MSE News: New 1.29% five-year mortgage fix lowest-ever 'by a mile' - but you'll...

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

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

inner_grace wrote: »

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.

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

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

Is the website broken?

I always end up here:

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

No broker list.

kingstreet

gwapenut wrote: »

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.

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.

Pincher

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". :rotfl:

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!

satchef1

inner_grace wrote: »

When something sounds too good to be true it usually is.

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

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

strawberries1 wrote: »

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.

On what grounds? Solicitors themselves are highly regulated.