TML / The Mortgage Lender - Experiences, Timescales, General Help

sherbert1964

Good evening all,

I'm trying to find out some information on TML (The Mortgage Lender) as we have just submitted an application with them via our Broker.

We have previously been declined by Aldermore for the same loan amount and broker's advised up to try TML.

Can any of the MA's on here (or anyone with experience of using them) provide some insight as to their process and turnaround?

We've paid the £815 valuation and application fee and confirmed full application submitted following DIP accept.

Any insight or advise welcomed regarding this lender

thank you

ACG

Are you applying for a big mortgage or were you wanting the absolute max? Typically it is cheaper to pay the slightly higher rate and avoid the app & valuation fee and get the cashback. It might be different if a big mortgage (maybe £500k plus). 

I put this on your other thread, but the difference is night and day. TML might make you/your broker work for it with a few questions which seem a bit OTT, but I have only had one case declined with them and that was down to the surveyor not the lender themselves. I use them regularly. 

They are quick - 24-48 hour turn around times with everything and unlike Aldermore they tend to take more of a "if you fit criteria, you get your mortgage" approach than Aldermore. If I had the choice of lenders, I would go with TML everytime. 

Appreciate getting declined can make you a bit nervous but I think it was more a case of maybe a little naivety from your broker. I would not take the decline as a reflection on you/your application. You were just not within Aldermores risk profile. TML will take a bit more of a risk. 

Ultimately Aldermore tend to fund most of their own mortgages and keep hold of the book, TML on the other hand lend the money and then sell on the book of customers to another lender so risk wise, they can afford to take more of one as they know they are not stuck with you indefinitely. 

sherbert1964

@ACG Thanks for this.

We're applying for £442,500 loan. This is the max lending that TML were prepared to lend which fit in the calculator, Interestingly it's more than the £434,000 max loan that declined through Aldermore, whether that will prove to be relevant or not remains to be seen.

We are wanting the max because we are putting down a hefty deposit but the deposit is pretty much all the money in the world that we have, plus leaving £30k or so behind for renovations which the house needs.

My broker never gave the option of a different rate with no fees but to be fair i always said I didn't really care too much about fees as long as monthly payments were okay, it all balances out in the end. 

Great to hear they have a quick turnaround, broker said today it's 1 working day at the moment but I never really trust that, as long as they are a bit more risky and open to our application then that's great

The rollercoaster keeps going! 

ACG

In that case, a 5 year fix with the fees would probably give you an extra couple of grand so you do probably have the most suitable product. 

sherbert1964

Thanks @ACG. Another QQ with respect of TML - I was just reading their criteria etc and it mentions about their solicitors.

I have my own legals being done by my own solicitor but they are on TML panel, will/can they use the same solicitor or will they instruct a separate conveyancer and make me liable for their fees?

I've never done a deal/purchase where the lender has their solicitor involved, does this convolute or standard practise for these kinds of lenders? 

ACG

If they are on panel, they can work for you and the lender. 

sherbert1964

TML came back with a load of questions and requested some additional
docs which I presume is semi positive as opposed to just kicking it out off the bat…

ACG

sherbert1964 said:

TML came back with a load of questions and requested some additional
docs which I presume is semi positive as opposed to just kicking it out off the bat…

ACG said:

I put this on your other thread, but the difference is night and day. TML might make you/your broker work for it with a few questions which seem a bit OTT, but I have only had one case declined with them and that was down to the surveyor not the lender themselves. I use them regularly. 

Its almost like I have done this before :-P 

I still think you will be fine. 

With TML and a couple of the adverse lenders, what I tend to do is to pull out a piece of paper and put a bullet points with some notes on. This tends to help speed things up and result in less questions after the initial underwrite. But I suppose that comes from experience. 

sherbert1964

Haha yes its like dejavu   

Everything sent back and submitted for review, 1 working day turnaround so hopefully hear back later tomorrow or Weds.

Watch this space!

sherbert1964

Been a few days, no update. Still in the UW's box to review. Meant to be 1 day turnaound but been 3 full working days as of COB today.

Not sure if the UW is just busy and not working to timescale or if there's a problem

God this is torture...

@ACG hows TML timescale in your opinion right now?

ACG

Its 2 working days according to their site. But that only starts the day after the documents are uploaded. So if uploaded on the 22nd, day 1 was the the 23rd, meaning you should have heard yesterday/today really. 

It could be that your broker did not do it on the day, they have requested something else/had some questions and your broker has dealt with it without wanting to worry you, or they have instructed the valuation. Or it could be that the underwriter is off. Difficult to say for sure, you need to check in with your broker really.