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  • Mortgages & Finance

    TMW Criteria Change - Good News!

    Couldn't not pop by and post this amazing news!

    The Mortgage Works criteria change from 1st July:-

    Tenancy agreements will now be accepted in the form of an Assured Shorthold Tenancy Agreement (Short Assured Tenancy in Scotland) up to a maximum period of 3 years.

    Non-AST applications (local authority, housing association tenancy and corporate tenancies) will also be accepted up to a maximum period of 3 years. (These must be submitted as paper apps however.)

    Lisa
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    Lisa All comments are for education and information purposes only and do not construe as advice or a financial promotion. No liability is accepted for comments made. If you wish to receive information in an advisory capacity then please contact me about becoming a client. www.keys-mortgages.com

    More TMW changes; technical ones this time but good news:-

    Mortgage Works have implemented some technical changes.

    There will be no more referred applications; cases will either pass or fail now.

    Fail might be you or the property doesn't fit policy, failure to meet credit score or outright decline due to credit history. It should say which.

    There will be additional questions at DIP stage but if passed it will go straight to full application stage with a 'shopping list' of documents to be provided.

    There should be less people handling the cases from now on.

    They will look to underwrite cases fully before taking fees so less chance of them retaining the £150 booking fee on cases that don't fit criteria - this was a bone of contention but shouldn't happen as often now. Obviously this doesn't apply if there's a problem with the property at valuation or if you withdraw.

    Proof is in the eating but at least they're listening!

    Lisa
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    Lisa All comments are for education and information purposes only and do not construe as advice or a financial promotion. No liability is accepted for comments made. If you wish to receive information in an advisory capacity then please contact me about becoming a client. www.keys-mortgages.com


    That's good. Will they consider experienced landlords whose only income (currently) is from property? If so, is it just for single lets, or for HMOs too?
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    As long as they're a homeowner then that's fine Lynne.

    HMOs to 65% LTV but paper based application.

    Lisa
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    Lisa All comments are for education and information purposes only and do not construe as advice or a financial promotion. No liability is accepted for comments made. If you wish to receive information in an advisory capacity then please contact me about becoming a client. www.keys-mortgages.com

    Turned to a Black or White system, with no Gray in the middle Confused ..

    The best thing about the new system is the clear notice of why it was Declined, refereed always left you pondering. Hopefully TMW has freed up some hands to lend to nationwide - pain in the A** last month or so.
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    THIS PROPERTY TRIBES ACCOUNT IS NO LONGER USED. DO NOT SEND PRIVATE MESSAGES.

    YOU CAN REACH ME AT BESPOKE FINANCE for HMO Mortgages, Cheap Life Insurance and Limited Company Buy-to-Let on 08009202001

    Had interesting experience with TMW recently.

    They confirmed mortgage offer figures to my Solicitor last Thursday so we exchanged on Friday. On Monday they changed their mind and I had to cough up £3k+ to permit Exchange yesterday (Wednesday). On morning of Exchange they revised their figures again although it was in my favour this time.

    How do you apologise to a frazzled Solicitor who every time they spoke to TMW got a different figure? TMW also wanted to delay Completion for a few weeks whilst they worked out the figures properly. They took so long in the first place to make the offer that we nearly lost the property as it was a corporate sale.

    Hopefully things are now going to settle down as I have another purchase going through with them now.
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