Countrywide mortgage consultants - are they good?

asheranti

We are currently shopping around to see what mortgage deals would be available to us and an estate agent we visited suggested we spoke to their mortgage consultant as he considers deals from the entire market.

He turned out to be from Countrywide and gave us a lovely brochure to go with a very glossy sales pitch! He seemed very helpful and even in our first meeting was giving us lots of explanations, tips and advice. His services sounded great as Countrywide can look after the whole process, includiing negotiating for you with estate agents on house prices, arranging surveys etc, or you can just use them for the mortgage and arrange for them to use people of your own choosing eg solicitors.

My only issue was that a I had a little nagging feeling inside that it was all just a bit too good to be true. I asked him about charges as he made it clear that there were no charges until the mortgage is arranged, and then it is a straightforward fee of £199. He insisted that this was definitely it and that there are no other charges apart from those you have to pay to other people. This doesn't seem right to me. Surely they get money from elsewhere? Maybe a commission from the mortgage lenders? While thinking this he seemed quite keen on pushing us towards a Halifax mortgage which may just have been that he thought it was the best deal, but on his computer screen it was quite far down the list (it had ordered them in terms of best interest rates) so I was a little sceptical.

I was just interested to know what people think about Countrywide? Has anyone used them before and were your thoughts? Is the £199 really all they charge or do they get other payment from elsewhere?

kingstreet

he considers deals from the entire market

I thought Countrywide had a restricted panel?

On their website it reads;-

Countrywide provide advice on products* from a bespoke panel of mortgage lenders. Our Mortgage Consultants can also consider products from other lenders, if there are no suitable products on our panel.

I assume you were given an Initial Disclosure Document?

On the front, section 2 should tell you whether you will receive whole of market advice, a restricted panel of lenders, or just one lender's products. The reverse should tell you how they are remunerated.

Find a whole market or independent broker who will find you the best deal.

Meeper

In response to the quetion in the title: No.

DVardysShadow

Very bad idea to use a mortgage advisor in the estate agent through whom you are buying. Far from unknown for the advisor to tell the negotiator how much money you are good for.

koexelek

DVardysShadow wrote: »

Very bad idea to use a mortgage advisor in the estate agent through whom you are buying. Far from unknown for the advisor to tell the negotiator how much money you are good for.

All true.... but some estate agents ( illeigally) won't even let you view a property unless you use their people:eek:

If you have your heart set on a specific property, you sometimes have to plat the game .

kingstreet

I once knocked on a vendor's door and told him what his agent was doing and asked him if this kind of practice was more or less likely to sell his house.

My client got his viewing the following day.

Conrad

I was once a regional manager for them.

I see they still lie about saying they will help you negotiate the property price, lol! They NEVER do this, it's just a line.

As for arranging a survey - anyone applying online for a mortgage necessarily causes the surveyor to be instructed, so another line!

They do not use every lender.

The staff tend to be relatively new, so have not had time to build meaningful links with less well known lenders.

Thier experience is lacking so customers end up with all manner of mistakes which can lead to losses.

They will sell you a life assurance policy which you will get cheaper by either going to a small independant broker and asking if he will refund some commision (I do this so it is more than possible), or by trying gocompare or similar.

Thier lawyers will usualy cost more too.

Straight forward clients do not need a broker in any event.

Lenders offer DIRECT deals which are cheaper.

Brokers are only there for more complex cases.

dunstonh

Estate agent advisers have the worst reputation going. Except for the small independent agents who use local advisers you should not use an estate agent for mortgage advice.

betmunch

Meeper wrote: »

In response to the quetion in the title: No.

Are you telling me that ALL Countrywide Mortgage Advisors are not good?

kingstreet

betmunch wrote: »

Are you telling me that ALL Countrywide Mortgage Advisors are not good?

You can have a good adviser who is constrained by his/her employer's practices so he is unable to do what a good adviser with a whole market broker can do.

Who benefits from a restricted panel of lenders?

koexelek

kingstreet wrote: »

I once knocked on a vendor's door and told him what his agent was doing and asked him if this kind of practice was more or less likely to sell his house.

My client got his viewing the following day.

Nice one.
More of that needs to happen.

Often estate agents do not work in the best interests of their vendors.... sometimes preferring the offer of someone who needs to mortgage themselves to the hilt( via their in house adviser;))and will probably struggle to get a mortgage full stop, to that of someone who is a cash buyer with no chain.