Atom Bank has extended its competitive digital mortgage range with the launch of a two-year 75% LTV rate as well as more competitive rates across its existing range of products.
The new two-year product for purchase and remortgage at 75% LTV has a rate of 1.29% with a fee of £900.
Details of the improved rates are:
- Two-year 60% LTV at 1.59% (no fee)
- Two-year 75% LTV at 1.29% (with £900 fee)
- Two-year 75% LTV at 1.69% (no fee)
- Two-year 80% LTV at 1.39% (with £900 fee)
- Two-year 80% LTV at 1.84% (no fee)
- Five-year 75% LTV at 2.24% (no fee)
- Five-year 80% LTV at 2.14% (with £900 fee)
- Five-year 80% LTV at 2.39% (no fee)
Atom Bank is hoping to revolutionise the mortgage market with its new app that allows you to take out a home loan on your mobile.
The digital lender launched a range of residential mortgages for first-time-buyers, the self-employed, contractors and the retired last December.
You first have to go through a broker who then recommends a mortgage. Once you have done this you can download an app and log in with face and voice biometrics to track your application progress every step of the way.
All updates and communication are done via the app and you can accept a mortgage offer with a tap of your phone. The app also keeps and stores all key documentation automatically.
The mortgages have been designed to remove the frustrations of the traditional application process – providing instant updates to the broker and the customer.
Atom obtained its banking licence in June 2015 and launched the new bank in April last year with two fixed saver accounts.
Maria Harris, director of retail mortgages at Atom Bank, said: “We are delighted to be expanding our range of products and to be improving our rates so soon after launching the new proposition. We have had brilliant feedback from our first wave of customers who greatly appreciate that our processes are easy to understand, with any fees being fair and transparent. With the launch of the new proposition taking off so well we are keen to continue improving our rates and the range of products we offer.
“The partnership with our carefully selected intermediary partners is also going from strength to strength, with customers being given the very best service and advice when choosing a mortgage. Our ultimate aim is to help people get the right financial products for them, and to have the best experience along the way. Customers can find an intermediary who is able to discuss Atom Bank’s mortgages via our customer support team. In time, this too will be managed via the app.”
