Mortgages through your mobile

Posted by Ben Ryland in Banking on 8 December 2016 - Ben is a Senior Credit Analyst at checkmyfile.

Mobile bank provider Atom are launching the UK’s first mobile mortgage app. Applications for a mortgage often involve mountains of paperwork and Atom’s mortgage app is designed at reducing the volume of paperwork that applicants have to gather when applying for a mortgage.

Although applicants will still be referred to a mortgage broker to choose the mortgage offer, the application and ability to monitor the progress can all be done via the app. Any updates regarding the process can all be done through a mobile phone and when an offer is made for the mortgage it can be accepted via the app too.

Those looking to borrow with a deposit of 10% of the equity can apply for a two-year fixed rate mortgage at 1.99% with a £900 fee, or this can be at a rate of 2.48% without the £900 fee.

Atom launched in April, looking to target those who want to do even more of their banking online and are making it easier to do so through the app.

Although some UK consumers are still dubious towards this type of virtual banking, Atom do see the mortgages offered via the app as allowing borrowers who can traditionally struggle with the High Street banks in getting a mortgage – typically the self-employed or retired - with an alternative.

Mark Mullen, chief executive of Atom explained this saying, “Buying a home can be hugely exciting, but banks are playing with people’s dreams when they make the process so difficult. We want to change this – it should be a positive experience.

”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 see offering its customer’s mortgages via independent advisers as the best approach to this online process, rather than letting borrowers apply for a mortgage direct from the lender.

With the advances in technology and the appetite for consumers to get decisions quickly, the demand for mortgages via mobile apps could be very good news for Atom.

Check Your Multi-Agency Credit Report

30 Day Free Trial

Final PPI claim deadline pushed back even further

Let’s be honest, we almost all know someone who has claimed for PPI. You may have even done it yourself. If you aren’t aware of anyone you know claiming for PPI, you would still know of its existence, as the adverts for claims firms seem to populate every TV channel and radio station with advertising space.

Published on 4 Jan 2017 by Ben Tumilty

Full Article

Banks not going far enough to combat fraud

Banks have been warned that they must start to do more to tackle scams where people are tricked into transferring money to a fraudster’s account. The Payment Systems Regulator (PSR) has stated this in a response to a “super complaint” lodged by the consumer group Which? but the Regulator did stop short of suggesting that the banks should compensate customers who had lost out.

Published on 21 Dec 2016 by Erika Bone

Full Article

Lloyds Acquire MBNA in £1.9bn Deal

Signalling a return to strength and in the organisation’s first acquisition since the 2008 global financial crisis when they purchased HBOS, Lloyds Bank is to buy credit card firm MBNA from Bank of America in a £1.9bn deal.

Published on 20 Dec 2016 by Tom Magor

Full Article

Compensation Scheme Limit Increases Due to Financial Uncertainty

The compensation limit for consumers who would lose out financially in the event of their bank collapsing has been increased back up to £85,000, which is where it was in July 2015.

Published on 23 Nov 2016 by Kevin Pearce

Full Article

Further Job cuts and Branch closures at Lloyds

The Lloyds Banking Groups is set to cut a further 665 jobs and close a further 49 branches as part of its continuing drive to cut costs.

Published on 14 Nov 2016 by Neil Greenhill

Full Article

Payday Loan Industry Contracts as Watchdog Bites

In the wake of a crackdown from the Financial Conduct Authority (FCA), the payday lending industry has drastically contracted, represented by a near 70% reduction in overall lending. To draw upon Russell Hamblin-Boone of the Consumer Finance Association, a mere 1.8m short term loans were issued over the course of 2015, compared to 10m in 2012.

Published on 9 Nov 2016 by Tom Magor

Full Article

Bank of England indicates massive increase in inflation for 2017

The Bank of England has reassessed its 2017 inflation forecast in the wake of Brexit and increased its prediction to triple the current rate of inflation. The UK’s central bank now expects the rate of inflation to reach 2.7% next year, whereas the current level stands at 1%.

Published on 7 Nov 2016 by Neil Greenhill

Full Article

Bank of England governor will extend stay until June 2019

Mark Carney will extend his tenure as the Bank of England Governor until June 2019, in order to guide the country through the Brexit negotiations.

Published on 1 Nov 2016 by Simon Hadley

Full Article

Digital only banks attract scepticism from UK consumers

Earlier this year, Atom became the first UK bank to operate solely through a mobile app. Based in Durham, it has only 30 staff and unlike much larger banks it has no branches or call centres – communication is conducted with its customers securely through a mobile app.

Published on 19 Oct 2016 by Tom Blandford

Full Article

You’ve been awarded compensation…but now pay it back

Just when you thought it was over…it could be coming back with a vengeance.

Published on 14 Oct 2016 by Ben Ryland

Full Article
keyboard_arrow_left

keyboard_arrow_right

We have loads of great customer reviews