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Anyone had any experience with ALLIANCE & LEICESTER?
lightspeed
Posts: 246 Forumite
Hi
I have recently applied for a mortgage with A & L. I chose them because they used affordability rather than income multiples to calculate how much i could borrow.
I was just wondering how reliable their initial mortgage quotes are?
I have been quoted 140K on the website, by an advisor over the phone and have subsequently received these quotes in writing. However, i have heard rumours that these quotes can often change when the full application is processed.
I have no debts (other than a student loan) and have a 10% deposit on a property worth 155K.
I realise that credit scoring and other in-depth background tests will now be performed for them to fully assess any risks, however, i dont that these will raise any problems.
Any experience would be useful to ensure that i am not wasting my time bidding on a house if A & L's quotes are innacurate.
Thank you
I have recently applied for a mortgage with A & L. I chose them because they used affordability rather than income multiples to calculate how much i could borrow.
I was just wondering how reliable their initial mortgage quotes are?
I have been quoted 140K on the website, by an advisor over the phone and have subsequently received these quotes in writing. However, i have heard rumours that these quotes can often change when the full application is processed.
I have no debts (other than a student loan) and have a 10% deposit on a property worth 155K.
I realise that credit scoring and other in-depth background tests will now be performed for them to fully assess any risks, however, i dont that these will raise any problems.
Any experience would be useful to ensure that i am not wasting my time bidding on a house if A & L's quotes are innacurate.
Thank you
0
Comments
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Providing there is no difference in your details between now and you r application, and you can provide the supporting documentaion to submit with the application - there should be no reason why A&L would not agree the loan for you - property survey permitting that is
This is the same for any lender and not just A&LI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Are your quotes in the form of a Key Facts Illustration? If they are then, in principle, the mortgage offer you receive should reflect the KFI. Obviously if it turns out that the property you are purchasing needs extra surveys etc then A&L couldn't be expected to know this up front or on the web. But in general the principle is that the KFI should remove any surprises later on in the process.
Do A&L do risk based pricing (i.e. if you do happen to have an adverse credit rating the cost may go up).0 -
Hi there
I didn't have any problems with the quote and then the actuals - I've been an A&L mortgage customer for 2 years. I'd recommend you clarify whether you're paying any product/admin fees yourself or adding to the mortgage - that's where a difference can arise.
AliBack on the DFW Wagon:
CC - £3,300 on 0% til 04/2020
CC - £4,500 on 0% til 02/2019
Loan - £12,063.84 as at 4/1/180
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