The neo-bank has expanded the range of products available through its Digital Mortgage platform.
Digital banking app Atom has launched first-time buyer products on its standalone Digital Mortgages platform.
The new loans will offer first-time home-buyers £500 cashback, along with a free valuation and no product fee. The newly-launched range will be available for mortgages between 80-95 per cent loan-to-value (LTV). The range consists of two, three and five-year fixed rates mortgages, with rates starting at 2.24 per cent.
The platform has also extended its existing range by adding 95 per cent LTV products for its purchase and remortgage products.
Furthermore, Atom has removed the £300,000 limit on first-time buyer applications and increased its maximum mortgage term from 35 to 40 years – changes meant to increase its flexibility and in line with broker feedback.
“It’s great news that we’re expanding our mortgage range, offering our mortgages to a wider range of customers. These deals will be attractive to first-time buyers who want to get onto the property ladder – it’s hard enough to find the money for your first home and we know that taking away fees and giving cash-back helps,” said Maria Harris, director of intermediary lending at Atom.
Atom launched in 2016 after receiving its banking licence the previous year. The bank blends fixed savings accounts and secured business lending with a cutting-edge mobile interface. It has raised close to £400m in equity funding to date, including a £149m round earlier this year, and has lent around £1.2bn.
Now in its sixth year, the AltFi London Summit returns on 18th March 2019 to 155 Bishopsgate. Last year proved to be a crucial turning point for the key players building the future of finance. Leading platforms launched oversubscribed IPOs, digital banks proliferated and mainstream financial institutions started their own disruptive propositions. With 2019 certain to be another landmark year, more questions will be asked by regulators with investor interest in disruption also poised for more rapid growth.