A year ago, The Mortgage Lender (TML) opened its doors to the intermediary market.
The launch was a result of plenty of blood, sweat and tears in developing a new residential lender that strived to challenge the status quo.
Twelve months later, I’m pleased to say that we’ve achieved many things I never believed we would in our first year of business.
We not only listened to the market…but we responded to it.
The Mortgage Lender was launched as a challenger brand in the UK mortgage market on 11th July 2016, providing borrowers with an alternative to the high street.
It was a proposition we knew the industry had been crying out for, but until TML launched no-one had quite, in our mind, got it right.
With bespoke underwriting and products, we aimed to cater for a wide range of borrowers, including employed, self-employed or contract workers, multiple sources of income, lending into retirement and those with an imperfect credit history.
The launch was met with plenty of support and column inches in the industry press.
We got a warm welcome into the industry.
We grew. We employed. We invested.
Our team is second to none. Within The Mortgage Lender we have some of the most talented, experienced and passionate people in the market.
After a series of key appointments ahead of launch and following it, in December 2016 – just five months after launch – we further announced the creation of more than 100 new jobs at our 900 sq. ft. head office in Glasgow’s financial district.
Since launch we’ve grown our modest headcount by 40%.
We challenged the market.
In March 2017 we launched #ChallengeTML – a campaign calling on brokers to challenge us to deliver on our rates.
We did this because we believe we can beat a lot of rates from other lenders in the market, not just on cases with adverse credit, but also for what some might call ‘prime’ or ‘near prime’ cases perhaps with more complex circumstances.
#ChallengeTML was really simple – we asked brokers to visit our website, complete a decision in principle (DIP) and challenge us to deliver the best rate for their client.
We also asked the market to challenge us in other areas too so we could genuinely provide a service for the market influenced by those who would use it.
The campaign was a great success. We found that on average, over half of our borrowers fit in to our three lowest rate tiers and 9 out of 10 offers are made on the same product rate selected at application.
We created certainty in an uncertain economy.
Certainty is a word we hear frequently. Brokers tell us they want it and their customers tell them they want it too. And in turn, that’s what we strive to deliver.
Insight helped establish The Mortgage Lender a year ago when we launched and it is insight that continues to help shape every part of our business as we evolve to meet ever changing demand.
For us, certainty means not only sticking to published underwriting criteria and service standards, but also ensuring that borrowers actually get the product they applied for. We were told some other lenders often accepted applications in principle on headline rates, but that during the underwriting process the client would typically find themselves cascaded down onto higher rates. This was an understandably emotive point for brokers, so we set out to avoid this practice in our processing.
We’re immensely proud that after 12 months of lending over 98 per cent of offers we have made were issued on the same or better product rate than was applied for following a successful decision in principle.
We made partnerships.
We listened to the market and the market responded by supporting The Mortgage Lender. We’re very thankful for that support – it has proved to us that what we set out to do 12 months ago was the right thing to do. A huge thank you to…
Our supportive networks
Sesame, Tenet, Pink, First Complete, The Right Mortgage & Protection Network, John Charcol and New Leaf Distribution.
Our supportive Mortgage Clubs
Paradigm, Residential Home Loans (RHL), Lender Gateway, SimplyBiz, TMA, 1010 Mortgages, PMS, Brilliant Solutions, Mortgage Force (Scotland), TFC Homeloans, The Mortgage Trading Company, Brightstar, Complete FS and 3mc.
Our supportive Specialist Distributors
All Types of Mortgages (AToM), Brightstar, Complete FS, Mortgage Force (Scotland), Residential Home Loans (RHL), Solent Mortgage Services, The Mortgage Trading Company, TFC Homeloans, 1010 Mortgages, 3mc, Positive Lending, Brilliant Solutions, The Lending Channel, The Mortgage Partnership, Norton Finance Mortgages, Julian Harris, Connect for Intermediaries, Black Book Finance Ltd, The Select Partnership, Ingard, Active Investments, Manor Mortgage Solutions, Crystal Specialist Finance, Clever Lending and Thistle Finance.
That only leaves one thing left to say, #HappyBirthdayTML – we’re looking forward to many more to come!