it easy for you to compare savings products. It tells you how much interest you’d earn if you put some money in an account and left it there for a full year. It takes account of things like how often the interest is paid and assumes any interest paid during that year is added to the balance and earns interest.

‘Gross’ is the rate of interest that’s payable on the account and represents the amount of tax-free interest you’ll earn in a year.

You can only transfer money in and out of your Instant Saver using your connected current account.

To add money in, go to the branch or online banking site for your connected account. Then pay money to your Instant Saver using your Atom Instant Saver sort code and account number (you can find this by tapping on your Instant Saver in your app). Your money will usually appear in your account as soon as your other bank sends it over.

Your mortgage offer will be uploaded to your Vault within the app, and to unlock this you’ll need to use the mortgage code we emailed to you. If you can’t find your code, simply call our Customer Support team or email them from your registered email address, and they’ll provide you with a new one.

You’ll find your annual statement in the Vault within the app.

Yes, you can update your application to reflect your circumstances. If you need to borrow more, less, or against a different address just talk to your broker. They’ll then let you know which options are open to you and can update details on your behalf. Note that if there are significant changes the outcome of your application could change.

Yes you can, but we’d require a new application and we’d carry out new credit and eligibility checks for all named parties. Simply get in touch with your broker and they’ll arrange this on your behalf.

We always aim to review any documents or information as soon as possible. We also publish our updated timescales every morning on the broker portal, which allows them to provide you with an accurate, up-to-date schedule.

Now that you have your mortgage offer, you’ll need to use the mortgage code we emailed to you. The code will unlock your offer and allow you to view, read and accept the offer and our terms and conditions. We’ll also send a copy of this to your broker and solicitor via their online portals, so they can carry out the work they need to do.

Yes, you can switch to a new broker at any time, but if you do, they’ll need to submit a brand new application for you using products available at the time, which means a new credit search will be performed. You may need to cancel your application with your existing broker and this may also incur a fee depending on your original broker’s costs.

It all depends on the mortgage product you selected. For Remortgages and Product Transfers it’s 3 months, for Purchases and First-Time Buyers it’s 5 months unless you’re moving into a new build property, in which case it’s 6 months. The validity period can be found on the first page of your offer document.

If you’d like to make a mortgage overpayment, either speak to us through the chat function in your app or call us on 0333 399 0050.

One of our team will put together a quote for you and upload it to your Vault. If you’re happy with this, you simply get back in touch with us as soon as you’re ready to process the payment.

Our agents will confirm the frequency of the overpayment and how you’ll be paying. We’ll also discuss whether you’d prefer to use the overpayment to reduce your monthly payment, or to shorten the overall length of your mortgage.

You can make overpayments of up to 20% of your mortgage each year without incurring an early repayment charge; levels of charge are included in your mortgage offer as well as what dates they apply until. We’ll work out the maximum you can overpay each year using the outstanding balance of your mortgage at the start date and the same date each year after that. You can overpay by regular monthly payments or a lump sum; feel free to chat to us through the app or using the above phone number if you want more detail.

Yes, you can cancel your mortgage application at any point prior to loan completion. All you need to do is ask your broker to inform us you no longer wish to proceed. Bear in mind, once cancelled we cannot reactivate a case and your broker may charge you a fee to cancel. That means a new application would need to be submitted if you wanted to take out a mortgage with us in the future, and you could only opt for the products available at the time of resubmission.

All our products are intermediary only at this stage. That means brokers need to recommend our product to you before submitting your application for you. This helps ensure that our product is right for you, as when assessing your details and mortgage requirements, a broker will review the full mortgage market at that time, finding you the best product. If our product is recommended and you decide to proceed with Atom, your broker will support you throughout the application process by liaising with our operations teams and yourself. And that’s the reason why, should you have any questions throughout the application process, we’ll direct you to ask your broker. Once your sale is complete, our customer support team will step in and look after you.

Yes, Atom customers can apply to ‘port’ their mortgage 6 months after completion. ‘Porting’ means changing the property linked to your mortgage, i.e. moving house and taking your mortgage with you. This application can also include a request to borrow more money, for example, if you’re looking to move to a more expensive property.

