From today, advisers placing business with Atom bank via Legal & General Mortgage Club will benefit from four exclusive two-year fixed-rate product options.
23 Sep 2021
As Near Prime products, these new options are suitable for those with ‘less-than-perfect’ credit scores, such as borrowers who may have missed a payment, as well as those with a past county court judgement or default.
The first product is available at up to 60% loan to value (LTV) and is priced at a rate of 2.45%. The second option offers up to 65% LTV, with a rate of 2.69%. Two other options are available and include an up to 70% LTV product with a rate of 2.74% and a 75% LTV option at 2.89%. All four products offer £250 cashback.
This set of exclusives also brings free valuations for both purchase and remortgage options, as well as free legals for remortgaging customers.
Danny Belton, Head of Lender Relationships, Legal & General Mortgage Club: “The unprecedented economic challenges caused by the global pandemic clearly demonstrate the importance of offering a varied and accommodating range of products for borrowers. We are therefore proud to announce these new product exclusives with Atom Bank which are tailored to support those with credit impairments, and we look forward to expanding our offering in the coming months.”
Paula Mercer, Head of Lending, Digital Mortgages by Atom bank: “Our Near Prime mortgages are built for customers with less-than-perfect credit. We are delighted to offer Legal & General advisers access to an exclusive range of Near Prime products, opening up the market to those who may have trouble securing a mortgage from a traditional lender. The range allows us to support borrowers who have had previous financial difficulties, such as CCJs, defaults, and missed payments.”
Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor. With almost £1.3 trillion in total assets under management at 31 December 2020, we are the market leader in the UK for workplace pensions, pension risk transfer and individual life insurance products. Through inclusive capitalism, we aim to build a better society by investing in long-term assets that benefit everyone.
Legal & General Mortgage Club is one of the UK’s largest and longest-running mortgage clubs, completing £667bn of mortgages since 1995. We are involved in nearly one in five of all mortgages in the UK, in addition to nearly one in three of all intermediated mortgages. The Mortgage Club prides itself on adding value to the adviser community by working closely with new and existing lenders to deliver great products, pricing and criteria. Our popular SmartrFit tool, which is free to advisers, combines an affordability calculator with lender criteria to provide accurate, quick results, to help make advisers jobs easier so they can spend time where it matters.