Giving your case the best chance of receiving an offer the same or next day

We know that speed is of the utmost importance to our brokers. Being able to judge and progress a case swiftly delivers tangible benefits to brokers and borrowers alike.

For brokers, a quicker decision means they can avoid the extra time spent chasing updates for a case, allowing them to either work with additional clients, undertake some professional development, or even take some well-deserved time off. It also gives certainty and reassurance to borrowers — if they get a quick response, they don’t need to stress over what their ‘plan B’ may need to be.

Because of this, Atom has focussed relentlessly on honing our processes and technology over the last few years.

By implementing technology sensibly, we have been able to provide brokers and borrowers with a much speedier experience - 27% of cases currently receive an offer the same day the application is submitted*, while 39.5% of cases receive an offer the same or next day*.

We’ve achieved this in part by the incorporation of greater automation, such as an Automated Valuation Model (AVM) and Automated Income Verification (AIV) technology. The majority of our cases now use automated technology during the application process.

*Based on data from January to March 2024.

What do I need to do?

Although there are some instances where we can’t use some or all automated technologies (for example, new-build properties worth over £500k), here are some tips to help give your case the best chance of utilising our automated technologies and getting a speedy offer.

Take extra care when keying property details

We know how easy it can be to mis-type — we’ve all been there! However, even the smallest of keying errors when inputting property details can delay an offer being issued.

Information submitted about the property will be validated against Hometrack data, and any conflict can mean a failed AVM or reduction in the confidence rating, leading to a full manual valuation being required.

A great example of this would be if an intermediary had keyed in a property as having four bedrooms when in fact it only has three. This would trigger an AVM failure, instruct a physical valuation and lead to more time being taken to get to a mortgage offer being produced — accuracy is key.

Checking property information based on mortgage type

For example, for new purchases, it can be useful to double check all the property information before submitting an application. Buying a house can be stressful for borrowers, especially first time buyers, so there’s no harm in reconfirming information before submitting an application.

Similarly, for remortgages, it can be useful to check with the customer if the property has changed since the original purchase. For example, are there any additional bedrooms or has the square footage increased? If so, this will need to be reflected in the remortgage application.

Got any questions?

If you’d like to find out more or have any questions, feel free to get in touch with our team by email at support@digitalmortgages.net or by phone on 0333 399 0055 (option 2). They’re available from 9am to 5pm, Monday to Friday. Alternatively, you can contact your RBDM.