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  • FIRST POST
    • MSE Luke
    • By MSE Luke 11th Apr 17, 8:34 PM
    • 233Posts
    • 54Thanks
    MSE Luke
    MSE News: New 1.29% five-year mortgage fix lowest-ever 'by a mile' - but you'll...
    • #1
    • 11th Apr 17, 8:34 PM
    MSE News: New 1.29% five-year mortgage fix lowest-ever 'by a mile' - but you'll... 11th Apr 17 at 8:34 PM
    App-based bank Atom is to offer a raft of "stunning" five-year fixed-rate mortgages this week...
    Read the full story:
    'New 1.29% five-year mortgage fix lowest-ever 'by a mile' - but you'll have to be quick'

    Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
Page 2
    • mrmajika
    • By mrmajika 12th Apr 17, 2:40 PM
    • 872 Posts
    • 523 Thanks
    mrmajika
    Who are those selected brokers? As no list had been revealed yet.
    I am still waiting:
    We'll get that list out to you as soon as we can, please keep an eye on your inbox over the next 24 hours or so.
    That was 17 hours ago.......
    Originally posted by vkharch
    Hi

    Thanks for showing an interest in Atom bank mortgages. You’ve got great taste!

    Whether you’ve just discovered your dream pad, or you’re remortgaging your current home, we’re chuffed that you’re thinking of us on your journey.

    So, click here to download your list of brokers and get started.

    LINK>>>http://www.atombank.co.uk/~/media/atom/downloads/atom_mortgage_broker_list.pdf

    Get in contact with your chosen broker to discuss the best mortgage for you and your abode. If we’re the right pick for you, we’ll be ready and waiting on the other side of the app.

    Hope to hear from you soon,

    Charlotte

    Atom Customer Support
    Whilst my posts do not constitute financial advice, I am always, without fail, 100% right!
    • dprice
    • By dprice 12th Apr 17, 5:11 PM
    • 54 Posts
    • 11 Thanks
    dprice
    Does this Atom deal show up in the mortgage best buys, as it doesn't appear to come up when I search?
    • inner_grace
    • By inner_grace 12th Apr 17, 5:31 PM
    • 33 Posts
    • 7 Thanks
    inner_grace
    Not a good mortgage lender for families in my opinion. It doesn't take child tax credits or child benefit into account and only half of child maintenance payments are used in the calculation. Someone else has posted on here saying they only use income ratio of 3.3 so Good Luck to many even getting a mortgage offer from them with current house prices. When something sounds too good to be true it usually is.
    They can only be contacted via digital services. I'd be extremely concerned of using a company that's only been around for a year for such an important purchase. Isn't worth the risk of bad customer service and then house purchase falling through! Might be a company for those remortgaging to consider though if they can run the
    risk of being turned down.
    • Rich2808
    • By Rich2808 12th Apr 17, 6:50 PM
    • 478 Posts
    • 385 Thanks
    Rich2808
    Not a good mortgage lender for families in my opinion. It doesn't take child tax credits or child benefit into account and only half of child maintenance payments are used in the calculation. Someone else has posted on here saying they only use income ratio of 3.3 so Good Luck to many even getting a mortgage offer from them with current house prices. When something sounds too good to be true it usually is.
    They can only be contacted via digital services. I'd be extremely concerned of using a company that's only been around for a year for such an important purchase. Isn't worth the risk of bad customer service and then house purchase falling through! Might be a company for those remortgaging to consider though if they can run the
    risk of being turned down.
    Originally posted by inner_grace
    Their lending criteria is here

    http://residential.digitalmortgages.net/lending-criteria

    They claim to offer mortgages at up to 4.5 times single and joint salary. First time buyers can only borrow up to £300,000 - which may be a bit limiting in London.
    • gwapenut
    • By gwapenut 13th Apr 17, 11:43 AM
    • 908 Posts
    • 375 Thanks
    gwapenut
    What are the other fees for remortgaging - in their table of charges, there is reference to legal fees and valuation fees too, both of which vary according to property value.

    It seemed to me that the £900 fee could easily double once legal and valuation fees are added in.
    • Pincher
    • By Pincher 13th Apr 17, 3:33 PM
    • 6,516 Posts
    • 2,491 Thanks
    Pincher
    Is the website broken?

