The Mortgage Lender

Intel1982

Hi everyone, we are in process of buying a house but due to adverse credit from a few years ago we have gone with The Mortgage Lender through a broker. The process has not been great so far and our stress is through the roof, we originally applied on 15th December but only now are they asking for more and more information. We had been told that everything looked fine and that it would be approved but now the lender is coming back saying they need an extra 5% deposit after they conducted a survey. That means a total of 25% deposit. We have the money available through savings and sale of our house back in October and have provided evidence of this - we are just waiting to hear back. My main worry at this stage is that we are rejected  and have no time to apply for a mortgage with anyone else. The sellers have given an entry date of 25th March, as this is when they move into their new house.

Can anyone give me an idea as to what the chances are of us being offered the mortgage? I also can't see any hard searches on our credit file yet so don't even think this has been done yet!

Thanks for ready 

Sistergold

Hello, as they have asked for you to increase your deposit I think they are happy to lend you at that as they have reduced their risk a bit more. 🤷‍♀️I know you cannot stop worrying until it’s all complete but I think them asking you for more money is a good sign. 🤞

canaldumidi

Presumably your broker advsed that he ML were the best option given your circumstances? So be patient and what will be will be.

Don't stress over the seller's preferred entry date. Everyone always has a preferred date but they are rarely achieved!

Intel1982

Thanks for replies! My mortgage advisor thinks that they've asked for more deposit because it's an ex council house. Yes advisor came up with TML as we have adverse credit - long story but a property my husband's name was on had missed mortgage payments and the last one was three years ago (January 2019). We got a mortgage with Scotwest Credit Union in July 2019 even with these issues, we sold that house October 2021 and went with a broker in the hopes of securing a better interest rate but to be honest wish we had just gone with the credit union again, it was so much more straight forward when we applied with them! If we don't get an offer with Mortgage Lender next week I think I may just try and apply with them again myself and cut out the middle man. I'll keep this thread updated with any progress for anyone who may be looking for this information in the future. 

Intel1982

After having the call last Thursday to advise they wanted a 25% deposit, I submitted proof of where the extra deposit was coming from last Friday - all straight forward hopefully,  as the extra money is coming from our own savings.  Spoke to mortgage advisor yesterday who advised that the lender has sent the case to get the offer approved and it should be with me at some point this week - still waiting and stomach is doing backflips, feel as if they could still reject us.  Seller of the house we are buying is getting anxious as we were advised we should have an offer by mid January but still waiting. Hoping we get an offer asap or we might lose the house! Will update with any other updates when I hear. 

Becky19

We submitted our full application with The Mortgage Lender about 4 weeks ago now. My mortgage broker has advised us that our application has now gone for final checks and we should have an update this week.

They only came back to us for more info once, right after we submitted querying some things on my bank statement and haven't heard a thing since then. Desperately hoping we get the offer soon, we're keen to move ASAP.

Intel1982

We are 8 weeks now, application was submitted 15th December. Need to get this sorted asap, I just checked Checkmyfile and I can see that a hard search was carried out by The Mortgage Lender on 15th December, this was reported through Equifax but not showing on any of the other credit companies. Hope you hear back soon, will keep this updated with any progress 👍 

Intel1982

Mortgage advisor called to let me know that's my mortgage approved tonight with the Mortgage Lender! However I had got fed up waiting and ended up contacting Scotwest Credit Union yesterday(I am a member), I submitted my application this morning and they approved it by the early afternoon! They are willing to accept less deposit as well, which will eat into less of our savings. I'll wait until I get all the paperwork through and will update with what I do. I am never moving again, didnt realise the stress involved. 

MrsH070821

Hi everyone! New poster but been reading through these threads for some advice. We put in our application 4 weeks ago with TML and have so far been asked for more documents every week. Getting extremely anxious at this point as deadline for completion on our new-build is this Friday but fully don’t expect it to be that. It appears they have a 5 day wait time at the moment so we wait a week to the day, get asked for more documents, wait a week again ask for more ect going in round in circles. We already had the valuation and that came back all good I think the process is in a different order now as that was done in week 2. Any advice from anyone else would be great too settle these nerves….

missamy_x

Hi has anyone had an update on their progress with TML? They done our hard searches last Friday but haven’t heard a thing since. The anxiety of waiting is getting to me now lol. 

jojodam27

MrsH070821 said:

Hi everyone! New poster but been reading through these threads for some advice. We put in our application 4 weeks ago with TML and have so far been asked for more documents every week. Getting extremely anxious at this point as deadline for completion on our new-build is this Friday but fully don’t expect it to be that. It appears they have a 5 day wait time at the moment so we wait a week to the day, get asked for more documents, wait a week again ask for more ect going in round in circles. We already had the valuation and that came back all good I think the process is in a different order now as that was done in week 2. Any advice from anyone else would be great too settle these nerves….

What extra documents have they been asking you for if you don’t mind me asking?