AToM allocated £10m by building society
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All Types of Mortgages has been allocated £10m by a small southern building society on its Complex Prime Panel.
The building society, which did not want to be named, wants the finance to be used by the end of January when the money could be renewed.
The deal is exclusive to AToM and it is expected to be a rolling agreement if successful.
Vic Jannels, chairman of AToM, says the specialist distributor has been working with lender for two or three years and it likes AToM’s business.
Jannels says: “This is a big deal for us. In the boom times we were doing £10m a day but now with the average loan somewhere around £170,000 this could do about 60 mortgages for us.
“We have negotiated with a number of lenders on complex prime deals for borrowers who don’t fit credit scoring profiles but are essentially prime.
“They are often unusual cases where we can prove affordability but the borrowers have been rejected by high street lenders.”
AToM is offering a refund on valuations up to £350 as part of this particular offering, which is not available direct through the lender.
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