    I always end up here:

    http://www.atombank.co.uk/sitecore/service/notfound.aspx

    No broker list.
    Last edited by Pincher; 14-04-2017 at 9:44 AM.
    • kingstreet
    • By kingstreet 13th Apr 17, 4:34 PM
    • 31,948 Posts
    • 17,075 Thanks
    kingstreet
    What are the other fees for remortgaging - in their table of charges, there is reference to legal fees and valuation fees too, both of which vary according to property value.

    It seemed to me that the £900 fee could easily double once legal and valuation fees are added in.
    Originally posted by gwapenut
    Looking at this on Mortgage Brain, there is no valuation fee and free legals are offered on remortgages.

    For smaller mortgages, the fee-free option is still competetive at 1.64% to 60% LTV and 1.74% to 75% LTV.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • Pincher
    • By Pincher 14th Apr 17, 9:56 AM
    • 6,516 Posts
    • 2,491 Thanks
    Pincher
    Four St James Place entries
    Seems to be working now.

    https://www.atombank.co.uk/atom-bank-mortgages

    Click "Find a Broker"


    On page 1

    Mortgage Broker List For Customers 13.04.2017

    Hmm, so was there a different list earlier?



    This list feels wrong. It looks like they announced the mortgage, and anybody who signed on by 13th April online got included. So, keep the list from 13th April, compared with another one next week, and see what happens.

    For London, there are FOUR St. James Place entries, all with WC2B 6UJ post code. The e-mail addresses all end in @sjpp.co.uk .
    Hilariously, three out of the four do not include telephone numbers, only e-mail. So, they don't want to be inundated by mobile phone addicts who waste their time by calling them to "inquire".

    Poor A*** S******n, who listed his number 0207 744 nnnn. His phone number won't stop ringing for a while now. Even after the funds are allocated, he will still get calls from stragglers, who don't know it's withdrawn.

    "Further information about the brokers in this list can be found at register.fca.org.uk"

    So, no vetting has happened, and if you hand over a fee, without checking a broker is legitimate, on the FCA website, good luck. In the case of the St. James Place "partners", there is no company to check at all, just a name!
    Last edited by Pincher; 14-04-2017 at 10:50 AM.
    • satchef1
    • By satchef1 14th Apr 17, 12:13 PM
    • 90 Posts
    • 46 Thanks
    satchef1
    When something sounds too good to be true it usually is.
    Originally posted by inner_grace
    These rates aren't too good to be true. They're just too good for you; you don't meet the (entirely reasonable) criteria. Is it not standard practice in the mortgage industry that rate and risk are closely linked? Atom are simply touting for very low risk customers with these deals, a reasonable position given they're the best available.
    • strawberries1
    • By strawberries1 16th Apr 17, 7:50 PM
    • 608 Posts
    • 135 Thanks
    strawberries1
    It appears they select solicitors for the transaction instead of allowing applicants choose from their very limited panel.
    I wonder if this won't be a misselling issue in time to come.
    • Thrugelmir
    • By Thrugelmir 16th Apr 17, 9:03 PM
    • 55,244 Posts
    • 48,494 Thanks
    Thrugelmir
    It appears they select solicitors for the transaction instead of allowing applicants choose from their very limited panel.
    I wonder if this won't be a misselling issue in time to come.
    Originally posted by strawberries1
    On what grounds? Solicitors themselves are highly regulated.
    “ “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” Sir John Marks Templeton
    • strawberries1
    • By strawberries1 17th Apr 17, 12:57 AM
    • 608 Posts
    • 135 Thanks
    strawberries1
    On what grounds? Solicitors themselves are highly regulated.
    Originally posted by Thrugelmir
    Everyone has a right to choose their legal representative.
    • getmore4less
    • By getmore4less 17th Apr 17, 8:19 AM
    • 29,816 Posts
    • 17,821 Thanks
    getmore4less
    Everyone has a right to choose their legal representative.
    Originally posted by strawberries1
    The lender also has the right to choose whoever they want

    You can still use your own solicitor.


