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Atom Bank Digital Mortgages Reviews

Ratings based on 4 reviews Last review 1 month ago

Wondering if a “digital mortgage” from Atom bank is right for you? Take a look at our reviews from people with the mortgage to see what they have to say about using the UK's first “digital” bank. For now, only Available to intermediaries, Atom hope to ...

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Wondering if a “digital mortgage” from Atom bank is right for you? Take a look at our reviews from people with the mortgage to see what they have to say about using the UK's first “digital” bank. For now, only Available to intermediaries, Atom hope to shake up the banking sector by offering digital-first products. Are you already an Atom Bank customer with one of their digital mortgages? Please leave a quick review of how you found the application process, the rates offered, and everything else! With the power of your reviews, we're helping drive change in financial services.

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Your Digital Mortgages Reviews (4)

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20th August 2017

Awful

Awful experience. They've had my application for nearly a month and haven't actioned anything. Customer service has been non exsitant.

Reply from Atom Bank
Hi, Thank you for your feedback. I can see your feedback is in relation to a mortgage application. If you contact your broker they should be able to give you an update on what's happening with your application and what the next steps are. Your broker is in place to help with any inquiries you have during the period of your application, but if you feel this is definitely not the case after several attempts of getting clarification, you have the option to contact us and make us aware of any concerns you may have. I hope this information helps. Many thanks.
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8th August 2017

Disappointment and time wasted!

We applied through Atom Bank for a remortgage to free up some equity in our house. The rate was competitive and the terms of the mortgage appealed to my Wife and I so we instructed our broker to progress. Affordability was fine, documentation was...

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We applied through Atom Bank for a remortgage to free up some equity in our house. The rate was competitive and the terms of the mortgage appealed to my Wife and I so we instructed our broker to progress. Affordability was fine, documentation was provided and a decision in principal was referred to the underwriters which I am told is common practice with a new mortgage lender. Digital required much more documentation than I have ever provided to a lender before, some of which was completely unnecessary. We were assigned a legal company for the conveyancing and a valuation visit was also booked. Out of the blue I received notification from the mortgage broker asking if I could explain transactions on my bank statement which showed adhoc payments being transferred to my parents....sums of money I choose to save each month, often coming back in to the account. I gave the explanation as required and thought no more of it as these payments were well within my surplus. After a week with no news I received a call from my broker advising that Digital 'didn't like the look of the payments to my parents' and had declined our application......3 weeks into the process! I am now in a position of having to push through the remortgage with another mainstream lender (whom, may I add, instantly approved us using all the same documentation) with only 3 weeks until my fixed rate ends.

My wife and I have exemplary credit records, have never missed a payment on any debt and passed the affordability check with ease.

Digital offer a very appealing rate but seemingly use odd criteria to determine whether or not to lend. If there was a solid reason for our rejection other than 'we don't like the look of the payments' I could appreciate their stance however I am left baffled and almost out of time......

EDIT following a response from Atom on TrustPilot and a phone call with them......

This was apparently a stress test taking into account the amount I save each month - which is obviously something I can stop immediately. Conclusion - they don't seem capable of assessing affordability correctly. The stress test was attempted with interest rates reaching 5% which I'm sure you'll agree isn't going to happen anytime soon. In addition I was applying for a fixed rate!

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10th April 2017

Awful experience - do not use!

My partner & I were looking to purchase our first home and our broker suggested Atom banks digital mortgages. He said they were a new bank that would lend us the amount we needed for the first house of our dreams, he also said that as they were an...

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My partner & I were looking to purchase our first home and our broker suggested Atom banks digital mortgages. He said they were a new bank that would lend us the amount we needed for the first house of our dreams, he also said that as they were an 'only digital' bank they would be the quickest option as our seller was looking for a quick sale. We were obviously very excited when they offered us a mortgage in principle and we began to plan for our new home once they accepted our paperwork and put the property forward for valuation. Other lenders check and approve the borrower before sending the property to be valued (i.e they check that they will lend to the person before checking that they will lend on the property) so us & our broker assumed that Atom had approved of us and just needed to check on the property. This is not the case with Atom. The property was valued and came back fine, we were then told to wait 48 hours for our official mortgage offer. Atom has appointed a solicitor to us and we were told to pay £300 for the search fees - again, we assumed that we were going to be accepted as the property has been sent for valuation and all had been fine so far. 4 days later, and after paying £300 for the solicitor searches that atom had appointed to us and a further £350 valuation fee, Atom declined our mortgage.

Our broker advised us that most lenders do not unnceccesarily charge for valuation fees if they do not plan to lend to the borrower, so he requested a refund of the valuation fees. Atom declined this request and refused to refund our valuation fee.

So now, not only are we £650 down, we are totally disheartened because of this awful experience of trying to purchase our first property. We ended up losing the house that we loved because of this. DO NOT USE THIS BANK!

Reply from Atom Bank
Hello L Watson Thanks for taking the time to leave a review, we really appreciate all feedback, especially if it helps us to make improvements. As our mortgages are still new, it’s even more important that we listen to our customers and keep making things better where we can. It’s very disappointing for us to hear you didn’t have a good experience and we’d like to ensure that we deal with this properly for you. Our team are investigating the specific details of your application and will be in touch with you really soon. Speak to you soon, Atom bank
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27th February 2017

Horrific experience AVOID

We were a pilot for Atom bank mortgages via our broker. It started off very well, but progressively got worse to the point that 10 days before the completion date , the app would not let me sign the terms and conditions. We were abroad and Atom bank...

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We were a pilot for Atom bank mortgages via our broker. It started off very well, but progressively got worse to the point that 10 days before the completion date , the app would not let me sign the terms and conditions. We were abroad and Atom bank did not reply to any emails, as not only were they having app problems, but apparently their emails were not working either. It totally ruined our few days away whilst we were going a simple remortgage , as Atom did not liaise with us, the broker, or even their own solicitors. In the end they emailed us 3 days after the initial problems telling us to use yet another code, and then phone them etc... we decided not to go through the remortgage With them , as they never apologised, or kept us informed about rectifying the problems , and we were left to deal with it alone . Do not jeapordise your home , or more importantly peace of mind, by taking out a mortgage with Atom bank !

Reply from Atom Bank
Hi Meera Firstly, thanks for taking the time to leave a review. We are new and always listening to our customers to see what we can do better and what we can learn from. Most importantly, you’ve not had the experience that our other customers are enjoying and that’s hugely disappointing to hear. We’ve taken everything you’ve said on board and are already investigating what’s gone wrong here. We’ll be in touch with you shortly. Thanks Nina Athey Atom bank

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