Atom bank Launches Digital Mortgages

06 December 2016


Atom bank, the UK’s first bank built exclusively for mobile, announces the launch of residential mortgages, available through selected independent mortgage advisers.

Atom obtained its banking licence in June 2015 and launched the new bank in April this year with two market-leading Fixed Saver accounts, along with SME lending via a panel of specialist business intermediaries. It’s now adding competitive residential mortgages to its product suite.

From today, Atom bank will offer a broad range of residential lending via independent mortgage advisers, including self-employed, contractors, lending into retirement, purchase, re-mortgage, shared ownership, first-time-buyers and new-build properties, with buy-to-let mortgages coming soon.

Atom’s Director of Retail Mortgages, Maria Harris, said: “Our mortgages are designed to be easy to understand, with fair and transparent fees and no charges where there isn’t a true cost. We make sure our customers are updated in real time directly via their App. We are also keen to make the process of buying a house quick and painless, in some cases mortgage offers can be made on the same day.”

“We strongly believe that offering mortgages via independent experts will give our customers the best service and the very best advice when choosing a mortgage. Our ultimate aim is to help people get what’s right for them, and for them to have the best experience along the way.

Customers can find an intermediary who is able to discuss Atom mortgages via our customer support team. In time, this too will be managed via the App.”

Once an Atom mortgage has been recommended by the intermediary, customers will need to download the Atom App, available free via the Apple or Google Play stores. In the App, customers can:

  • Log in securely with face and voice biometrics and track their Decision in Principle (DIP) and application progress every step of the way.

    • Receive all updates and communication via the App-no danger of documents being lost or account information going astray.
    • Accept their mortgage offer via App-electronically with a tap of their phone
    • Keep and store all key documentation-no need for customers or brokers to post anything, it’s all automatic.

    Unlike a traditional bank, Atom’s mortgages are all backed by automated systems, meaning everything is done real time so customers can see their mortgage application with complete transparency through every stage.

    Atom bank’s mortgages have been designed to remove the frustrations of the traditional application process. The platform provides instantaneous updates to the intermediary and the customer, and Atom is the only mortgage lender to provide this service instantly and directly to an App.

    Atom’s CEO Mark Mullen said: “Buying a home can be hugely exciting, but banks are playing with people’s dreams when they make the process so difficult. We want to change this – it should be a positive experience. 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. This is genuinely a revolution in mortgage lending.”

    Atom will be launching a full suite of products in the coming months and throughout 2017, including current accounts, debit cards, overdrafts and instant access savings, all of which will be managed via the App.


    Building of the bank, a bit of history

    Atom bank is led by CEO Mark Mullen and Chairman Anthony Thomson and since its creation in April 2014, the team has:

  • Raised in excess of £135m in capital through the support of a group of over 100 private and institutional investors, including BBVA, Woodford Investment Management and Toscafund Asset Management

    • Built a highly motivated and experienced team of over 200 permanent employees
    • Been ranked 6th in KPMG’s Global Fintech 100 listing and 1st in Tech World’s Digital Challengers list
    • Established a global network of partners and suppliers.
    • Been granted first a restricted licence in June 2015 and now a full unrestricted licence to offer personal and business banking services
    • Opened doors to all UK customers in October 2016

    For more information, please contact:

    Katy Ringsdore, Atom bank / 07740315395

    Sarah Tye, Lansons / 020 7294 3620

    Anna Schirmer, Lansons / 020 7294 3605

    Notes to editors: Atom is determined to set the agenda for what the future of banking looks like, redefining the relationship customers have with their money, providing a unique, branch-free, banking experience, built around the best interests of customers. They want customers to be more engaged with their finances, giving them the ability to manage their own money just by using the Atom App. A dedicated 24/7 support team will be on hand to help with any customer queries through phone, chat, email and social media, working out of their Durham HQ.

    About Atom bank Atom is a start-up bank, authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA.

    Founded in 2014 and based in the City of Durham, Atom has a growing team of 250 people drawn from across the country, working with partners to bring pioneering technology to Europe for the first time. Atom is building the UK’s first bank designed specifically for digital, offering easy and convenient banking, along with unique and engaging ways to manage money. Atom has been recognised in KPMG’s 2016 Fintech 100, being in the Top 10 companies using technology to drive disruption globally within the financial services industry.

    The Atom executive team are highly experienced, having built and run some of the most well respected banks in the UK. CEO Mark Mullen has 25 years experience in the sector and was previously CEO at the multi-award winning telephone and internet bank first direct. The team are supported by a strong non-exec board, which includes founder and Chairman Anthony Thomson, also the founder and former Chairman at Metro Bank. He is Chairman of the Financial Services Forum, the UK’s leading membership organisation for senior FS industry executives and Chairman of the National Skills Academy for Financial Services, a national charity.