I'm shocked! L&C can't help!

Aiadi

As the title says I'm shocked! :eek: Left my details with L&C on Monday- wanting to remortgage, nobody rang back, so I rang just 10 mins ago, gave my details again, spoke to mortgage advisor and he said 'I don't think I'll be able to get a better offer than what you've got, come back to me if you need any further advice'. And that was it! I would accept that if my current deal was good but it isn't!

Current mortgage: Base rate tracker +1.0 with Abbey-currently 5.5% (discounted period ended ages ago) mortgage £116,470 21.5 years left. I have found better deals than that myself searching on moneysupermarket.com.

I'm really disappointed- I could go direct to the lender that I found a good deal at but am worried because I'm by no means savvy with remortgaging and I won't have the protection that you get from a broker. I don't know where to go for advice now...

stanmoresaver

Aiadi wrote:

As the title says I'm shocked! :eek: Left my details with L&C on Monday- wanting to remortgage, nobody rang back, so I rang just 10 mins ago, gave my details again, spoke to mortgage advisor and he said 'I don't think I'll be able to get a better offer than what you've got, come back to me if you need any further advice'. And that was it! I would accept that if my current deal was good but it isn't!

Current mortgage: Base rate tracker +1.0 with Abbey-currently 5.5% (discounted period ended ages ago) mortgage £116,470 21.5 years left. I have found better deals than that myself searching on moneysupermarket.com.

I'm really disappointed- I could go direct to the lender that I found a good deal at but am worried because I'm by no means savvy with remortgaging and I won't have the protection that you get from a broker. I don't know where to go for advice now...

I think what they might have been saying is that we have too many new business enquieries- Too many MSE'ers

As most of the broker posters say, try friends, relatives and work collegues to recommend you to the ones they have used and, obviously, were happy with. If not, local pages but this is a little hit and miss.

Seriously, with a broker, if they push all the buttons with you great- if not- move on.

Good Luck.

SS

Raggie

l&C have just offered me a base rate tracker +0.44% for the life of the loan...

i guess it depends on who you speak to??????

MortgageMamma

So many bad posts on here about L & C these days. what are they employing there monkeys or something!

herbiesjp

I'm not here to bash anyone, as not having any information, I would not be justifed in doing so.

All I'll do is agree with Stan - if you are not happy then look elsewhere - you should find someone only too happy to help you.

Mortgageman

Aiadi, I'd like to investigate your situation further.

Do you mind sending me some further details by PM (the time you called / your name and your postcode) so I can see if there has been a breakdown in our process somewhere.

Where it is in your best interests to stay with your existing lender, we will of course tell you that that is the case - I'd need to look at your individiual circumstances to see whether the advice was appropriate in this case.

avondale

I think i might be going over a previous thread reply thats been on here, but forgive me if i am. Unfortunately i really don't think L AND C are up to scratch at the mo, it's no good people saying it's due to volume of custom as i've used them twice and i will definitely not be using them again, a real shoddy service. . In my own humble opinion each cutomer should have there needs met, possibly sticking with one company is worth an amount of money to them, for instance if you are remortgaging every two years on say an average 25 yr loan thats worth a few quid to them. In any business ,retention of customers is paramount. I'm not naive enough to think that one broker represents a whole company, but i find a common pattern building, potential customers doing all the work themselves and phone calls continually not being returned. The only thing i'm not 100 percent happy with is the fact that certain people i think with all best intentions, repeatedly post threads stating that they will look into individual matters, it's not a direct attack on them, but it should't have to come down to somebody having to post on a forum like this, a so called professional company should be sorting these matters out. My final thoughts are that i am voting with my feet and will not give them the opportunity to process my future mortgage applications.

Mortgageman

I've managed to locate your conversation with our adviser and I have to say I think your adviser had given you reasonable advice.

The feeling I have at the end of the call is that you adviser leaves it at;

You have 3 choices

1) Stay where you are
2) Take the lower rate your existing lender has offered you (you have already done the maths on this)
3) Take the lower rate you have seen in the press with Britannia - your adviser gave the opinion that this was a "very good rate" with "very low fees" but also said that Britannia will not deal with any broker and if you wanted to do this you would have to go direct.

I think this is a good example of the honesty of L&C as none of these options would result in us earning any money.

Your adviser also gave you some ball park figures over the savings you could make with some of the other rates available on the market and had a discussion with you on whether this would be worth moving for

I'm not sure what you wanted from the call - the feeling that I got was that you had done lots of research yourself (which is great) and the adviser agreed with the research you had done.

I'm sorry you are disappointed with the advice - I'd recommend shopping around some other brokers to see what they say and weighing up the costs / benefits of their advice. I have to say I don't think we'll be the only one to recommend what we did.

If you want to have a chat about this feel free to either PM me, or call the L&C Speed thru number.

MM

ADDED (I've only just noticed Avondales post - sorry!)

The only reason I come here is to help - I am constantly surprised by people posting about whether or not I should be doing that. The fact remains that I believe people post on here because they want help - and there is no one in the world better positioned to help with L&C related things than me.

Aiadi

Mortgageman wrote:

I've managed to locate your conversation with our adviser and I have to say I think your adviser had given you reasonable advice.

You have 3 choices

1) Stay where you are
2) Take the lower rate your existing lender has offered you (you have already done the maths on this)
3) Take the lower rate you have seen in the press with Britannia - your adviser gave the opinion that this was a "very good rate" with "very low fees" but also said that Britannia will not deal with any broker and if you wanted to do this you would have to go direct.

Your adviser also gave you some ball park figures over the savings you could make with some of the other rates available on the market and had a discussion with you on whether this would be worth moving for

MortgageMan,

Thank you for your attention. With regards to the 3 options you gave me; the first 2 didn't need a broker to tell me (I could work them out for myself!) About the 3rd point you mentioned that the advisor told me that the Britannia deal I found was a good deal- well I knew that too, but that's not the point. The point is there are many deals out there which are better than the one I have now or the one Abbey have offered me. These include the Nationwide base rate tracker +0.29% lifetime tracker and 2year tracker deals and a Lloyds TSB base rate tracker. There are loads of others I have come across in the last few days from Building Societies such as Principality B.S. and there has to be loads of deals out there better than my current deal, but I didn't hear about any of these from the broker this afternoon.

That's why I was disappointed-I expected the broker to actually tell me he had searched the market and what he had found, not to simply tell me that my deal was the best- I am not an expert in mortgages and don't have access to all the deals out there- that is why I contacted L&C, as I expected they would use their expertise to make sure that there wasn't a better deal out there for me. I'm not convinced that your broker did actually search anything in the market for me, and if he had searched and told me that Britannia was the best then I would have been more than happy with that.

N.B. I have gone with the Britannia offer and will proceed with that one.