UK challenger bank Atom has unveiled its residential mortgage offering, with customers able to monitor the whole approval process though a mobile app.

The new range of products includes mortgages for shared ownership, first-time buyers and people who are self-employed or contractors, with buy-to-let mortgages set to be added soon.

The lending will be conducted via independent mortgage advisers who will recommend a particular Atom mortgage. Customers can them track their Decision in Principle and application progress through the Atom app, which will also store all the key documentation. Updates and communications will be fed through the mobile app, where customers can also digitally accept their final mortgage offer.

The bank added that its automated systems meant that customers could see updates to their mortgage application in real time, making Atom the only mortgage lender to provide such a service instantly and directly via an app.

Maria Harris, Atom’s director of retail mortgages, said: “Our mortgages are designed to be easy to understand, with fair and transparent fees and no charges where there isn’t a true cost. We make sure our customers are updated in real time directly via their app. We are also keen to make the process of buying a house quick and painless, in some cases mortgage offers can be made on the same day.”

Atom’s CEO Mark Mullen, added: “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. This is genuinely a revolution in mortgage lending.”

Atom obtained its banking licence in June 2015 and launched in April this year with fixed saver accounts and an SME lending offering. The mobile-first bank said that it would be adding further products in 2017, including current accounts, debit cards, overdrafts and instant access savings, all of which will be managed via the Atom app.

Share Story: