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

sherbert1964

Valuation is on hold until after underwriting so that if we fail at this stage we can get the £660 paid refunded. It will be good news once the val is instructed as this would mean all underwriting sufficient.

I was expecting to hear back yesterday if not for sure today and I'm concerned at having not heard back tbh.

I asked broker and he said that pre-application our case (or at least the headlines/foibles of our case) were taken to this underwriter for an exception and it was approved to be considered so the application is going back to the same underwriter who said they would consider it for continuity. Is that a scenario you've come across?

Perhaps just need to play the waiting game and be patient, easier said than done when it feels like my whole world is in the balance

ACG

Why would an exception need to be made? From what you have said it sounds like it is within criteria, is there something I have missed or something else that falls outside of criteria? 

Dont worry about not hearing back (I say that to everyone), they are not keeping you in suspense because they do not want to give you the bad news. No news is just no news.  

sherbert1964

I don’t think you’ve missed anything, happy to give you situation again and maybe you can advise?

Myself: 2 years self employed Ltd company director in same industry (been estate agent 15 years). Y1 2500 loss but Y2 65k gross profit, 51k net profit. Lender advised happy to take most recent year in isolation.

Mrs: Newly employed part time with new employer in events management (4 months payslips no probation period) previously on mat leave while we had our baby and before then was doing freelance but PAYE, again they confirmed happy to take her salary.

1 dependent, no loans/car/outgoing and childcare handled by grandparents

loan is 5 year fixed 5.79%, £441500 approx 2450pm

ACG

Mat leave might be the exception, but I dont think being on mat leave would have been an issue. 

In any event your broker picked up on the issue and checked it so they have done everything right. 

sherbert1964

I checked with my broker he said it was to do with my income and ignoring Y1 loss - he said less of an exception more a “Is this acceptable” before application 

sherbert1964

Did hear back today, further requests for documents.

I'm beginning to think this won't be as quick a turnaround as I had initially expected...

UW turnaround is now 3 working days, too

sherbert1964

Just thought I'd share a timeline of things so far

TML Application timeline

15/05/23 - DIP Submitted

16/05/23 - DIP Accepted

17/05/23 - Mortgage application submitted with completed DD mandate and Declaration

19/05/23 - Request for additional documentation and hard search done

22/05/23 - All requested documents submitted for underwriter review

26/05/23  - Requested further additional documents

Catty288

Don’t want to be the bearer of bad news but The Mortgage Lender messed us around royally… twice! Our situation is also a bit niche in that partner was gifted 50% of the property we are wanting to buy out, in a will, and having a change of career 4 months previously. Same area of work, different profession but with better pay. Probate had gone through, all was fine. They then turned around after a lot of waiting and chases from our broker, sent out the mortgage offer, then radio silence. Weeks later, they came back and asked for a copy of the Will and probate documents. Another couple of weeks later, they said they weren’t happy to proceed as partner wasn’t yet on the deeds. They said we could get this done and get back to them. Weeks later (again!) after waiting for the family member who owns the other 50% to agree to sign, her solicitor sitting in the document for more than 2 weeks without telling anyone it was there, and then sending off to Land Registry, the document was received and sent back to The Mortgage Lender. They were happy with that and started to proceed and booked valuation. Valuation day came and went… radio silence again. After much chasing, they decided that they weren’t happy with the proximity of the business next door, despite being made aware of this on each application. Initially, we were going to buy out the other party 2 years ago with 50% being gifted and The Mortgage Lender again sent out a mortgage offer. This lead to them coming back after some debate, to ask for the existing owner of the property to have a break in tenure. We discussed this with them and they agreed to stay with another relative for several months to satisfy The Mortgage Lenders terms. Documents were drawn up and signed to this effect and they later came back, after having these documents to say we would comply, to say they couldn’t lend to us in case we defaulted for some reason and it lead to a media storm. 

I hope you have more luck than we did with them! Just be wary. May be an option to try another lender as buying a house can be stressful enough at the best of times, without a lender that changes its mind so often!

We are now with another lender and broker and (hopefully!) about to complete on Wednesday.

ACG

Catty288 said:

Don’t want to be the bearer of bad news but The Mortgage Lender messed us around royally… twice! Our situation is also a bit niche in that partner was gifted 50% of the property we are wanting to buy out, in a will, and having a change of career 4 months previously. Same area of work, different profession but with better pay. Probate had gone through, all was fine. They then turned around after a lot of waiting and chases from our broker, sent out the mortgage offer, then radio silence. Weeks later, they came back and asked for a copy of the Will and probate documents. Another couple of weeks later, they said they weren’t happy to proceed as partner wasn’t yet on the deeds. They said we could get this done and get back to them. Weeks later (again!) after waiting for the family member who owns the other 50% to agree to sign, her solicitor sitting in the document for more than 2 weeks without telling anyone it was there, and then sending off to Land Registry, the document was received and sent back to The Mortgage Lender. They were happy with that and started to proceed and booked valuation. Valuation day came and went… radio silence again. After much chasing, they decided that they weren’t happy with the proximity of the business next door, despite being made aware of this on each application. Initially, we were going to buy out the other party 2 years ago with 50% being gifted and The Mortgage Lender again sent out a mortgage offer. This lead to them coming back after some debate, to ask for the existing owner of the property to have a break in tenure. We discussed this with them and they agreed to stay with another relative for several months to satisfy The Mortgage Lenders terms. Documents were drawn up and signed to this effect and they later came back, after having these documents to say we would comply, to say they couldn’t lend to us in case we defaulted for some reason and it lead to a media storm. 

I hope you have more luck than we did with them! Just be wary. May be an option to try another lender as buying a house can be stressful enough at the best of times, without a lender that changes its mind so often!

We are now with another lender and broker and (hopefully!) about to complete on Wednesday.

Your situation sounds a fair bit different to this case. 

The commercial property next door would have been down to the surveyor, you do not normally get an offer before a valuation has been carried out.

A lot of what you have posted does not really make sense. I think (I could be wrong) but you have mixed up/been given incorrect information. Once you get a mortgage offer it is very unlikely it would get pulled unless something crops up at the legal stage or your circumstances change. Considering the situation you describe is quite possible the issues could have been raised by the solicitors? 

sherbert1964

Hi @Catty288, sounds like a real journey you went on there and sorry it didn’t work out for you with them, really interesting hearing your story

As @ACG says our situations are rather different indeed, the property we are buying is a very normal residential property in a residential suburb with no commercial built in 97 and standard masonry construction so just a regular home for all intents and purposes. If TML have an issue with our application it would be likely from an affordability/criteria aspect rather than anything else.

That said sounds like a stressful situation so pleased you’ve come out and dry the other end.

for anyone following my ongoing saga, we’ve submitted the requested the docs and explanations for UW review and hope to hear back this week, turnaround time is now at least 3 working days.

also @ACG if you don’t mind I did have any QQ for you - when the UW is requesting additional items such as saving statements and explainations of certain things does this mean the UW is still compiling information before review the case in full at one time, or has reviewed it but needs extra detail to make a decision?