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  • FIRST POST
    • boonkoh
    • By boonkoh 26th Apr 17, 7:43 PM
    • 49Posts
    • 68Thanks
    boonkoh
    Atom Bank Mortgage Thread
    • #1
    • 26th Apr 17, 7:43 PM
    Atom Bank Mortgage Thread 26th Apr 17 at 7:43 PM
    As this is MSE, I'm sure there were loads of people who caught on to the amazing 1.29% 5-year deal offered by Atom Bank two weeks ago!

    I was one of them, and currently halfway (ish) through the process. I thought I would start this thread as a watering hole for other people in the process of an Atom Bank mortgage!

    My timeline:
    13 Apr - application created by Habito (broker)
    19 Apr - conveyancer allocated
    21 Apr - DIP received
    26 Apr - still waiting for document checks to be completed and valuation surveyor to be assigned by Atom

    What I find a bit frustrating about the process so far is not being able to speak to someone at Atom directly, and also that over the two weeks they have asked for more documents in drips and drabs via my broker.

    What is everyone else's experience so far?
Page 1
    • Thrugelmir
    • By Thrugelmir 26th Apr 17, 8:51 PM
    • 53,810 Posts
    • 46,603 Thanks
    Thrugelmir
    • #2
    • 26th Apr 17, 8:51 PM
    • #2
    • 26th Apr 17, 8:51 PM
    What I find a bit frustrating about the process so far is not being able to speak to someone at Atom directly, and also that over the two weeks they have asked for more documents in drips and drabs via my broker.
    Originally posted by boonkoh
    Dealing through the broker is their business model. To offer cheap rates they need to optimise their internal structure to reduce overheads (i.e. staffing levels).
    “ “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
    • dudhai
    • By dudhai 27th Apr 17, 10:09 AM
    • 4 Posts
    • 3 Thanks
    dudhai
    • #3
    • 27th Apr 17, 10:09 AM
    Timeline
    • #3
    • 27th Apr 17, 10:09 AM
    My timeline:
    16 Apr - application created
    16 Apr - conveyancer allocated
    16 Apr - DIP received
    20 Apr - conveyancing company called to book valuation
    25 Apr - valuation. Atom notified of report being submitted by the conveyancer.
    25 Apr - broker asked for couple of extra documents
    27 Apr - still waiting for the next event
    • boonkoh
    • By boonkoh 27th Apr 17, 2:46 PM
    • 49 Posts
    • 68 Thanks
    boonkoh
    • #4
    • 27th Apr 17, 2:46 PM
    • #4
    • 27th Apr 17, 2:46 PM
    My timeline:
    16 Apr - application created
    16 Apr - conveyancer allocated
    16 Apr - DIP received
    20 Apr - conveyancing company called to book valuation
    25 Apr - valuation. Atom notified of report being submitted by the conveyancer.
    25 Apr - broker asked for couple of extra documents
    27 Apr - still waiting for the next event
    Originally posted by dudhai
    Interesting, I haven't gotten my call yet to book in my valuation.

    Was it Legal & General by any chance that handled your valuation appointment? I'm thinking of being proactive and calling them to get it booked in...
    • dudhai
    • By dudhai 27th Apr 17, 3:27 PM
    • 4 Posts
    • 3 Thanks
    dudhai
    • #5
    • 27th Apr 17, 3:27 PM
    • #5
    • 27th Apr 17, 3:27 PM
    Yes, Legal & General.
    • kingstreet
    • By kingstreet 27th Apr 17, 4:44 PM
    • 31,461 Posts
    • 16,813 Thanks
    kingstreet
    • #6
    • 27th Apr 17, 4:44 PM
    • #6
    • 27th Apr 17, 4:44 PM
    I'm just waiting for the first "but I don't have a smart phone" post.
    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.
    • minimike2
    • By minimike2 27th Apr 17, 7:33 PM
    • 1,882 Posts
    • 1,391 Thanks
    minimike2
    • #7
    • 27th Apr 17, 7:33 PM
    • #7
    • 27th Apr 17, 7:33 PM
    Why would you want to contact the lender when a broker is dealing with your application?
    I am a mortgage industry professional. 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
    • boonkoh
    • By boonkoh 2nd May 17, 5:35 PM
    • 49 Posts
    • 68 Thanks
    boonkoh
    • #8
    • 2nd May 17, 5:35 PM
    • #8
    • 2nd May 17, 5:35 PM
    I just had a very interesting call with my broker.

