The Morgage works btl application. Sooo slooooow!

Quietstorm

I submitted my btl mortgage application at the end of July through London and country. Since around the the end of August they have requested various documents in dribs and drabs. First they wanted a letter from my father regarding gifted deposit, which was scanned to L&C like all the other docs then they decided they wanted to see the original. After this they requested to mortgage statement for my other btl property. The big issue I have for this is that everyone time I provide a document that they request it joins another queue which takes 5 working days just to look at by an underwriter. My broker seems to think they are a bit slow however I thought he would at least try to get them to speed the process up, however no such joy.

Last Friday they asked to see the tenancy agreement for my other btl property and again that's in the queue waiting to be assessed. The vendor is starting to get agitated and has called my directly to find out what's going on.

Is this normal practice for TMW?
Why aren't London and Country kicking up a stink at this ridiculous delays? Anyone else in a similar position?

Dave_Ham

Afraid they are awfully slow at the moment, 5 days for everything including to get the offer printed.

Poor show, but obviously as part of Nationwide with some shared resources they are all under pressure and are way behind..

I have only been using TMW when absolutely need to at the moment.

ACG

5 days is pretty good! Ive been waiting 10 days for nationwide up until last month!

I would count yourself lucky (i know you wont though), there is another lender taking 15 days before they will even look at the application, then 15 days everytime you have to send more info.

STAR_BUCK

We went through london and country last year for our BTL, and had our mortgage agreed by BM solutions within 24hrs!

Wh05apk

TMW have had major problems olowing an FSA visit, peviously TMW were very "light touch" and the FSA were concerned that actually a lot of their non-regulated BTL business was actually residential business in disguise, as a result TMW are running around like headless chickens re-assessing/fully underwriting everything.

They are reviewing their policies, and numerous changes will no doubt take place - they have already wthdrawn regulated btl's -where property rented to family members.

Kath432

This is my personal experience with The Mortgage Works.

I applied for a BTL mortgage and was recommended The Mortgage Works (TMW) by my mortgage adviser. Terrible advice!! 8 weeks after submitting an application to them, they were still asking me for documents and proof of this and that in a piecemeal fashion which irritated the hell out of me. I was nowhere near getting anything done. The seller almost pulled out of the deal!

I feel that they are so unprofessional that they even cannot get their act together to ask all relevant questions (playing the game fairly by placing all cards on the table) before promising me an in-principal agreement. After enticing me with an in-principal and extracting money for the valuation fee from me, they decided to back paddle all the way to avoid lending.

I think TMW are just a pain in the .... and I would not recommend them at all. In fact they made it impossible for me to obtain the mortgage. I gave up in the end as the seller threatened to pull out. I paid TMW £365 for the privilege of being messed about. To my mind, they are a bunch of complete idiots.

Can you believe it? TMW also set up a direct debit on my account even though they have not even given me a mortgage offer! Cheeky sods.

My new mortgage lender is totally opposite to TMW and approved my application within 5 working days after my application was submitted. I am on my way to completion now.

Personally, I won't use TMW ever again as they have managed to make false representation to me in order to extort the valuation fee to then only after I paid that they begin telling me otherwise.