Britannia Mortgage delays

feisty1

It is actually more expensive for the lender when a mortgage is direct rather than thru a broker, as their operating costs are higher......

dwsjarcmcd

feisty1 wrote: »

It is actually more expensive for the lender when a mortgage is direct rather than thru a broker, as their operating costs are higher......

No it's not, it used to be exactly the same but actually now introduced business is more expensive because the arrears rates are higher.

feisty1

Not so.....it was never the same...now less footfall less etc

dwsjarcmcd

feisty1 wrote: »

Not so.....it was never the same...now less footfall less etc

How do you know, have you seen the numbers? I have. What has footfall got to do with anything?

That's why increasing numbers of lenders are pulling out of lending via intermediaries is it.....because it is more profitable!

natman

OK OK OK........

I actually agree with a lot you are both saying I would of normally gone through an adviser to get the mortgage and I started off with an adviser who advised me to stay with my current provider - no charges for that advice nor did She make any money from a referral etc.

At the mo, i wish i had an adviser to apply pressure to Britannia, but i have to do that myself, which is no big burden, but are you trying to say an adviser would have made Britannia move more quickly with my paperwork????

Like I said , there is no hic up as such -
Britannia have been quick at getting a valuer out to the property from giving details over the phone to britannia - the valuer was in our new property two days later.
Quick at accepting our application ~( as they knew us) as soon as they got our application form signed - they phoned to say they need no more from us and they just needed to assess the valuation, then provide a mortgage offer.

The assessment of the valuation paperwork is the slow part - it has been sat at Britannia since 2nd Feb in a queing system - could an adviser really pushed this through any quicker?????

Glad to get a debate going though!!!
Has anyone had issues like this waiting for a mortgage offer and in particular with valuation paperwork.
Or mortgage advisors out there - how have britannia been lately, are you having similar frustrations???

feisty1

[quote=dwsjarcmcd;18581673]How do you know, have you seen the numbers? I have. What has footfall got to do with anything? That's why increasing numbers of lenders are pulling out of lending via intermediaries is it.....because it is more profitable![/quote]

It is not more profitable!........ why have most of the lenders withdrawn advisors from branches and replaced them with customer services agents? Who takes the *risk" when business is placed thru an intermediary again reducing lenders Pii costs.......what do u mean increasing numbers pulling out the intermediary market! You make it sound like a mass exodus........straight from the horse's mouth on Thursday C&G's current business mix is 70% intermediary........this was the total % of the market intermediaries has in 2007.............

dwsjarcmcd

Oh dear, there is so much nonsense in the above post it's unbelievable. Lenders are withdrawing advisers because they are not lending nearly as much as previously, through both direct and intermediary channels.

Lending is down something like 75%, and lenders don't have the liquidity to lend therefore they are having to cut costs. I know of Intermediary lenders where staff have been reduced by over 50%.

Risk, your presumibly talking about misselling but they are taking a hit on the real risk, arrears, which are increasing.

Intermediary lending is now less profitable than direct Spout all you want

feisty1

I know of front line retail (ie branch based)........i will just email jon farley now and tell him instead of the usual bloke down the pub said i will say "the bloke on mse" said he had all his figures wrong on thursday......and i am "spouting" charming!!!

dwsjarcmcd

feisty1 wrote: »

I know of front line retail (ie branch based)........i will just email jon farley now and tell him instead of the usual bloke down the pub said i will say "the bloke on mse" said he had all his figures wrong on thursday......and i am "spouting" charming!!!

If you took the time to read my post you would have noticed that I never mentioned C & G.

feisty1

no but i did when i gave an example of a lender's business mix and they're not unique........BoS is 100%.......of course the intermediary market has suffered .........but it is the branches that are the biggest cost to the lenders and not the intermediary channel.............I mentioned footfall, you said what does that have to do with it!!....Shows yr level of knowledge......... why has dual pricing happened?