London and country- avoid

charsi16

Also avoid Accord...painfully slow, will keep changing criteria and will ask for more and more documents!! Don't believe the websites timescales, my application was recd atleast 28 days back!!! and valuation done 3 weeks back!!! The rates are attractive ..and they are busy..so unfortunately very slow .

GMS

This is a classic case of a broker being in a no win situation. If your broker suggested skipping the better rate as it will take an eternity (i.e Accord) and suggesting a slightly more expensive and quicker lender then they are accused of going for the better paying deals, lining their expensive pockets and whatever other accusations are laid at the foot of brokers.

If they recommend the deal and it takes the eternity they expected then they are slated for recommending it.

The broker cannot be held accountable for a lender's service standards. All they can do is package the case properly and chase up the lender periodically.

OP why not ask L&C to find an alternative? Starting from scratch on your own could cause you more issues.

charsi16

GMS, u say classic. I was going to a lender who was was offering at a higher interest rate. I approached 3 other brokers/FA and felt that L&C being a big firm would be able to get things done quickly..and would advise me on paperwork etc accordingly. It took 4 phones calls, longest one being an hour and 10 min, to file an app online, submitted for some reason, 2 days later??? then no reply from lender, then I call to check for updates, advisor not available, colleagues dont know, supervisor apologetic but gives wrong info as he himself doesnt know the case, advisors buddy on leave!!. Then a list of final documents requestd, sent promptly next day, wait again for a few days, no updates. I was told I would get reg updates etc etc etc..then 3- 4 different people dealing with admin side.
Then lender comes back after just under 4 weeks that they req more info...now advisor says, lender has been causing similar issues with other app, as they are busy and their criteria is stringent etc etc..Not a classic case is it...but then I think I could have been exceptionally unlucky case. But then, i hear from advisor saying that they advise what was best as per evidence!!! are u not expecting them to also state that there is the risk of delays with particular lender!! especially when I had all along spoken about 5-6 week timescale to completion!
What shud I do now, forget what has been spent already and go back to the lender I know and had discussed( at higher rate) or wait for next week to see if lender has some concrete info?

charsi16

saying that the lender I was initially going to was recommended by another advisor when I was doing the initial search..I had spoken to them directly so didnt think I needed a broker to fill my application when I could not get any exclusive deals from them and there was nothing to be gained from going via him.

GMS

charsi16 wrote: »

GMS, u say classic. I was going to a lender who was was offering at a higher interest rate. I approached 3 other brokers/FA and felt that L&C being a big firm would be able to get things done quickly..and would advise me on paperwork etc accordingly. It took 4 phones calls, longest one being an hour and 10 min, to file an app online, submitted for some reason, 2 days later??? then no reply from lender, then I call to check for updates, advisor not available, colleagues dont know, supervisor apologetic but gives wrong info as he himself doesnt know the case, advisors buddy on leave!!. Then a list of final documents requestd, sent promptly next day, wait again for a few days, no updates. I was told I would get reg updates etc etc etc..then 3- 4 different people dealing with admin side.
Then lender comes back after just under 4 weeks that they req more info...now advisor says, lender has been causing similar issues with other app, as they are busy and their criteria is stringent etc etc..Not a classic case is it...but then I think I could have been exceptionally unlucky case. But then, i hear from advisor saying that they advise what was best as per evidence!!! are u not expecting them to also state that there is the risk of delays with particular lender!! especially when I had all along spoken about 5-6 week timescale to completion!
What shud I do now, forget what has been spent already and go back to the lender I know and had discussed( at higher rate) or wait for next week to see if lender has some concrete info?

Why speak to 3 other brokers? What were the issues with them?

Big does not always mean best. Sole trader brokers tend to be more customer facing than sales driven, which the big firms can be. I like many brokers request plenty of documents upfront, even if the lender has not requested them. That way if I have 3 months bank statements on file I can pass them on without asking the client, even if they were not asked for in the beginning.

If I called my clients every time I had done something they would be sick of my voice but they are updated regularly and I am there to answer any queries whenever the client chooses. If there are 4 people handling cases then this becomes difficult.

Accord are known to be slow so it is a consideration. Unfortunately, we live in a world of 'Not my fault, somebody else said it was ok' and if in 3 years time somebody decided, aided by an ambulance chasing firm to go for a mis-selling claim against the broker then arguing that the lender were slow meaning a higher cost lender was chosen could be an issue. Perhaps this could be a driver in the selection.

As for what you should do now I do not know enough about your case to comment. You are free to go elsewhere, whether broker or direct but you may lose fees paid as a result.

You have gone so far with Accord that you may be very close to an offer in which case carry on. You may also be miles away from an offer, I do not know.

Voice your concerns to L&C and guage from there.