Atom Bank is a mortgage lender that you can only access through a smartphone app. It became the UK’s first smartphone-based bank when it launched in April 2016.
The bank prides itself on simplicity and passes on the savings from having no branches to its customers. This leads to ultra-competitive mortgage rates.
In order to access Atom Bank mortgages, each applicant has to own a compatible smartphone. You’ll monitor the application process and conduct customer service queries through the Atom Bank app.
The bank aims to take the stress out of applying for a mortgage through this streamlined application process.
Overall representative example If you borrow £178,000 mortgage over 25 years initially at 4.49% fixed for 60 months reverting to 7.99% variable for term. 60 monthly payments of £988.37 and 240 monthly payments of £1306.89. Total amount payable £373,335.80 includes loan amount, interest of £194,956, valuation fees of £0 and product fees of £0. The overall cost for comparison is 6.7% APRC representative.
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Lender profile
Atom Bank provides all its services through a smartphone app. It has no branches.
The bank launched in 2016, becoming one of the first app-only lenders.
It offers savings accounts, business loans as well as a range of mortgages.
What types of mortgages does Atom Bank provide?
Fixed rate. Atom Bank currently offers fixed-rate mortgages with two-, three- or five-year terms. You can get one of these mortgages with a deposit as small as 5% of your property value. However, the bigger your deposit, the better the rate you’ll be able to access. Some mortgages come with a product fee, which you can choose to pay upfront or add to your balance.
Remortgage. There are fixed-rate deals aimed specifically at those looking to remortgage. These also come with two-, three- or five-year terms and a potential product fee.
Cashback. Some products offer cashback upon a successful mortgage application. While this can be a useful bonus, it’s still important to compare the overall cost of the mortgage during your initial fixed-rate period.
How do I apply for an Atom Bank mortgage?
The first step to applying for an Atom Bank mortgage is to speak to one of its independent brokers. These brokers are regulated by the Financial Conduct Authority and will only recommend an Atom Bank mortgage if it’s suitable for your needs. There is a list of brokers that work with Atom Bank, including their contact details, on the lender’s website.
If you’re happy with the mortgage recommended to you, the broker will pass your application onto Atom Bank. You can monitor the progress of your application within the Atom Bank app. All further communications about your application will take place via the app too.
The app is available on the newest versions of iOS and Android.
How can I contact Atom Bank?
Atom Bank encourages you to conduct all customer service queries via its smartphone app. However, it also provides an email address (info@atombank.co.uk) and a phone number (0333 399 050) for you to get in touch. Customer service is available 24 hours a day.
Eligibility criteria
To be recommended and approved for an Atom Bank mortgage, you’ll have to meet the following criteria:
You have been a UK resident for at least 12 months
You are aged 18 or over
The mortgage is for a residential property that you’ll use as your primary residence
The property is located in the UK
You’ve had no defaults or county court judgements in the last six months
You’ve had no bankruptcies, individual voluntary arrangements, debt management plans or repossessions in the past six years
Frequently asked questions
Customers can make overpayments on all mortgages. However, they may face an early repayment charge if they overpay above a maximum percentage of the mortgage balance each year. The exact percentage is product-specific.
It varies, but you’ll receive a notification on your app as soon as a decision is made.
No, Atom Bank doesn’t currently offer payment holidays.
Yes, the minimum amount offered by Atom Bank for Buy to Let properties is £50,000, while for residential properties this figure is £25,001.
Pretty secure! Atom never stores your data on the app, and any data that is kept on their servers is encrypted and stored securely. The app uses biometrics rather than passwords, meaning that you use your face and voice to access your account. It also uses a passcode.
You must be at least 18 years old to open an account.
No, you have to be a UK resident to open an account with Atom Bank. If you’re planning on living overseas temporarily, you’ll need to inform Atom Bank. If you’re living abroad for 3 years or longer, you’ll have to close your account.
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Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife.
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