    They were updated by Atom that the valuation has been completed - but no-one had contacted me to arrange access to the property, and no-one contacted the agent either!

    My broker said its not unusual for there to sometimes be just a "desktop valuation" done. FYI the property I'm buying was built just 10 years ago.

    Has anyone else who applied for an Atom mortgage had this too? No visit, just a "desktop valuation"?
    • dudhai
    • By dudhai 3rd May 17, 6:04 AM
    • 4 Posts
    • 3 Thanks
    dudhai
    • #9
    • 3rd May 17, 6:04 AM
    • #9
    • 3rd May 17, 6:04 AM
    My timeline:
    16 Apr - application created
    16 Apr - conveyancer allocated
    16 Apr - DIP received
    20 Apr - conveyancing company called to book valuation
    25 Apr - valuation. Atom notified of report being submitted by the conveyancer.
    25 Apr - broker asked for couple of extra documents
    27 Apr - forms (questionnaire, identification and mortgage deed) received from solicitor
    2 May - solicitor received the filled forms
    [Edit]
    3 May - LMS Track My Case shows Completed for Questionnaire, Deed and Identification
    [Edit]
    3 May - Text message from Atom notifying about valuation report available in their app
    Last edited by dudhai; 03-05-2017 at 3:49 PM. Reason: Update
    • senukas
    • By senukas 4th May 17, 4:23 PM
    • 26 Posts
    • 6 Thanks
    senukas
    My timeline:
    14 Apr - spoke to broker and sent required documents
    15 Apr - application submitted
    15 Apr - DIP received
    16 Apr - conveyancer and valuation allocated
    18 Apr - valuation booked
    20 Apr - Atom assessed and approved our paperwork
    21 Apr - valuation guy came over
    25 Apr - Atom notified us that valuation report is submitted
    3 May - Atom notified that valuation report is approved and available to view in Vault
    3 May - Mortgage offer made (and naturally accepted )

    Still no contact from conveyancer though.

    Hello boonkoh
    • dudhai
    • By dudhai 5th May 17, 11:37 AM
    • 4 Posts
    • 3 Thanks
    dudhai
    My timeline:
    16 Apr - application created
    16 Apr - conveyancer allocated
    16 Apr - DIP received
    20 Apr - conveyancing company called to book valuation
    25 Apr - valuation. Atom notified of report being submitted by the conveyancer.
    25 Apr - broker asked for couple of extra documents
    27 Apr - forms (questionnaire, identification and mortgage deed) received from solicitor
    2 May - solicitor received the filled forms
    3 May - LMS Track My Case shows Completed for Questionnaire, Deed and Identification
    3 May - Text message from Atom notifying about valuation report available in their app
    5 May - Mortgage offer made
    • humadoon
    • By humadoon 13th May 17, 10:48 AM
    • 113 Posts
    • 12 Thanks
    humadoon
    Hope it will be quick
    Last edited by humadoon; 14-05-2017 at 3:09 PM. Reason: tt
    • boonkoh
    • By boonkoh 18th May 17, 1:04 PM
    • 49 Posts
    • 68 Thanks
    boonkoh
    Anyone else having issues with Atom bank not progressing quickly or giving misleading information?

    Just been told by my broker yesterday that Atom Bank had verbally confirmed they were issuing an offer - only to be told this morning they discovered a "system error" and no offer is forthcoming - I have to go back to valuation stage!

