Digital Mortgages

cupcake23

Hi Everyone,


I am looking to remortgage and made contact with L&C as recommended by MSE. They have come back with an excellent deal with Digital Mortgages however I have not heard of them before and other than news articles and their own website I am really struggling to find reviews on them as a mortgage company. We are looking to fix with them for 5 years so want confidence in their abilities,


Does anyone have any feedback or reviews of their services ?


Thanks

amnblog

One of the so called 'challenger banks' muscling in on the big boys.

Which of their 'abilities' do you want 'confidence in'?

Presumably you just want them to lend you their money?

EvelynV

Digital Mortgages are provided through Atom Bank. We used L& C too and they recommended them to us as their rates are really good but a quick Trust Pilot search and we decided against the,. Apparently their service used to be awful , but has since improved, however looking at Atom Bank's reviews on TrustPilot that doesn't seem to be the case.

Steer clear, we did.

kingstreet

EvelynV wrote: »

Digital Mortgages are provided through Atom Bank. We used L& C too and they recommended them to us as their rates are really good but a quick Trust Pilot search and we decided against the,. Apparently their service used to be awful , but has since improved, however looking at Atom Bank's reviews on TrustPilot that doesn't seem to be the case.

Steer clear, we did.

This can be counter-intuitive.

You want the best deal, so you can pay less.

The best deal is often provided by the lender(s) with the worst service, as everyone flocks to them because their rate is 0.01% lower on a comparison site. In a way, it's a self-fulfilling prophecy as the influx of business makes the service worse.

It's similar to the lender which is slow to pull a rate when rates are rising. The tide goes out leaving this lender to get inundated as its product is suddenly a market-leader.

Atom/Digital shot itself in the foot by launching with a ridiculously low sub-60% five year fix.

IME it's very unusual to find the best rates and the best service in the same place...

MDL74

Interested to know what service levels people are concerned about

Surely once they've lent you the money, all you need to do is pay them back the agreed amount and be aware of any penalties for porting mortgage/early repayment or such which can't be that well hidden in the T&Cs..?

Once you've taken out a mortgage how often do you need to speak to the provider?

kingstreet

MDL74 wrote: »

Interested to know what service levels people are concerned about

Application to offer. As this determines if the property to be purchased remains available or is re-marketed due to time to get to mortgage offer.

cupcake23

Thank you for the replies. I am not expecting or really requiring positive communication as like others have said I cannot really see a reason as to why I would require them. It was more so around security and safety of the company, sorry I am very uninformed when it comes to mortgages and subjects in these areas. Maybe overly cautious ?!

kingstreet

If you were giving them your money, you might have a point, as amn alluded to earlier...

Amst

EvelynV wrote: »

Digital Mortgages are provided through Atom Bank. We used L& C too and they recommended them to us as their rates are really good but a quick Trust Pilot search and we decided against the,. Apparently their service used to be awful , but has since improved, however looking at Atom Bank's reviews on TrustPilot that doesn't seem to be the case.

Steer clear, we did.

Considering they have 94 reviews on trust pilot (score 4.1) but 1437 reviews (97% positive) on Reevoo, it sounds like you have an agenda for saying they're useless and quoting Trust Pilot?

Thrugelmir

Putting the issue of service aside. Lenders are all highly regulated and are required to meet certain standards in order to even offer mortgages. If the product meets your requirements. Then after the initial hassle all you need to do is pay them every month.

ariddell1984

We remortgaged very recently to Digital Mortgages/Atom Bank also due to their low rates. The process was relatively straightforward other than a slight issue around a restriction in our deeds that needed extra legal work to sort, however I would have assumed this would have occurred regardless of who we switched to.

I think the process probably took a couple of months in total.

No complaints from me so far, a lot of the complaints alluded to on Trust Pilot related to the app itself but I didn't have any of these problems.