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Warm welcome for Atom Bank's focus on brokers

Mortgage brokers have welcomed new technology-driven lender Atom Bank's intermediary-driven approach to mortgage lending.

The Durham-based bank is set to launch residential and buy-to-let products exclusively through intermediaries and has promised a competitive retention procuration fee strategy.

It says it will pay the same level of procuration fee for product transfers and further advances as it will for new business.


Atom intends to target a range of specialist markets including new-build, shared ownership, contractors and the self-employed.

It will also offer lending into retirement options under its intermediary brand, Digital Mortgages by Atom Bank.

Pete Mugleston, director of introducers Online Mortgage Advisor, welcomed Atom’s focus on the intermediary sector. “With such a fundamental shift in lending from direct to intermediary channels since MMR, there is a growing need for lenders to cater for a wider range of products and offer better service. 

“The fact Atom won’t be dual pricing and will be offering payment on product transfers and further advances is great to hear, as so many of the high street expect brokers to provide this service free of charge.”

Mugleston said there is demand for more competition in the shared ownership and self-employed sectors of the market.

“I’ll await the release of their criteria guidelines with anticipation as it may well be that they’ll cater for a fair few of our customers who are currently unable to get what they need.

“Lending into retirement is also a hot topic at the moment as borrowers continue to taking loans into later life and prefer to avoid equity release where they can.”


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