Wednesday 7 December 2016

Atom Bank Starts Mortgage Lending

Atom Bank

Digital-only challenger bank Atom has started to offer residential mortgages, in the latest attempt by Britain’s first smartphone-based lender to take on the high street banking giants.

Atom, which is backed by investors including famous fund manager Neil Woodford and Spanish bank BBVA, has launched a range of loan products through independent mortgage advisers, including for self-employed borrowers, first-time buyers, new-builds and shared ownership. It also plans to start offering buy-to-let mortgages soon.

By pushing into the mortgage market, Atom is opening another front against the Big Five banks - Barclays, HSBC, Lloyds, Royal Bank of Scotland and Santander UK - that currently dominate the industry. It is one of a host of so-called challenger banks, which include Virgin Money and Clydesdale, that are trying to take customers from big high street rivals.

The app-based lender launched in April with a savings account offering, having secured its banking licence last year.



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