    It is a concession by lenders to allow the borrowers solicitor to act for them as well.
    • Pincher
    • By Pincher 17th Apr 17, 9:12 AM
    • 6,516 Posts
    • 2,491 Thanks
    Pincher
    National Counties wanted me to throw my parents out, when I bought their house, as a condition of the mortgage. You really should have a solicitor acting for YOU.
    • botchjob
    • By botchjob 17th Apr 17, 8:23 PM
    • 254 Posts
    • 425 Thanks
    botchjob
    This couldn't have been announced at a better time for me!

    On Thursday morning we signed the paperwork to remortgage with HSBC with a 5 year fix at 1.94%. Fortunately I saw the Atom announcement (via MSE weekly email - thank you!) before I put the envelope in the postbox.

    After a couple of hours of phone calls with London Country, I ended the day with the 1.29% rate confirmed.

    The saving on the HSBC rate, after the £900 fee, is £3.5k.

    Mortgages don't tend to be very exciting but £3.5k will help pay for a family holiday that is.
    Last edited by botchjob; 17-04-2017 at 8:25 PM.
    • strawberries1
    • By strawberries1 18th Apr 17, 10:06 AM
    • 608 Posts
    • 135 Thanks
    strawberries1
    The lender also has the right to choose whoever they want

    You can still use your own solicitor.


    It is a concession by lenders to allow the borrowers solicitor to act for them as well.
    Originally posted by getmore4less
    Yes, that's usually the case but the notification says "We'll contact you with details of your conveyancer"

    I just hope their fees are not exorbitant. I'd already instructed solicitors with excellent reviews and at a good price but have to pay them for their costs incurred so far.
    • boonkoh
    • By boonkoh 18th Apr 17, 3:03 PM
    • 49 Posts
    • 68 Thanks
    boonkoh
    FWIW here are my two cents, having explored Atom Bank's mortgage so far:

    1 - they seem to have way too many applications, according to my broker and another broker I have spoken to. Naturally, as the rate is very good. I have also spoken to Atom Bank directly, and was told that they were moving more staff to mortgage processing, due to the extra volumes. All this makes me think that it might take a long time to get a mortgage with them due to the backlog.

    2 - you have to use their conveyancer. Not much of an issue if remortgaging, but definitely an issue if purchasing. Also you can't bargain on the fees since you have no choice. They only have 3 firms they have approved, so given the huge volume of applications, I also expect the solicitors to be overstretched and delay the process. Not good.

    3 - their lending criteria looks quite strict, so make sure you read through their FAQs on the Digital Mortgages website before spending too much effort down the rabbit hole

    4 - it is a "limited time offer", which means that anytime before you have been given the offer and pay the arrangement fee (£900), they can pull the offer. I'm also not sure if they can pull the offer after you pay the arrangement fee - haven't gotten an answer on that yet from my broker, who is checking. Judging by how popular this mortgage is, I think there's a high risk the rate will be increased in the next few weeks.
    • Pincher
    • By Pincher 18th Apr 17, 6:40 PM
    • 6,516 Posts
    • 2,491 Thanks
    Pincher
    Judging by how popular this mortgage is, I think there's a high risk the rate will be increased in the next few weeks.
    Originally posted by boonkoh
    Hmm, I suppose they don't care if you are stuck in the queue for a month, and then send you an e-mail like:

    "Sorry about the wait, but all the money has been allocated. However, we have put you on our waiting list, in case some deals fall through. Just think of us as the United Airlines of mortgages."
    • kingstreet
    • By kingstreet 19th Apr 17, 2:01 PM
    • 31,948 Posts
    • 17,075 Thanks
    kingstreet
    The 60% five year fix is withdrawn at midnight tonight.

    Get yer apps in quick folks.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • strawberries1
    • By strawberries1 20th Apr 17, 5:01 PM
    • 608 Posts
    • 135 Thanks
    strawberries1
    The 60% five year fix is withdrawn at midnight tonight.

    Get yer apps in quick folks.
    Originally posted by kingstreet
    I saw the MSE article and asked my broker.
    She said this;


    "When we submit your application, the lender agrees to hold that rate for you for a period of time. As long as we progress to the offer stage within the time period, the rate will be secured, even if it is removed from the market. As of yet, Digital Mortgages have not set a deadline that applications need to be approved by to secure the rate"
    I've received a text from Atom today that they've received my valuation report.
    I hope it goes ahead.
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