UK challenger Atom Bank has achieved two substantial milestones after it exceeded £3bn of residential mortgage completion and reached £1bn in Instant Saver account deposits.
According to Atom, the bank has provided 21,700 mortgage offers worth £3.97bn since 2016 and has now helped 16,400 households complete on new mortgages at a total value of £3bn.
The company claims it is achieving ‘strong and profitable mortgage portfolio growth’ and is providing more people with the opportunity to become homeowners.
Atom also highlighted that reaching £1bn in Instant Saver balances is a ‘key moment of truth’ for both Atom’s new tech platform and its decision to compete in instant access savings alongside its long-standing and award-winning fixed-rate products.
Atom CCO Edward Twiddy said, “These milestones are significant achievements for Atom. We are here to solve two key questions for customers – where should I save to get a proper return on my savings, and where can I get a well-priced mortgage that I can manage on my terms. We don’t carry excess costs in our business and so in a price lead market we can pay our savers more and charge our borrowers less; that has to be better for everyone, and the progress we continue to make suggests that we are getting a lot right.
“Alongside our rapidly growing commercial mortgage lending and our partnership with Funding Circle, the continued growth of our mortgage book means that Atom is very well set commercially. A sustainable business relies on being commercially strong as well as playing its role in the wider community; we will continue to do both as we set our sails towards an IPO, which we anticipate taking place in the next two years.”
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