    Really upset and not quite sure what to do in such a bizarre situation. Looking to see if my broker can get a resolution, but interested to know if mine is a one-off or there are others out there.
    • Money_Muppet
    • By Money_Muppet 18th May 17, 2:41 PM
    • 94 Posts
    • 461 Thanks
    Money_Muppet
    Anyone else having issues with Atom bank not progressing quickly
    Originally posted by boonkoh
    We applied and got DIP on 27th April. Our valuation took place yesterday. As of yet we haven't heard a peep from the conveyancer.

    I'm getting a bit concerned that this is going to take a long time. I'm paying £7500 to get out of a long fix, but that could drop to £6500 in November. I'm not sure how long my offer would be valid for when it's made, but there will be a point where it'll be in my interest to wait. I've already spoke to my broker about it, and I think unless it moves very quickly from here on in, I'll be rising a complaint on completion.
    August 2014; £23,507.81
    November 2016; £0
    100% Paid
    Target; Debt Free by Christmas 2015 2016 #75

    • Creashor
    • By Creashor 23rd May 17, 1:09 PM
    • 5 Posts
    • 2 Thanks
    Creashor
    My valuation was two weeks ago. Not heard a peep, other than confirmation that Atom had received the valuation.

    I suspect they're struggling under the deluge their rates attracted.
    • Thrugelmir
    • By Thrugelmir 23rd May 17, 8:18 PM
    • 53,810 Posts
    • 46,603 Thanks
    Thrugelmir

    I suspect they're struggling under the deluge their rates attracted.
    Originally posted by Creashor
    Job done as far as they are concerned.
    “ “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
    • ca7csu
    • By ca7csu 1st Jun 17, 3:05 PM
    • 29 Posts
    • 0 Thanks
    ca7csu
    Not quick or easy but get there in the end.
    Not straight forward to get it all done... but we got there in the end.


    25th April Contacted London and Country regarding Remortgage.












    26th April received all the prices and costs etc. Agreed. Valuer and Conveyancer allocated. Decsion in Principle given.








    4th May - Valuation
    5th May text to say valuation report had been received.
    Nothing until London and Country ring to say Atom have a query which they wouldn't discuss with the broker.... that's the 25th of May.
    End up ringing Atom after leaving a poor review on Trustpilot.
    They then look into issues with not getting Valuation report on the app etc.
    1st June get text to say valation is available and also an offer has been made.
    Accepted offer.
    See where we go from here.
    Not as easy or hassle free as it could be.
    • ca7csu
    • By ca7csu 1st Jun 17, 3:10 PM
    • 29 Posts
    • 0 Thanks
    ca7csu
    My valuation was two weeks ago. Not heard a peep, other than confirmation that Atom had received the valuation.

    I suspect they're struggling under the deluge their rates attracted.
    Originally posted by Creashor
    We had the same issue. Valuation complete 4th May then a text to say it had been done. London and Country send me a copy.
    Valuation Report appeared in the Vault today - same day we received and accepted the offer.


    Some tweaking to be done to get this better.
    • Money_Muppet
    • By Money_Muppet 1st Jun 17, 3:26 PM
    • 94 Posts
    • 461 Thanks
    Money_Muppet
    We had the same issue. Valuation complete 4th May then a text to say it had been done. London and Country send me a copy.
    Valuation Report appeared in the Vault today - same day we received and accepted the offer.


    Some tweaking to be done to get this better.
    Originally posted by ca7csu

    Our valuation was on the 17th. Report appeared in Vault on the 25th, but not heard anything else. Has anyone raised a complaint with Atom over the time taken?
    August 2014; £23,507.81
    November 2016; £0
    100% Paid
    Target; Debt Free by Christmas 2015 2016 #75

    • lottietat
    • By lottietat 2nd Jun 17, 6:05 AM
    • 4 Posts
    • 1 Thanks
    lottietat
    We submitted an application through our broker on 25th April, got DIP the next day. Valuation done on May 9th, valuation report received May 16th. Requested building quotes a couple of days later as this is to do a double storey side extension. Not heard anything since!! It's taking an age, but fortunately we are not in a rush. I know they have been inundated with applications, but they should have known that would happen when the offered such good rates!
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