Atom bank has announced that it is entering the BTL mortgage market with an exclusive intermediary pilot.
The range will initially include two- and five-year tracker portfolio BTL remortgage products for landlords who have between four and 25 properties in their portfolio.
The two-year tracker will have a 75% LTV remortgage at 3.70%, while the five-year option will have a 75% LTV remortgage at 3.80%.
Products will have a max loan term of 25 years, while selected brokers and their customers will have access to no early repayment charges.
Atom’s select panel of intermediaries includes: Mantra Capital, Aspire Commercial Finance t/a SWBF, Platinum Money, Newsource Commercial Finance, Mortgage & Finance Arena and Crystal Specialist Finance.
The specialist bank will also use automated valuations wherever possible to speed up the process and keep costs low.
Maria Harris, director of intermediary lending at Atom bank (pictured above), said: “We are delighted to announce our launch into the portfolio buy-to-let market.
“As our mortgage proposition grows, we want to transform this market, making mortgages easy and transparent to buy and offering landlords a great all-round deal.
“The initial pilot with a select number of intermediaries will help us make real-time improvements before we roll-out to a wider audience.
“We’re also already working on extending the range to include fixed rate products.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Is there a lack of understanding around e-money institution protection?
There’s an opportunity to improve the understanding and knowledge of financial protection offered by e-money institutions, according to Myles Stephenson, CEO at Modulr (pictured above)...
OakNorth Analytical Intelligence bolsters leadership team
Global fintech platform OakNorth Analytical Intelligence has hired Nikolai Varma and Rikard af Ekenstam to strengthen its leadership team...
Deutsche Bank and Commerzbank confirm merger talks
Deutsche Bank and Commerzbank have confirmed that they are engaging in discussions with an open outcome on a potential merger...
UTB expands mortgage team with new operations manager
United Trust Bank (UTB) has appointed Avison Warren (pictured above) as its mortgage operations manager...
Masthaven names new BDM for the Midlands
Masthaven has announced the appointment of Jez Quinn (pictured above) as business development manager for the Midlands...
Are incumbent banks 'cannibalising' their own business with spin-offs?
The incumbent banks’ digital-only spin-offs are “cannibalising” their own business, claims Julian Sawyer, chief operating officer at Starling Bank...
Hexigone Inhibitors secures investment from Development Bank of Wales
Hexigone Inhibitors has secured investment to help develop its new approach to tackling corrosion...
N26 appoints Will Sorby to lead expansion into UK market
N26 has appointed Will Sorby (pictured above) as its UK general manager...
Charter Court and OSB agree terms of merger
The boards of OneSavings Bank PLC (OSB) and Charter Court Financial Services Group PLC have reached an agreement on the terms of a recommended all-share combination...
FCA chair: We 'mustn’t forget' that others will need access to cash or bank branches
In a speech at the Retail Banking Conference in London, Charles Randell, chair at the FCA (pictured above), addressed the topics of bank branch closures, the reduction in the use of cash and the online banking trend...
The key points from the Spring Statement 2019
Chancellor of the exchequer Philip Hammond has discussed the state of the UK economy and government plans in today’s Spring Statement (13th March)...