The Mortgage Lender (TML) has outlined its approach in dealing with self-employed applications, moving a complex first-time buyer (FTB) case from application to offer in five days.
Through the mortgage broker Connells, TML received the application for a couple who were first-time buyers, one of whom was self-employed and had a history of missed payments. Due to the broker’s relationship with the lender, the case was delivered to TML with all the necessary documents included upfront, enabling TML to make a decision quickly.
TML can consider customers who are newly self-employed where high street lenders may not and will typically take the most recent year of business for affordability or accept only one year’s accounts. In addition, the missed payments were related to a telecoms bill which TML do not count within its adverse credit criteria.
TML were able to provide an 85% LTV for the property and progressed the application to offer in just five days, despite its complexities.
Steve Griffiths (pictured), sales and product director at TML, said: “This is a great example of a case where we were able to support those that are self-employed with their property aspirations, and I’m thrilled that we were able to help this couple get onto the ladder.
“Our relationship with Connells was key to this application moving through the process so quickly. Sabina at Connells has a great relationship with our BDMs which meant they could pick up the phone and discuss the case with us. As a result, when the application came through, everything we needed to make a decision was included, in order and packaged perfectly for us to proceed.”
Sabina Fayle, mortgage and protection adviser at Connells, added: “I am very pleased with the service my clients and I have received from TML so far. Always quick responses, DIP is done in less than 48 hours, really straight-forward referral process and they have a great business proposition. BDM Alice Baggott is always making sure she can be reached easily which greatly helps. Thank you for your hard work and I am sure I will use your services again!”
