New digital buy-to-let range for portfolio landlords launched by Atom Bank
Digital Mortgages by Atom Bank are piloting its new buy-to-let product range, exclusively through select intermediaries.
Atom’s foray into the buy-to-let market is being piloted with select intermediaries before it is rolled out to a wider audience. Director of Intermediary Lending Maria Harris has said that Atom want to transform the market and make “mortgages easy and transparent to buy” and offer “landlords a great all-round deal”.
Buy-to-let is the latest development from Digital Mortgages by Atom Bank since first launching its business banking secured lending in April 2016, and their residential mortgages in December 2016. The Durham-based bank’s move reflects a shift in the industry towards digital; homebuyers are pushing the conveyancing sector for technology that will offer improved access to information, and the adoption of DigiDocs by RBS may help make mortgage applications quicker and easier to complete.
More choice for remortgaging portfolio landlords
Atom is starting with a two and five-year BTL tracker remortgage products for portfolio landlords (between four and 25 properties), and although the range doesn’t yet include fixed rate products, they are already working on extending the range to include them.
Available at up to 75% loan to value (LTV) the two-year product is available at 3.70% (tracking at 2.95% above the base rate) and the five-year product at 3.80% (tracking at 3.05% above the base rate). Both products have a 1% fee and a 25-year maximum loan term.
Automated valuations speed up the process
The exclusive pilot is allowing real-time improvements to be made before the range is rolled out.
According to Atom selected brokers and their customers will also have access to no Early Repayment Charges. Plus, to speed up the mortgage application process and keep costs down automated valuations will be used wherever possible.
Intermediaries on the select panel include Aspire Commercial Finance, Crystal Mortgages, Newsource Commercial Finance, Mantra Capital, Mortgage & Finance Arena and Platinum Money.
The post New digital buy-to-let range for portfolio landlords launched by Atom Bank appeared first on BuyAssociation.