Our mortgage products are currently fixed-term only, which means you agree to have the product for a set period upfront; usually between 2 and 5 years. If you look to redeem early or overpay by more than your annual allowance (currently 20%), you may need to pay an early repayment charge. The charge amounts, as well as the dates in which they apply, are detailed in your mortgage offer and this should be reviewed carefully before you agree to move forward with your application.

At the end of a fixed rate deal, customers may look to choose another of our fixed rate products to avoid going onto a variable rate, where interest can fluctuate. We call this a product switch/product transfer. Put simply, it’s when existing customers switch to another Atom deal.

Yes. Customers can apply to borrow more money as an additional borrowing or further advance application 6 months after completion. This will be assessed as a new loan and would also need to be done through a broker.

Yes, we want to support new businesses as well as our existing customers. Taking part in the scheme means we can offer loans to small and medium businesses (SMEs) in these uncertain times.

Yes, you can make regular payments during the first 12 months of your loan.

Yes, we’ll consider refinancing existing debt from another lender participating in the CBILS or BBLS.

A business is not able to take out a CBILS facility if they have applied for a loan under BBLS or have an existing BBLS facility in place unless the CBILS loan will refinance the existing BBLS facility in full.

No personal guarantees are required for loans below £250k. For loans above this, Atom may take a personal guarantee.

The British Business Bank has set a deadline for applications of 31st January 2020. Offers must be issued by 31st March and all loans must be drawn down within 3 months of the date of the loan agreement.

The timing from making your application to receiving your CBILS loan in your bank account can vary and you should always discuss your expectations with your broker. Your broker should be in close contact with our team to understand our processing times.

The timings can vary however your broker has direct access to our underwriters and will be kept informed of timelines.

We’ll consider applications for loans from £100,000 up to £5m (this is subject to assessment).

A CBILS loan is a government-backed loan. This means an accredited lender, like Atom, provides the loan facility, but the government provides a partial guarantee to the lender for the outstanding loan.

The loan can be used for business investment, to refinance existing debt with another lender and for cash flow purposes.

The British Business Bank states that under CBILS, the definition of SME is defined by reference to the turnover of the borrower (or the borrower’s group), which must not exceed £45 million. The borrower cannot be an individual other than where the individual is a sole trader or a partner in a partnership and is acting in a business capacity.

Your broker will be able to guide you through the process, this will typically include financial and management accounts for the last two years, bank statements and cash flow forecasts, alongside our application forms.

The Coronavirus Business Interruption Lending Scheme is a new scheme that can provide facilities of up to £5 million for smaller businesses across the UK that are experiencing lost or deferred revenues, leading to disruptions to their cash flow.

We work with commercial brokers to distribute our CBILS products. They’ll liaise with you to understand your finance needs and identify the lender most suitable for your application - this may not be Atom.

CBILS is run by the British Business Bank who accredit lenders to provide the loans. For the lender it means they have a government-backed partial guarantee against the outstanding balance of the loan.

Our existing lending policies continue to apply for CBILS. In the instance your application is unsuccessful, you can apply to another lender. Your broker will be able advise you on this.

The British Business Bank define a “business in difficulty” as one that, as at 31st December 2019, had:

• Accumulated losses of more than half of its subscribed share capital for limited companies, or for unlimited liability companies its capital; or
• Started, or had fulfilled the criteria to be put into, collective insolvency proceedings; or
• Previously received rescue aid that was yet to be reimbursed (or, in the case of a guarantee, terminated); or
• Received restructuring aid, and was still under a restructuring plan; or
• Where it does not meet the SME criteria has fallen below solvency ratios for the previous two years.

The Government will make a ‘Business Interruption Payment’ to cover the first 12 months of interest payments (except for default interest) and any fees we would otherwise charge.

The following businesses are not eligible to apply:

• Banks, building societies, insurers and reinsurers (but insurance brokers can);
• Public-sector bodies; and
• State-funded primary and secondary schools.