16 May 2018
FOR IMMEDIATE RELEASE Date: 16th May 2018
Atom bank launches first-time buyer range
Durham-based Atom bank (trading as Digital Mortgages by Atom bank in the intermediary market) is today expanding its range of mortgages, launching new first-time buyer products and extending their existing range by adding 95% LTV mortgages across all of their existing mortgage products. They’re helping first-time buyers (FTB) get their foot on the property ladder, offering £500 cashback to those wanting to buy their first home, along with a free valuation and no product fee. The new first-time buyer range will be available for mortgages between 80 - 95% LTV.
The range consists of two, three and five-year fixed rate mortgages with rates starting from as low as 2.24%.
They are adding 95% LTV products to their existing range, for purchases and remortgages with fixed terms of 2, 3 and 5 years with no product fees.
To make it easier for first-time buyers to buy their first home, and to increase flexibility across their whole range of mortgages, Atom bank has also recently announced a number of criteria changes including getting rid of a £300,000 limit on FTB applications and increasing their maximum mortgage term from 35 to 40 years.
Director of Intermediary Lending, Maria Harris, said: “It’s great news that we’re expanding our mortgage range, offering our mortgages to a wider range of customers. These deals will be attractive to first-time buyers who want to get onto the property ladder - it’s hard enough to find the money for your first home and we know that taking away fees and giving cash-back helps.
“We want to make the journey of buying a first home easier by offering real, tangible support to our customers, in conjunction with our network of independent, dedicated mortgage specialists who offer the best advice and guidance. We want to be a bank that’s known for looking out for customers”
Note to Editors
After securing its banking license in June 2015, Atom bank launched operations in April 2016, offering market-leading Fixed Saver accounts and secured business lending for small and mediumsized enterprises (‘SMEs’). From the start, Atom set out to build a customer- driven bank, designed to meet their new needs and optimised for mobile technologies.
Atom bank launched its first mobile mortgage product a year ago and has recently announced it has taken £1.3bn of deposits and has now lent £1.2bn to small businesses and homeowners.
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 newly appointed Chair, Bridget Rosewell. Bridget has also been the chair of Atom’s audit committee since 2014. She has an economics background and is also Chairman of the Driver Vehicle Standards Agency and on the board of Network Rail as well as a Commissioner with the National Infrastructure Commission.
Atom bank are here to change banking, creating a disruptive and digital bank, keeping costs low and passing back the value to its customers. The Atom app is at the heart of the bank, with a 24/7 support team on hand to help with any customer queries through phone, chat, email and social media, working out of their Durham HQ.
Since its creation in April 2014, Atom has:
- Raised almost £400m of equity capital through the support of private and institutional investors, including BBVA, Woodford Investment Management and Toscafund Asset Management
- Built a highly motivated and experienced team of around 300 permanent employees
- Been ranked 8th in KPMG’s ‘Global 2017 Fintech 100’ listing, and uniquely in the EU have been top10 in this listing for the last three years.
- Ranked 1st in Tech World’s Digital Challengers list
- Ranked 14th in LinkedIn’s ‘Top 25 Startups’
- Voted the UK’s most recommended bank
- Industry leading NPS scores in relation to Savings Product and Savings App Journey of 73%
- Trustpilot score of 5/5
- 98% of customers said they would recommend us on Reevoo
- Established a global network of partners and suppliers
- Launched 1, 2, 3 and 5 Year market-leading Fixed Saver accounts - Atom has nearly £1.3bn in deposits so far
- Launched Digital Mortgages by Atom bank, offering secured lending to SMEs and residential mortgage products - Atom has loaned around £1.2bn to date
- will.i.am joined Atom bank as a Strategic Board Advisor, giving an external perspective on culture, community and technology
- Partnered with Deposit Solutions and passported its deposit taking licence to Germany to access German retail savings market to diversify funding options and increase deposits
- Announced a four year STEM partnership with the Prince’s Trust in North East England
- Signed up to the Women in Finance Charter in 2016 and the Tech Talent Charter in 2017