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Atom Bank withdraws all mortgages from market

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  • 31/03/2020
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Atom Bank withdraws all mortgages from market
Atom Bank has pulled all remortgage, purchase and first-timer buyer mortgages from the market.

 

The bank said it “didn’t think it’s right to offer mortgages” when it was not confident it could complete applications.

Purchase and first-time buyer mortgages will not be offered until the current climate changes, the lender added.

However, a new set of remortgages will be introduced next week.

It comes as physical valuations have ground to a halt as part of measures to contain the coronavirus.

The government has also advised buyers and sellers to delay moves, while the country remains on lockdown.

Atom said Land Registry offices in some parts of the country are also closed.

In a statement, the bank said: “We don’t believe that products should be on sale where there is not a reasonable chance of completing, so we’re regretfully making the decision not to reintroduce purchase and first-time buyer products until the wider context changes for the better.”

Atom said it would offer a more “streamlined process” when it brings its remortgage products back to the market to help customers transact from home.

The lender is also reducing its Standard Variable Rate from 4.00 per cent to 3.5 per cent from Friday 3 April.

 

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