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  • FIRST POST
    • boonkoh
    • By boonkoh 26th Apr 17, 7:43 PM
    • 54Posts
    • 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 2
    • ca7csu
    • By ca7csu 2nd Jun 17, 8:44 AM
    • 30 Posts
    • 0 Thanks
    ca7csu
    I found a phone call highlighted a few issues and they responded quickly.
    • Creashor
    • By Creashor 5th Jun 17, 3:23 PM
    • 5 Posts
    • 2 Thanks
    Creashor
    I spoke to Atom, who passed me to my broker.

    The reason for the delay was a very significant under valuation - yikes.

    The valuer stated that there wasn't enough evidence in previous sales to support our valuation, so he dropped it by 100k. Broker is working to try and provide evidence. It seems ridiculous to me, but there's nothing I can do by wait.

    • Money_Muppet
    • By Money_Muppet 8th Jun 17, 7:27 PM
    • 97 Posts
    • 462 Thanks
    Money_Muppet
    Our valuation was on the 17th. Report appeared in Vault on the 25th, but not heard anything else.
    Originally posted by Money_Muppet
    Offer received today. The end may be in sight!

    • Money_Muppet
    • By Money_Muppet 21st Jun 17, 10:33 PM
    • 97 Posts
    • 462 Thanks
    Money_Muppet
    Offer received today. The end may be in sight!
    Originally posted by Money_Muppet
    Not heard a peep since.

    • couplands
    • By couplands 29th Jun 17, 8:39 PM
    • 6 Posts
    • 0 Thanks
    couplands
    We have been progressing a mortgage with Atom, mortgage offered received and all seemed well. We are planning to complete in two weeks. Howwever, at the last minute Atom have stated we need to use one of their preferred solicitors and not the one we have been using since the start of this process.

    This is the first that our mortgage broker, solicitor and us have heard of this requirement. Nowhere in the offer do they say it is conditional on using their solicitors.

    Not sure where we stand, has anyone else had such behaviour..?
    • ca7csu
    • By ca7csu 3rd Jul 17, 11:34 AM
    • 30 Posts
    • 0 Thanks
    ca7csu
    Got there in the end!
    Mortgage completed 30th June after application Submitted 23rd April.
    To be fair London and Country did say it would take a while as they have a backlog of applications after their rates were so low for 5 year deals.
    • Thrugelmir
    • By Thrugelmir 3rd Jul 17, 6:21 PM
    • 55,870 Posts
    • 49,241 Thanks
    Thrugelmir
    We have been progressing a mortgage with Atom, mortgage offered received and all seemed well. We are planning to complete in two weeks. Howwever, at the last minute Atom have stated we need to use one of their preferred solicitors and not the one we have been using since the start of this process.

    This is the first that our mortgage broker, solicitor and us have heard of this requirement. Nowhere in the offer do they say it is conditional on using their solicitors.

    Not sure where we stand, has anyone else had such behaviour..?
    Originally posted by couplands
    Standard procedure for the majority that solicitor is selected from those listed on the lenders panel. As was the case with Chelsea Building Society some years ago. Even solicitors can act fraudulently and in collusion with the other parties involved. As a new lender probably didn't have their act together back in April.
    "Wide diversification is only required when investors do not understand what they are doing." - Warren Buffett
    • Money_Muppet
    • By Money_Muppet 17th Jul 17, 5:12 PM
    • 97 Posts
    • 462 Thanks
    Money_Muppet
    Not heard a peep since.
    Originally posted by Money_Muppet
    Finally completed today. It should be easier and quicker than that surely. Can't complain about the rate though!

    • Amst
    • By Amst 5th Aug 17, 6:32 PM
    • 53 Posts
    • 22 Thanks
    Amst
    We have been progressing a mortgage with Atom, mortgage offered received and all seemed well. We are planning to complete in two weeks. Howwever, at the last minute Atom have stated we need to use one of their preferred solicitors and not the one we have been using since the start of this process.

    This is the first that our mortgage broker, solicitor and us have heard of this requirement. Nowhere in the offer do they say it is conditional on using their solicitors.

    Not sure where we stand, has anyone else had such behaviour..?
    Originally posted by couplands
    Your broker has lied to you, Atom have a closed solicitor panel which the brokers are informed about. Ask them to explain themself.
    • strawberries1
    • By strawberries1 29th Sep 17, 1:21 PM
    • 657 Posts
    • 139 Thanks
    strawberries1
    I was accepted for the 1.29% rate but a couple of months ago the transaction became a chain and although the broker said ATOM have a 2week grace period and may extend based on facts of the case they've decided it's not possible and offered 1.74%. Is it possible to pas this increase on the my seller's seller who'd said he was moving into rented accomodation but as we neared exchange he got into a chain?

    My solicitors said ATOm will consider extension when the certificate of title is submitted but the broker says the extension means a new rate not the 1.29%. Disappointed. I'm bottom of the chain FTB.
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