weeks at AToM HQ. For those regular
readers, you will know that AToM does not only arrange mortgages for the
general public who visit the shop front, but we are also a specialist packager/distributor
dealing with mortgage brokers, estate agents and independent financial advisers
nationally. For some lenders, AToM acts
as the administration arm, collating information, instructing valuation and
processing applications right up to mortgage offer status. For other lenders, AToM will be allocated a
tranche of funds to lend on their behalf and AToM advertises them and controls
the administration process. Any mortgage
broker, independent financial adviser or similar, who require these certain products,
will often have to come via AToM to gain access to such products.
One recent example is from a
company called Precise Mortgages. They
have launched a product aimed at the ‘Near Prime’ sector, and this means those
who have had some financial issues in the past.
Their normal core range is available up to 80% of the property value,
but via AToM, customers can achieve 85%.
This is totally exclusive.
The benefit to the lender is that AToM carry out all the work, including taking
telephone calls, requesting information from employers/accountants, collating
documentation, and more. So it’s cost
effective for the lender. In return,
AToM gets ‘almost’ guaranteed business.
A great two way relationship! As
the saying goes, it’s amazing what happens behind closed doors!
Finally, according to
unbiased.co.uk, and since the inception of the credit crunch, there are
approximately 46% of all mortgage borrowers who have failed to review their
mortgage to see if they can get a better deal!
This seems crazy on the face of it unless you are one of the lucky ones
with a rate including just a small margin over the base rate. If you are on a
lenders standard variable rate and this is more than 4% you might be missing a
valuable trick, and the opportunity to fix to avoid the potential pain when,
eventually, rates do start to rise. Seek
independent advice – you are unlikely to regret it. Even if the advice is to stay put!