Need a mortgage with high income multiple

toonfish

The_Bear wrote: »

In any case their current portfolio quality reflects this.

I would be very interested to hear AndrewSmith's and toonfish's response to this. Is it common for you to recommend poor products with poor service levels? If so perhaps that information should be shown in your signature.

The anti-L&C feeling on this board in particular is well documented and comes across as jealousy. It's pretty pathetic.

OK - since you asked their 5 year fixed rate, when high income multiples are required is a market leading product. So your "poor products" stance shows you have a limited knowledge of the market to my mind, or may be just trying to cover your mistake, who knows? If you would like to further your accusation of me "recommending poor products" I will happy to discuss this further .

C&G are not the fastest granted, but in most my clients would rather wait an extra fortnight for an offer than get shafted on a rate because it will go through quicker. I have not had a situation yet where the offer is not out in plenty of time for the client to complete.

I have nothing against L&C personally, although the business model is not one I like. For the same reason I use farm shops and local businesses whenever I can.

I am obviously jealous as you suggest - I'd like nothing better than to be stuck in a call centre 12 hours a day talking to people I will never meet and offering them a limited product range.

AndrewSmith

Our business with C&G has a 3 week backlog currently. To me avoiding them is a perfectably acceptable and intelligent business procedure yet somehow the green eyed monsters seeks to twist and misrepresent.

Which greeneyed monster would that be? Trust me knowing quite a number of ex- L&C employees in the Bristol and Bath areas I can assure everyone that there is nothing to be jealous of by not being associated with L&C.

Had a mortgage offer back from C&G last Thursday after 15 days. Not an issue. 1 of 8 for the month of March.

I don't want to post as a broker as I do that for 11 hours, 6 days a week. I merely post my informed opinions that reflect my desire to remain an observer. If someone has had an experience with L&C I am always keen to get some kind of feedback to make our processes more adaptable

But you are posting as a broker the minute that you make reference to L&C or a lender or posting opinions of your employer relating to a lender in particular.

If making comments about a particular lender/ your employer/ asking a poster to PM you details relating to their case then you must accept that you are posting as a broker thus must adhere to the guidelines laid down my Martin. As a broker you have certain responsibilities when posting on a site such as this.

shameless-about-money

If you are sure you can afford the repayments why not go self-cert?

AndrewSmith

shameless-about-money wrote: »

If you are sure you can afford the repayments why not go self-cert?

Because self cert does not change the amount you earn or the way in which the maximum loan amount is calculated.

If it doesnt fit the multiple or affordability criteria on full status then it wont fit on self cert either.

shameless-about-money

So self-cert only means that you don't need to prove income?

A client can walk into a broker's office and say that they earn £80K per year, when they don't, and get a self-cert mortgage?

herbiesjp

But the OP has posted their income

AndrewSmith

shameless-about-money wrote: »

So self-cert only means that you don't need to prove income ?

No, self cert means that you are unable to prove income via the 'usual' methods of payslips or audited accounts. In most cases the lender still asks for bank statements, accountants/employer details, NI number to check trading status.

You would also have to evidence trading by way of proving that the business/work actually exists.

It only means that they 'may' not ask for evidence, does not mean they wont. The lender reserves the right to ask for anything it sees fit to underwrite the mortgage. If you contest them asking, they boot the case out.

A client can walk into a broker's office and say that they earn £80K per year, when they don't, and get a self-cert mortgage

He can, and doubtless there are some idiotic brokers and client who will do this however if found out you face prosecution and a prison sentence of up to 10 years. Don't think it doesnt happen either. I know a broker and a client currently in prison for this.

shameless-about-money

Thanks for explaining - that makes more sense!

Mr_helpful

I have had no service issues with C & G The cynic in me wonders if by blaming service issues they can use a lender with a higher commission as C & G dont pay as much as some others

kenshaz

payless wrote: »

Yes Bear read
http://forums.moneysavingexpert.com/showthread.html?t=325378

If you are a broker / adviser .. with L&C or not , you can only make reference to the fact in a post if you abide by the rules / signature requirements

Where's Ken when you need him!

I agree and support those who direct posters to the code of conduct,if during your post you imply that you are a broker then you must go public and provide the required signature ,also requesting Pm's is also a breach of the code.I believe that non-brokers who seek advice should be left in no doubt as to your credentials and motives.