It will initially focus on mainstream residential and buy-to-let lending before moving into new build, shared ownership, lending in retirement (backed by pension income), contractors and self-employed later in the year.
Atom Bank will launch its mortgage proposition in the summer exclusively through intermediaries.
It will initially focus on mainstream residential and buy-to-let lending before moving into new build, shared ownership, lending in retirement (backed by pension income), contractors and self-employed later in the year.
The lender, which started taking deposits and launched its mobile app for consumers today, is calling its intermediary arm ‘Digital Mortgages by Atom Bank’ and will pay brokers the same proc fees for new business and retentions.
Maria Harris, head of intermediaries, said: “We will focus on making the intermediary bit of the journey as slick as possible with case tracking, webchat, scan and upload, webchat and real time decisions in principle.”
Before launching its initial range Atom Bank will pilot its mortgage products through a “select group of intermediaries” before rolling out its proposition to the wider market.
Intermediaries won’t use an app to conduct business.
Harris added: “The intermediary market isn’t ready to go through an app. For the customer everything will be in an app. It’s not a traditional bank.
“All the money we’ve raised so far is capital investment. We will take a certain amount of money in then we will start lending it out.”
The bank was founded in April 2014 by ex-Metro Bank chairman Anthony Thomson while its chief executive is former First Direct boss Mark Mullen.
Mullen said: “This is the start of a remarkable transformation of the banking landscape for everyone.
“Atom aims to offer a genuine alternative to the insidious and self-interested banks that dominate the UK banking landscape.
“Our approach will be to constantly evolve and extend our offering, with monthly updates to our app and a dedication to providing better value, greater transparency and a much more innovative banking experience.”
