Atom Bank is hoping to revolutionise the mortgage market with a new app that will allow you to take out a home loan on your mobile.
The digital lender has launched a range of residential mortgages for first-time-buyers, the self-employed, contractors and the retired.
You will first have to go through a broker who will then recommend 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 this year with two fixed saver accounts.
Mark Mullen, Atom’s CEO, 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. If the broker can offer their client an exceptional experience, they have a happy client and more time to spend on building their own business. This is genuinely a revolution in mortgage lending.”
Matt Sanders, Gocompare.com Money spokesperson, said: “With more people than ever choosing to manage their money digitally, app-only banks are a great way of driving competition in the retail banking sector. With the number of local branches already in decline, and Monzo, Starling and Tandem banks all set to launch digital-only products in the near future, it’s yet to be seen how high street banks plan to put the brakes on a potential digital exodus.
“While digital and app-only products are convenient, getting the deal that best suits your individual needs should be your first priority, so don’t be put off if the product isn’t fully manageable online.”
