L&C Revisited

[Deleted User]

I just thought I'd give an update on what happened, but it would now be off topic on the orignal thread!

After not getting back to me for days, the 40 minute wait on the phone, being passed about and the draining initial interview (see the origianl post),I got in touch with the adviser last night (they said they'd ring at 4.30, but called every couple of hours from 12pm, and not when I asked!).

The deal they found wasn't right at all for me and contradicted one of the major critera I was looking for, (discovered after I had checked the recommended deal out myself on the internet, rang L&C back and told them the problem). When I told them the problem I was told "that can't be right - let me get back to you". They did get back to me, and I was right (well, I read it on the lender's website!).

The second recommendation wasn't much better (pretty much the same problem as the first one recommended to us). In the end, I went back to Moneysupermarket and researched (in depth) 5 of the top lenders in my search and applied for one of them myself - I am extremely happy with the one I applied for, it was exactly what I was after. It was far easier to take into consideration my own circumtances and make a judgement call for myself than to try to explain to L&C what I wanted around the questions they were asking (the most frustrating part for me).

I think the crux of the problem might have been in the initial interview with the adviser where one is asked to limit one's options immediately without consideration to the larger circumstances (the fixed v discount question). At least with Moneysupermarket, I could compare a lot of deals at once and do my own (detailed) research.

I fully expect to be in a minority as far as customer satisfaction goes - everyone else seems to really rate them! It's possible the problem I had was that I had a clear idea of what I wanted but couldn't convey this within the structure of the (seemingly scripted, computerised) interview and couldn't labour the point strongly enough in what probably turned out to be a footnote on my list of requirements.

Ironically, I felt I got a better feel of what was available by going to Moneysupermarket and managed to get exactly what I was after by a totally computerised, anonymous system! In hindsight, I probably gone to a face-to-face broker, but am very short on time now and the one I used to find the mortgage to buy my first house has disappeared into the ether!

As ever, I would stress the point of the research I did into the results it gave me - I've always enjoyed that aspect of the internet 'shopping' experience, and would never recommend just picking the one at the top of the table. In fact, for anyone else, I'd say go to a broker, but this way worked for me.

edit - PS Many thanks to MortgageMan for his offer of help, which I didn't have to summon - I got in touch with them in the end!

dunstonh

I think the crux of the problem might have been in the initial interview with the adviser where one is asked to limit one's options immediately without consideration to the larger circumstances (the fixed v discount question). At least with Moneysupermarket, I could compare a lot of deals at once and do my own (detailed) research.

I probably gone to a face-to-face broker, but am very short on time now and the one I used to find the mortgage to buy my first house has disappeared into the ether!

You would probably have been better off with a broker. With a decent broker, you can sit there and look at the results of putting in various data and see what comes out (in order). The fact you can watch this is not only reassuring that the research is being done correctly and you are getting the best deal but also allows you to see what else is available. Indeed, if you have done a bit of your own research, you can see where your best found deal appears in the list.

This has to be one of the key advantages of face to face. Don't rule out a broker yet. They can still turn a mortgage round quickly enough for you. Just as quick, if not quicker than a postal application.

Mortgageman

I'm obviously dissapointed we couldn't help, but am glad you have sorted something out now.

I'm surprised about a couple of things in your post, and if you don't mind sending me either your L&C reference number, or your surname and your postcode (so I can find you on the system) I would be apreciative:

Specifically I'm interested in "contradicted one of the major critera " - this shouldn't really happen, I'd be interested to see if I can put in some further safeguards against this happening again.

I'm sorry you've not had a great experience - if you give us the opportunity to learn from it then hopefully everyone will benifit.

You raise a couple of other points about the way we do things - which I'd like to also take this opportunity to address:

"the 40 minute wait on the phone" - This shouldn't really happen, we have systems in place that mean you should speak to a human being (although not necessarily a mortgage adviser) with in 3 mins - If other people are finding they are on hold a long time I'd really appreciate a PM with the time you tried to call, and how long you were on hold. I think this is probably an isolated incident - but if others have a similar experience then please do let me know.

