Nine weeks after launch, The Mortgage Lender (TML) has completed its first case.
The mortgage, for the purchase of a terraced home in London, completed on Friday 16 September and was introduced to The Mortgage Lender through TMA which advised The Independent Mortgage and Loan Company where they would be able to place the case.
The borrowers are a young professional couple working as film producers. They opted for a two-year tracker.
Tom O’Neill, The Independent Mortgage and Loan Company director, said: “This was never going to be an easy case, but also it only needed grown up experienced underwriting. As film producers, the borrowers had non-standard incomes and a buy to let property in the background. They had previously switched it from repayment to interest only on the advice of their accountant, which resulted in the existing lender downgrading their credit rating.
“From the start The Mortgage Lender’s underwriting team was accessible, they took a pragmatic, reasonable and rational approach to the case whilst all the time remembering there were two human beings at the centre of this difficult transaction. They spoke to the existing lender, examined the situation and satisfied themselves.
“If they came across a hurdle they came back to us to ask for more information and kept us and the client informed every step of the way. TML got the mortgage offer out really quickly given the complexity of the case and were mindful the client was at the centre of the process throughout. We were more than impressed.”
Pete Thomson, TML’s sales and marketing director, said: “We are absolutely delighted to have helped an introducer with a particularly complicated case and that we could help borrowers with non-standard incomes move into their new home.
“Our recent reduction in tracker rates combined with our compelling proposition for borrowers who aren’t being served by the High Street is proving popular with introducers.
“We have a large number of applications that have reached offer and expect completions to ramp up over the coming weeks as we move from the initial launch stage to business as usual.”