Atom bank has saved a transaction from collapse after providing a residential mortgage within five days.

The case was brought to Atom bank after a high street lender had failed the broker and client involved over a three month period.

Terry Sutherland, mortgage specialist at The Mortgage Brain, had previously attempted to place the case with a large high street lender, as the client was an existing customer.

STRUGGLES

Sutherland assumed this would be straightforward; however, three months after submitting the application, the client was still waiting on an offer, with the lender struggling to account for the client’s combination of employed and self-employed income.

With a pressing deadline to complete on the purchase by 31 October, the situation was becoming increasingly stressful.

However, after eventually deciding to bring the case to Atom bank, the case was turned around in just a matter of days. The Decision in Principle (DIP) and application were submitted on 25 October, with an offer delivered on the morning of 29 October. The Certificate of Title was received on the same day, with the funds then released on 31 October, allowing the client to complete on time.

“What should have been a vanilla case was nearing the point of collapse”

Sutherland said: “The turnaround time from Atom bank on this case was extraordinary. What should have been a vanilla case was nearing the point of collapse when I made the decision to try them.

“Within a week of the completion date, the high street lender was still asking for further information, which caused a huge amount of stress for the client who was packed up and ready to move.

“I knew that Atom bank would be able to consider the case quickly, but I was still taken aback by the actual speed, and the client is thrilled that they were able to complete on time.”

David Castling, head of intermediaries at Atom bank, added: “This case is a perfect demonstration of why focusing on speed is so important for our brokers and borrowers. We were able to move from application to completion in just five days, ensuring the borrower could meet the deadline and secure the property.

“Being able to provide answers and funds within such a short timeframe provides incredible peace of mind, removing the stress and sleepless nights that result when lenders drag their heels unnecessarily.

“Brokers know that when their client needs a quick response, we can deliver in a matter of days, not weeks. This was proven by our performance in the Smart Money People Mortgage Lender Benchmark, where Atom bank has not only topped the bank category but in addition scored highly for technology and speed.

“We will continue to identify ways to streamline our processes and deliver the best possible experience to brokers and borrowers alike. As we have seen from this case, working quickly and efficiently can be genuinely lifechanging.”