View more on these topics

AToM offers exclusive with no credit scoring

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.”

Recommended

Platform relocates two mortgage service divisions

Platform Home Loans is relocating some of its mortgage services from London, resulting in 80 staff being given the option of relocating or being made redundant. Its pre-completion service will be moved to parent group Co-operative Financial Services’ mortgage processing centre in Leek, Stafford-shire and its customer care service will be relocated to CFS’ service […]

Service that lenders provide clients direct is not one of advice, but of execution only

Having read about Mortgage Strategy’s Define Advice campaign in last week’s issue I feel somewhat contented that there is a suggestion that lenders dealing with clients direct should not be able to use the term advice. The service that lenders provide direct is nothing more than that of execution. Having worked for a retail bank […]

Newsletter

News and expert analysis straight to your inbox

Sign up
Comments
  • Post a comment
  • Jamie 2nd May 2010 at 6:30 pm

    A friend of mine is using Atom on this product but I’m not clear Atoms role in it.

    If Atom have agreed it does that mean that it also needs to be agreed for the lender? Why not go straight to the lender?

  • joe bloggs 1st April 2010 at 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!

  • Rob Jupp 1st April 2010 at 4:57 pm

    Fair play to AToM for trying something a little different. The rates look good as well.

  • Richard Scott 1st April 2010 at 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!

  • John Pinkman 1st April 2010 at 4:08 pm

    anybody checked the date today ?

  • mick mcmanus 1st April 2010 at 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.

  • salil chaudhari 1st April 2010 at 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?

  • john higgins 1st April 2010 at 1:33 pm

    i would not trust another brokerage with my client details especially in this current climate.

  • Darren Barrett 1st April 2010 at 11:42 am

    In this current climate, any news of new ways to place applications is welcome in my book.

  • Steve Watkins 1st April 2010 at 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!

  • Julie Stringer 1st April 2010 at 10:57 am

    BE AWARE THAT THEY ASK YOU TO SUBMIT A FULL DIP AND THEN THEY ARE LIKELY TO ASK YOU FOR A £250 FEE TO PASS THE COMPLEX PRIME CASE ONTO THE DIRECTORS FOR THEM TO ASSESS FIRST!
    NOT SO SURE ABOUT THIS COMPLEX PRIME PROPOSAL NOW HAVING TRIED IT.
    AND EARLIER POINT TAKEN THERE IS NO CROSS SELLING ASSURANCE EITHER.

  • ienmi 1st April 2010 at 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

  • john higgins 1st April 2010 at 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.

  • john higgins 1st April 2010 at 10:26 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.