I hope you’re keeping well and adjusting to the new normal. The landscape is changing rapidly so I just wanted to give you an update since last week and confirm the extra steps that we are taking during these unprecedented times.
We’ve made the decision to temporarily withdraw all of our remortgage, purchase and first-time buyer products from 11am today, Tuesday 31st March. Government guidelines are urging buyers and sellers to delay moving, physical valuations and removals have largely stopped, and the Land Registry offices in some parts of the UK are closed or only processing a limited number of cases.
We don’t believe that products should be on sale where there is not a reasonable chance of completing, and so we’re regretfully making the decision to not reintroduce purchase and first-time buyer products until the wider context changes for the better.
However, we will be reintroducing a range of remortgage products next week, with a more streamlined process to help you help your customers remortgage from the comfort of their own home.
We’re also reducing our Standard Variable Rate (SVR) from 4.00% to just 3.50% with effect from Friday 3rd April.
We’re still here
From today, a much smaller but perfectly formed team of TBDMs are holding the fort and are available on 0333 399 0055 and support@digitalmortgages.net. Tim Gunning, our Regional BDM for the South East will be supporting this team and can be contacted on 07921 806 636 or tim.gunning@atombank.co.uk.
Although your usual BDM may not be available for the time being, our support team is still on hand to help any queries you may have on existing or new applications.
As you can imagine, our telephone lines are extremely busy during this time and we would really appreciate it if you could contact us on support@digitalmortgages.net where possible. Thank you for your understanding and patience as we navigate through the Covid-19 outbreak together.
What happens next
We’ll keep providing updates for you as soon as we have them. We’ll be back in touch soon to let you know when we’ll be reintroducing our remortgage products.
If you’ve got an existing application that has not yet been valued, we will progress these where possible, if automated valuation is an option. If a physical valuation is needed then, currently, we will be unable to progress the application. You can leave it with us if you like, until such time where we can physically value the property, or you may wish to cancel your application in your customer’s interest.
If you’ve got an existing application that has been valued, but not yet completed, we will continue to progress these applications wherever possible. However, given the suspension of Land Registries’ services in Scotland and Northern Ireland, we will be unable to complete cases in these countries at this time, with the exception of ‘emergency’ completions that meet the guidance prescribed by the presiding Law Society. Where customers have received an offer, we will proceed, where possible, dependent on government restrictions around Covid-19 and their impacts.
We’re also creating a hub of additional resources
If you or your customer has a question around COVID-19, visit our dedicated page here. Keep your eyes peeled for extra help as the situation changes. We’re also always listening on social media, where we’ll be sharing useful guidance and support.
