Atom are a relatively new mortgage lender who have made mortgages simple, with speedy decision making and a simple process. They are an app based bank providing online tracking updates all the way on your mortgage application.
Depending which Atom mortgage you choose, you’ll be on a fixed rate for the first 2 to 5 years of your term.
This means you pay the same monthly rate for that period, which helps to provide you with certainty around your payments. You can also overpay on your mortgage by up to 20% each year without any charge.
First Time Buyers
In the current property market, it can be hard for first time buyers to get a foot on the ladder. Many lenders, such as Atom Bank offer mortgage products specifically designed for first time buyers.
Remortgaging with Atom Bank
As interest rates change over time and new products come onto the market, it can be a good idea to move your mortgage to a different provider to get a better deal.
This can also allow you to borrow more, so you can pay off your existing mortgage and have some cash left over. Switching mortgage providers can be relatively simple, with many lenders offering to help you with some or all of the fees involved.
Second charge mortgages
If you have a good deal on your existing mortgage but want to borrow more, it may make more sense to take out a separate secured loan, known as a second charge mortgage. This allows you to unlock extra finance without interfering with your existing mortgage.
Loan to value ratio
How much you will be able to borrow as a mortgage is likely to be influenced by a number of factors, including how much you earn.
Another important consideration is your loan to value (LTV) ratio. This shows how the amount you want to borrow relates to the market value of your property.
So, if you want to borrow £50,000 as a mortgage on a £100,000 house, your LTV would be 50%.
If you then wanted to take out a second charge mortgage for a further £25,000, this would make your LTV 75%.
The higher your LTV, the higher interest rates most lenders will tend to offer.
Find the best deals on mortgage rates
The mortgages market is diverse, with many different providers and types of mortgages to choose from.
This can make it hard to know which offers the best value for you. Our mortgage calculator takes a lot of the hard work out of the equation for you.
All you have to do is head to the top of the page and plug in some basic details, including the amount you wish to borrow, how long you want to repay over and why you need the money.
The mortgage calculator will then match your enquiry with our pick of the top deals from across the industry, making it much quicker and simpler for you to make a comparison.
Independent Mortgage Advice
Remortgaging is particularly popular at the moment as interest rates are low.
Whether it will be a good idea for you to remortgage depends on a number of factors, including your goals and your personal circumstances.
However, in general, if interest rates are lower than you are currently paying on your mortgage, it may be a good time to remortgage.
If interest rate are higher than you are currently paying, it may be better to look at other options, such as a second mortgage or a personal loan (if you aim is to borrow more).
If you are not sure whether now is the right time to remortgage, it is a good idea to speak to an independent mortgage broker who will be able to offer impartial advice on Atom mortgages as well as other lenders.