"We’re continuing to assess the market in order to relaunch products to new customers when the time is right."
The Bank is offering two and five-year product transfers between 60% and 90% LTV. As a customer’s fixed period comes to an end, they will be able to contact their broker from home to arrange a transfer onto one of the new products.
Government guidelines suggest that buyers and sellers should wherever possible delay their moves until after the Covid-19 crisis. In the context of this guidance, Atom said it "does not believe that products should be on sale where there is not a reasonable chance of completing".
As a result, the Bank has decided not to reintroduce purchase and first-time buyer products until the "wider situation changes for the better".
David Castling, director of intermediary lending, said: “Given the current climate we’re making these changes to ensure that our existing customers have a simple range of no-fee product transfers available so they can take a new product from the comfort and safety of their own home.
“We’ve taken a phased approach in order to reintroduce mortgage products as soon as possible. We’re continuing to assess the market in order to relaunch products to new customers when the time is right.”
