Self-cert / Fast-track

MortgageMamma

No it's interesting you should say that, as it demonstrates the importance of a knowledgeable and considerate broker

AndrewSmith

theone wrote:

Now I have to wonder why on earth a reputable(?) whole of market broker was trying to push me into a fast-track in the first place when there are other much more suitable alternatives. In fact, if I had gone ahead with the Halifax one, only to be declined after paying £300 valuation, I would be rather annoyed at L&C since I have been honest with them and told them everything the same as you guys above and yet they still recommendeded the fast-track approach rather than self-cert.

I expect it is down to lack of experience of the individual employee, and reacting to something he/she may have overheard a collegue attempting or trying.

Funny, I had a very interesting conversation with an ex-L&C broker last week in an estate agency in Somerset. He recited some surprising information about the high turnover of staff and pressures put on each individual to 'close the deal'.

Must be taken with a small pinch of salt though as he was a disgruntled ex employee to whom they 'apparently owed an amount of commission'. Obviously not suited to the particular sales module employed by L&C. Not everyone will be.

Anyway,

Lenders have cirteria and mortgage types for a reason, and that is to try and offer cost effective mortgage solutions to every type of borrower across the board. With the number of lenders and mortgage products available on a daily basis you can usually find a good few alternatives to fit any genuine situation.

To try and put a case through on unsuitable criteria shows, in my opinion, apathy and laziness on the part of the broker, and a general lack of doing what is right for the client in finding the most suitable mortgage product for the client's needs and circumstances. After all, it is the client's survey fee etc that is being gambled with here, not the broker's.


Glad you decided to come to the forum before going ahead with the recommendation, and I hope it goes smoothly from now on for you.

Andy