AToM Adverse Credit

Are you frustrated that a large percentage of your applications are declined by lenders using their 'black box' decisioning systems? Are they often first class applications which fail simply because of lenders credit scoring criteria which often seem stupifyingly senseless, turning away customers who are undoubtedly top drawer?

If you suffer from these baffling decisions and have clients who meet the following criteria, we have funds immediately available which may well meet your requirements. The AToM Adverse Credit arrangement is with seven lenders, all of whom work on a 'can do' manual underwriting approach to identify and lend on applications which makes sense.

Loan to Value – up to 90% on residential purchases and re-mortgages. Up to 80% on Buy to Let

Status - in all cases the applicants must be able to satisfy the lender that they can afford the mortgage payments. This is normally by proof of income (employed or self employed). In certain circumstances the panel lenders will look at historic financial mortgage management and parental support.

Credit History - in the main, applicants must have a clean credit history. However, we now have a lender on the AToM Adverse panel who will consider some historic financial issues depending on the LTV.

Interest Rates - Each case is looked at on its own merits and sometimes differential rates and fees will be agreed dependent upon the complexity of the case.

Appraisal Decisions - made within 24/48 working hours of initial enquiry submission. Simply submit a DIP and give us as much information on the application as possible.

Procuration Fees - are paid on all completions and are up to 0.50% of the mortgage amount dependent upon the lender used. In some cases, dependent upon the type of deal agreed, this payment may be larger than 0.50%.

Why use AToM Adverse Credit - See the varied list of recent cases (below) and if you have any similar quality enquiries which fail the 'black box' decisioning see the AToM Website or give us a call. You have nothing to lose........!

AToM Adverse Credit - Recent case studies

1. Client is a film producer who earns income on a good year / bad year basis. His wife buys and renovates properties on a 'one at a time' basis. They live in a property with a value of £1.4m (this has a £700k mortgage to Halifax). They have exchanged contracts on a property in Hove for £1.35m and spent approximately £300k converting into two houses under licence from the vendor. One will sell this spring for £1.65m and the second later in the year for £959k. Needed to borrow £750k to fund completion of purchase set for early Feb. We have placed this with a building society at 6.19% variable. One years interest lodged with lender to cover payments. Lender fee 3%. Broker procuration payment 1.00%. 

2. Client selling at £120k. Current mortgage £100k. Moving into prop (unencumbered) currently owned by husband and brother. Raising funds of £100k on this property which has a value of £160k to buy out brother and add wife to ownership via TofE. Therefore a re-mortgage of unencumbered property required. Complex due to TofE and ownership changes etc. Rate 4.54% variable. Fee charged at £1.5k. Broker procuration payment 0.45%

3. Family Trust wish to purchase property for daughter to live in. Daughter has special needs. Property value £170k. Mortgage required £50k. Trust formed to assist daughter. Trustees are parents with good income joining in as guarantors. Rate SVR at 4.54% with a fee of £1k.
Broker procuration fee 0.35%
4. First time buyer living with parents. Chartered Surveyor but going into the Church. Income will be £6k pa but receives investment income of £12k. Needed £50k on £200k as a Buy to Let which he will receive rental income from. Rate 5.54% variable with £750 lender fee. Broker procuration fee 0.25%.

5. Client is a S/E hairdresser who can show a max income of £50k. In the last four years has had a mortgage of £500k x 2 years followed by £650k x 2 years. Selling now and buying at £1.25m with a need for a £400k mortgage. Lender took view that they could track four years mortgage payments at higher level than needed for new purchase. Bank statements show high level balances over long term. Rate agreed at 5.19% variable with 2% lender arrangement fee.
Broker procuration fee 0.50%.

6. Client, aged 71, owns property valued at £400k unencumbered on a single freehold title. There are three separate units within the building and these are let at a total of £24k pa. Other income of £20k pa from state and private pension. Required £70k to do renovation work (non-structural) on the building. Rate agreed at 4.69% with £1k fee. Broker procuration fee 0.35%.

7. Client owns unencumbered property valued at £850k. Also owns a plot of land next door with planning permission to develop a 4 bed residential property.  Income £50k pa and £350k required (7 x income). Facility provided at 5.59% with two years interest lodged with lender. Lender arrangement fee £2k. Broker payment £1k.


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