Digital Mortgages by Atom Bank believes that those with less-than-perfect credit deserve more options in the market. Their Near Prime range is designed to help individuals and families who might have faced financial difficulties in the past. With these policy changes they are committed to ensuring that their products are accessible to even more people, giving them a chance to rebuild and achieve their dream of home ownership.

Increased Limit for Unsatisfied Defaults

The limit for unsatisfied defaults has been raised from £1,000 to £2,500. This means we will now accept applicants with unsatisfied defaults of up to £2,500 in the last two years. This change is aimed at giving more people the opportunity to qualify for our Near Prime products.

Increased Limit for Communications/Utilities Defaults

Recognising the impact of everyday expenses, the limit for communications and utilities unsatisfied defaults has been increased from £250 to £500. Applicants with unsatisfied defaults in these categories up to £500 in the last two years will now be eligible.

Reduced Look Back Period for Defaults

The period looking back at defaults has reduced from three years to two years. Any defaults older than two years will not be considered, enabling more applicants to meet the criteria.

A Reminder of What The Near Prime Range Offers

The Near Prime product range is tailored to support those with credit challenges, offering a variety of benefits:

• Range of Products Available: Up to 85% LTV products, with both purchase and remortgage options, as well as fee and no-fee products.
• Adverse Lending Policy: Specialist criteria that directly considers CCJs, defaults, and missed payments.
• No Credit Scoring: Affordability and adverse limits are checked but do not factor in your actual credit score.
• Transparent Products: No tiered or risk-based products, the offering is simple and straightforward.
• Same Priority Service: Near Prime applications are processed with the same efficiency and priority as Prime mortgages.
• Generous Salary Multiples: In some cases, up to 5.5x annual salary is accepted with Near Prime mortgages.

With these new policy changes, Digital Mortgages is reaffirming its commitment to inclusivity and support for those striving to achieve homeownership despite past credit challenges. We believe these updates will make a significant difference in the lives of many potential homeowners, providing them with the opportunities and resources they need to succeed.