The Mortgage Lender - Timeline/Process

LTNRW

I've looked around the forums here and online in general, there isnt all that much to see regards "TheMortgageLender"
has anyone here got any recent experience with them? 
being a sub prime,broker only lender, I am keen to know as much as possible & what to expect.

I haven't heard anything from my broker since the full application went in 10 days ago other than the broker asking for proof of deposit. ( see other thread )
Keen to get things moving as quickly as possible but seems to have come to a stall at the moment... I am hoping this is a good thing however!



The property:

Market: £130,000
Sale agreed at: £128,000
Deposit £21,000 ( gifted )
Mortgage £107,000



My timeline so far:

AIP - 03/08
Offer accepted 04/08
Full application 04/08
Hard searched 04/08

amnblog

They are quoting 48 hours to turn most things around currently.

Have they instructed the valuation or has it been done?

LTNRW

8 working days so far since application..

no, no valuation instructed yet ( could they be wanting to see proof of deposit first? )
as thats all my broker has asked for since.

Justsaveit

Where did you see your hard check? I don’t see one on my Experian even after 3-4 weeks into application. 

they’ve already approved underwriting and have completed valuation, just waiting to hear back from them now. 

ACG

It is only taking them 2-3 days to look at documents.

Assuming your proof of deposit was uploaded on the 10th (or later) you should hear tomorrow. 
If it was uploaded prior to that you should have had some news really. Speak to your rboker, they may have had confirmation the valuation has been instructed but just not told you. 

LTNRW

Well they hard searched me on the 4th
So 12 days ago..

My broker has just stated that despite this. They won't look at anything or make assessments until proof of deposit is in?

Is that right?
Surely they'd make a start with what they have.
Which was 3 months payslips and bank statements and a p60 etc

I'm hoping I can get the proof of deposit in by Wednesday this week.. 
But as in other thread, gifter is suddenly ultra paranoid about what they want to see . Despite the money being completely  legit. 

Does the stress ever end.

ACG

I do not like to lay the blame game, but your broker should have obtained proof of deposit before submitting the case.
It sounds like they are maybe not used to dealing with these types of specialist lenders as a lot of high street lenders do not ask for proof of deposit. 

You will not hear anything more until you have provided what has been asked for. Currently that is 2-3 days. 

LTNRW

Frustrating! 

Thanks, hopefully all will be sorted this week.
In your experience..  would they have looked at my report already and declined if they were going to by now despite no POD?

ACG

Their system will have checked your credit report and kicked you out if there was something outside of criteria picked up. 
The adverse element I would imagine is fine. 

Justsaveit

LTNRW said:

Well they hard searched me on the 4th
So 12 days ago..

My broker has just stated that despite this. They won't look at anything or make assessments until proof of deposit is in?

Is that right?
Surely they'd make a start with what they have.
Which was 3 months payslips and bank statements and a p60 etc

I'm hoping I can get the proof of deposit in by Wednesday this week.. 
But as in other thread, gifter is suddenly ultra paranoid about what they want to see . Despite the money being completely  legit. 

Does the stress ever end.

Where did you see your hard check? Was it Experian or elsewhere?

 If it helps, my broker submitted my case before full proof of deposit was sent, but he confirmed that tml will not even begin to process the application until the full deposit amount is evidenced. Indeed, the first correspondence from them was regarding proofs of deposit. 

Justsaveit

Also, best of luck with your application!!