Digital challenger Atom Bank starts mortgage lending

Link: http://www.telegraph.co.uk/business/2016/12/06/digital-challenger-atom-bank-starts-mortgage-lending/

Date: Tuesday 6, December 2016.

Media: The Telegraph

• What happened?

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 Bank, 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.

• Whom and where it affects?

This innovation not only affects to the customers of Atom Bank, but also to new people interested in making investments.

• What sort of public ir private institutions are involved?

This news affects to a serie of public and private institutions, among them we can highlight: the famous fund manager Neil Woodford and the spanish bank BBVA.

Atom Bank wants to generate greater competition against the most important banks of this industry as Barclays, HSBC, Lloyds, Royal Bank of Scotland and Santander UK; through the offer of products and services more attractive to the customers. 

• Why is it important for Banking and Finance?

This new application affects positively the economy of this bank, generating greater offers and sales of mortgage loans increasing, therefore, the competition amog its rivals.

Atom Bank has been a bank created with a vision of the future totally different to the rest. Through your application allows you to obtain a loan to finance your home the same day.

• What do you think will be the consequences in the foreseeable future?

Atom Bank is a good choice for people interested in making future investments. It offers a new banking vision, allowing customers to make numerous money transactions through its application. Those operations that we find complex, such as a mortgage, make them simple operations.

This bank has broken the schemes that have existed until now, offering a new vision of finance.

Key words: Atom bank, mortgage, loan, application, BBVA.