AToM offers exclusive with no credit scoring
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All Types of Mortgages has an exclusive two-year fixed rate for members of Mortgage Intelligence and Mortgage Next at 3.35% with no credit scoring.
The product is part of AToM’s complex prime range, which helps place business from clients with low credit scores and those who have a more complicated financial situation.
The deal is available at up to 75% LTV for both purchases and remortgages. It comes with a £1,399 arrangement fee and £100 booking fee, and there are no extended redemption penalties.
Dale Jannels, sales and marketing director at AToM, says: “Complex prime is becoming a huge part of the core functionality of AToM.
“Just because the high street says ‘no’ should not mean your client cannot get a mortgage.”
He adds: “As with all AToM complex prime lenders, prospective customers must be able to prove affordability and must have an absolutely blemish free credit history.”
AToM is currently working with six lenders on its complex prime panel, and will be adding another two lenders in the next few weeks.
Sally Laker, managing director of Mortgage Intelligence Holdings, says: “This is a fantastic exclusive product and a real coup for us to be the only distribution channels selected to have access to this deal.
“AToM’s complex prime products have already proved extremely popular with our members and I have no doubt that this latest rate will be a welcome addition to an already competitive and flexible range.”
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Readers' comments (11)
john higgins | 1 Apr 2010 10:27 am
ATOM are not a packager any more as they have turned into a brokerage with a shop front. I would worry about sending any of my clients their way in case they cross sold life products.
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Anonymous | 1 Apr 2010 10:48 am
ATOM are still very much a packager, in all my dealings with them over the years they have always been 100% proffesional and a friend to brokers
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Anonymous | 1 Apr 2010 10:59 am
The reality is not quite as strong as the soundbite! Horsham shop saves the liquidity issue single handedly; nope, me thinks not!
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Anonymous | 1 Apr 2010 11:42 am
In this current climate, any news of new ways to place applications is welcome in my book.
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Anonymous | 1 Apr 2010 2:27 pm
We've been down this road before. Needless to say it will be a disaster product if history repeats itself. I hope for the mortgage industry's sake I am wrong.
How can you have a blemish free history and a low credit rating?
If customers can prove affordability why would they have a low credit rating in the first place?
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mick mcmanus | 1 Apr 2010 3:56 pm
You can have a blemish free history and low score very easily - simply because the client has never needed to apply for credit previously...and so has a very little score when the time comes to apply for a mortgage.
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Anonymous | 1 Apr 2010 4:08 pm
anybody checked the date today ?
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Anonymous | 1 Apr 2010 4:14 pm
Clearly anonymous @ 2.27pm has not got a clue what makes up a credit score. Voters roll entry, length of employment, emplyed/self employed, existing credit agreements (none can be sometimes worse than having a blip), contract type. Need i go on. Any negatives of any of these can lower a score to a decline irrespective of affordability proof. Complex prime is a valid product group and there needs to be more of it to assist those who have had historic credit issues and are currently stuck with ex sub prime deals where the originator is lo longer in business. Not everyone has A1 credit and fits scoring models. If they did why would brokers and multiple lending criteris exist. Get Real!
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Rob Jupp | 1 Apr 2010 4:57 pm
Fair play to AToM for trying something a little different. The rates look good as well.
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joe bloggs | 1 Apr 2010 5:19 pm
Anonymous | 1 Apr 2010 4:14 pm
Well said and something else wjich will show its ugly head during re mortgage is self employed people with net profits down. There will be no remo for these people!
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