"I think the crux of the problem might have been in the initial interview with the adviser where one is asked to limit one's options immediately without consideration to the larger circumstances (the fixed v discount question)."

I guess this has to happen somewhere - as advisers we can't tell you which one of these is better for you. Ironically, I have always felt that we do this exactly by "taking in to consideration the larger circumstances" - We should have talked to you about what they do, how they work, how much they cost, and how they could effect your lifestyle - I think tying down which sort of borrower you are is one of the largest things we can do.

Dunstonh - "You would probably have been better off with a broker. With a decent broker, you can sit there and look at the results of putting in various data and see what comes out (in order). "

We are a decent broker, interesting I couldn't disagree more with your comments about "sitting there and looking at the results of putting in various data" - you don't need a broker to do that, just use a search engine.

A broker should help guide you, should answer your questions, and address any misconceptions. We seem to have failed this time, and that makes me sad, I'd relish the opportunity to learn from it.

payless

I would suggest that when getting advice, some people/ situations are better suited to face to face situation , where a variety of avenues can be explored more easily

( I often suggest this to people , if I feel telephone route is not suitable- even though it means I don't take on the case due to distance)

Others are better doing own research/ decisions , and then going direct ( or via a place to get rebate of commission)

MM- you have a particular business model, and I don't think DD was implying you are not decent, just not the right one in all cases

AndrewSmith

"We are a decent broker, interesting I couldn't disagree more with your comments about "sitting there and looking at the results of putting in various data" - you don't need a broker to do that, just use a search engine."


What a ridiculous statement, and as a 'decent broker' you should know better. As you are well aware brokers use industry only sourcing systems such as Trigold, Mortgage Brain etc which have produts that are not necessarily available through the consumer routes.

You cannot compare the results of a search engine with the results of professional sourcing sofware.

I completely agree with DD that you cannot beat having a professional consultation face to face when discussing anything financial. My own hit rate for face to face appointments to business conversion is around 80% so there must be something in it!!

I'm afraid I must stand on the side of DD here.

Andy

payless

Only 80% ?;)
That said I'm fairly choosy on my appointments

AndrewSmith

@Payless lol

stanmoresaver

Mortgageman wrote:

We are a decent broker, interesting I couldn't disagree more with your comments about "sitting there and looking at the results of putting in various data" - you don't need a broker to do that, just use a search engine.
QUOTE]

I cannot believe a "broker" is saying that- Does your organisation source with search engines or pay for Trigold or MBL?????? :mad:

AndrewSmith wrote:

My own hit rate for face to face appointments to business conversion is around 80% so there must be something in it!! Andy

Don't worry Andy- It'll get better!!!

AndrewSmith

stanmoresaver wrote:

Don't worry Andy- It'll get better!!!

Ah but the other 20% are the ones I turn away anyway

Cheers Dave

stanmoresaver

Ah!!


See i knew there had to be a sensible reason!!

:A

dunstonh

We are a decent broker, interesting I couldn't disagree more with your comments about "sitting there and looking at the results of putting in various data" - you don't need a broker to do that, just use a search engine.

I didn't say you weren't decent. I said any decent face to face broker would have been able to do what he needed. You are not face to face in this case and not all face to face advisors would do the research in front of him. The decent ones would have no problem with that or would do it as a matter of course. I also think that comparing face to face brokers with seach engines is uncalled for. Industry sourced information is not available direct to consumers and the brokers can go on to do all the work needed. As i mentioned in the other thread, for people that want to go direct, then companies like L&C are perfect for them. However, it appears that A-MS would have been better suited to the face to face model where he can see the research being done right in front of him.

The business model for face to face would have been the better choice rather than an internet/phone based model in this particular case. That is not a reflection of L&C at all. The internet/phone based model works equally as well for consumers wanting that sort of service.