A wee bit of Mortgage Advice - London & Country - Nationwide

foolsgold99

Hi,
I am just in the process of remortgaging to a new fixed rate deal. I took the advice on MSE and used London & Country to find the best mortgage deal. They suggested The Nationwide, fixed at 4.97% for 2 years followed by 6.49% thereafter (overall cost for comparison 6.4%).
I used L&C as brokers as they claim to be whole of market and fee free. I was just wondering if anyone knows if this is actually true?
I see that I have had to pay a total of £498 pounds in initial fees (Product reservation fee: £399.00 and Remortagege admin fee; £99.00).
Des anyone knbow if this is standard Nationwide fees or are these a sneaky way of adding the L&C fee?
This is the first remortgage that I have ever done and so I am a complete novice. I would appreciate any feedback. I suppose what I'm trying to gauge is that am I secretly paying for the L&C assistance?
Thanks very much for any help is advance

Rick62

No, they really are free. They are paid by commission from the lender (as are all brokers unless they rebate the fee) and that cost is not passed on, you would get the exact same deal going direct.

If you want the nationwide product you need to apply TODAY (unless they have already reserved the product) as the rates are going up.

foolsgold99

Thanks Rick62,
so are the fees that they have stated (£498) just standard remortgage fees with the Nationwide?

UK007BullDog

You can check them on their website https://www.nationwide.co.uk

redceddy

I used L&C to find a 2 yr fixed rate deal and they came up with nationwide for me too however it wasn't the best on the market - we went with ING direct who had a 4.95% rate with £495 fee. ING don't work through brokers hence the reason why L&C didn't let me know about it although L&C provide moneymail in the Sunday Mail with a best buy table and they did include ING in that instance!! Best to do your own searching as well as use a broker. the broker I had from L&C seemed intent on selling us critical/life cover rather than finding us a good deal. I repeatedly asked for a 3 yr best deal but he wouldn't do it - just said, it would be much the same as a 2 yr one.

Rick62

The problem with L&C is they have loads of brokers (probably well over 100), some are good, some not so good. So some people have had a great service, others, like you, a pretty rubbish service.

foolsgold99

Thanks for your feedback everyone. It's true what the say "you do live and learn". Because I am new to remortgaging it's a bit of a mine field but hopefully I will be more informed as time goes on.