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

ACG

It sounds like you are at the underwriter stage. That should mean it is an underwriter who has reviewed documents and has come back and asked for extra information in order to make a decision. 

Thats usually a good sign in my opinion (although not a guarantee), as the underwriter could have declined it but they are looking for a bit more. 

sherbert1964

That’s positive, let’s see what happens.

all submitted additional docs and been told should hear back by COB tomorrow!

sherbert1964

@acg you weren’t wrong about making us work for it.. more requests today wanting payslips for my directors salary but I take salary in one lump sum at the end of the tax year.

I sent P60 showing total salary taken but I wasn’t sure that was going to be sufficient so I’ve asked my accountant to generate payslips and move me onto a monthly payroll.

the salary is nominal - under 12k PA for tax reasons and we take approx 1500-3000 per month so the account has also drafted an accompanying letter to say I’ve been moved onto monthly payroll and that all income taken over the roughly 1k per month is taken as dividend on top.

really hope that’s enough for them now.

strange that they took such issue with a lump sum director’s salary saying it’s not normal when it definitely is for a Ltd company. Had to change whole payroll payment method because of this and hope it’s enough.

starting to drive me mad!!

simon_or

Sounds like an inexperienced underwriter. What you've described is entirely normal for director's remuneration. What on earth would they gain by making you run a monthly payroll!

ACG

sherbert1964 said:

@acg you weren’t wrong about making us work for it.. more requests today wanting payslips for my directors salary but I take salary in one lump sum at the end of the tax year.

I sent P60 showing total salary taken but I wasn’t sure that was going to be sufficient so I’ve asked my accountant to generate payslips and move me onto a monthly payroll.

the salary is nominal - under 12k PA for tax reasons and we take approx 1500-3000 per month so the account has also drafted an accompanying letter to say I’ve been moved onto monthly payroll and that all income taken over the roughly 1k per month is taken as dividend on top.

really hope that’s enough for them now.

strange that they took such issue with a lump sum director’s salary saying it’s not normal when it definitely is for a Ltd company. Had to change whole payroll payment method because of this and hope it’s enough.

starting to drive me mad!!

I would have been right on the phone about that. I would have tried to get that requirement removed.
I get monthly payslips, but I just transfer money from my business to my personal account as and when I want to so they do not match up. 

That all being said, I think this is a good sign. 

Im off next week so wont be on here as much, but will try and log on and keep track. 

Their service levels have just increased due to every other lender pulling their rates. So chances are you might not hear back before maybe Wednesday/Thursday. Ive just got a couple of cases in to them today as they are pulling their current products on monday (your product is safe btw as your application is already in). 

Fingers crossed... for both of us! 

sherbert1964

Tsimon_or said:

Sounds like an inexperienced underwriter. What you've described is entirely normal for director's remuneration. What on earth would they gain by making you run a monthly payroll!

Exactly, it's nonsensical bordering on absurd. Anyway I am now on a monthly payroll as of today, my accountant sorted it out so I have two previous payslips which is what UW requested so trust that will be the end of that.

Bizarre that they don't look at the accounts which denotes directors salary plus P60 which confirms the same

sherbert1964

A breakthrough!

Underwriting is complete and accepted and the valuation is being instructed.

Too soon to pop the champers but a massive step forward after what feels like a lifetime. Easily the most difficult and challenging mortgage application I've ever experienced.

Can almost feel the keys in my hand..

ACG

sherbert1964 said:

A breakthrough!

Underwriting is complete and accepted and the valuation is being instructed.

Too soon to pop the champers but a massive step forward after what feels like a lifetime. Easily the most difficult and challenging mortgage application I've ever experienced.

Can almost feel the keys in my hand..

The surveyor is always the big unknown. It is the one thing we have zero control over. 
99% of the time there is no issue.

But the main thing is you have an offer subject to valuation. 

I was pretty confident you would get there with them. 
I tend to group the specialist lenders, some look for a reason to say no, the others look for a reason to say yes. I think Aldermore (whilst not the worst) fall into the former where as TML are the opposite but have a few more boxes to tick. 

sherbert1964

I'm quite confident on the valuation - we already had a Homebuyers + valuation carried out and the surveyor was happy with the price, in fact said we had got an excellent deal (wouldn't be a good agent without getting myself a good deal, now right?)

Fingers crossed it all moves smoothly from here!

Appreciate all your help and guidance along the way, it's been invaluable to me. 

sherbert1964

Still waiting on the actual Val go get booked.. this is painful haha

2 WD turnaround so should have been today, will blow a fuse if not booked tomorrow for Monday survey and offer not in by end of next week! 

Would really just like something not to be chasing/waiting for.

is it always this bad me wonders?

Couple of my clients have had mortgage offers with Halifax in under a fortnight