Would you/have you taken a mortgage out over the phone?

beachbeth

We are looking to move house and after doing searches on moneyfacts.co.uk it seems that Kent Reliance BS are the cheapest, eg 5.15% fixed over 25 years. We could borrow £100,000 on an interest only basis for £429 a month. Trouble is we live near Coventry and so would have to arrange it over the phone. My husband likes to sit in a building society and talk to an advisor face to face. It worries him to think of doing it over the phone. He would rather stay with our present building society (Coventry Building Society) even though we couldn't borrow as much because of the rate.

Has anyone else done it this way or is he right to be worried?

MortgageMamma

Looking at it from the other side of the fence, I am a mortgage broker and I advise 80% of my clients over the phone/email/post and I have never had so much as a grumble from a client.

Its often not down to the method of communication but the individual adviser and client relationship. Telephone and internet based advice is becoming more and more popular, as it fits in with peoples busy lives, is a good method of recording all advice given and allows mortgage brokerages to remain fee's free in todays competitive marketplace.

I do advise a small number of clients who are local to me face to face, but they are often intially shocked to arrive at my office and find me in Jeans. Most are immediately at ease because of this though.

There is only one way to find out if you are comfortable doing it this way and that is to try, you will find the majority of whole of market brokers working for online brokerages are much more experienced than the chap sat at the desk in coventry, we work hard to get where we are and don't have the advertising budgets or retail premises to attract customers like a bank does, so we have to work that bit harder to get and keep our clients.

Best of luck

MortgageMamma

Mr_helpful

Distance is no problem these days but I would arrange via a broker then the old man can sit down with someone.

MortgageMamma

would that be a phone broker, you can sit down when you are on the phone too

Deleerious

beachbeth wrote: »

We are looking to move house and after doing searches on moneyfacts.co.uk it seems that Kent Reliance BS are the cheapest, eg 5.15% fixed over 25 years. We could borrow £100,000 on an interest only basis for £429 a month...

Has anyone else done it this way or is he right to be worried?

I have a part ownership with KRBS for 78,500. Last year when i bought the first 75% of the mortgage KRBS were faultless. You rang, the had all your details no problems whatsoever. Now a year is up i'm trying to do my "final 25% staircasing" I can't even get anyone to speak to me! All lines a busy etc etc.

As of 2 weeks ago i've had no problems with them. Great rate etc too, but now! They're proving to be a pain in the proverbial!

Deleerious D

silvercar

.

Trouble is we live near Coventry and so would have to arrange it over the phone.

We arranged our mortgage over the phone, no problems at all, mortgage with the Coventry!

Only pain has been trying to change the PIN number on the ATM card; can be done at any Coventry BS ATM - except we don't live near Coventry!

Milky_Mocha

beachbeth wrote: »

Kent Reliance BS are the cheapest, eg 5.15% fixed over 25 years.

Is that a fixed rate over the whole 25 year period or fixed for a few years of the 25 years?

beachbeth

Milky_Mocha wrote: »

Is that a fixed rate over the whole 25 year period or fixed for a few years of the 25 years?

Fixed for the whole 25 years. Ive noticed that Nationwide Building Society also offer a 25 year fixed rate too, so we may call in there and speak to them. Trouble is, if we move away from the Coventry they are going to charge us £3500 for leaving them! Is there any way I can get them to reduce this penalty?

silvercar

beachbeth wrote: »

Fixed for the whole 25 years. Ive noticed that Nationwide Building Society also offer a 25 year fixed rate too, so we may call in there and speak to them. Trouble is, if we move away from the Coventry they are going to charge us £3500 for leaving them! Is there any way I can get them to reduce this penalty?

when do the coventry redemption penalties end? It may be worth moving your coventry mortgage to the new property and waiting til the ERC date has passed before searching a new deal. All coventry mortgages are portable AFAIK.

Montymoo_2

we arranged our nationwide mortgage over the phone as me and my partner both work full time and in different plus we were unable to have time off together due to differing holiday patterns

Wasnt a problem and the advisor was very good

Discocat

I arranged my mortgage over the phone with the Halifax three weeks ago. they took enough details initially to do a credit search which resulted in a Mortgage promise 5 minutes later. They then discussed the different type of products available and e mailed over details of the ones I was interested in. I called them back at 6.15 pm on the same day and made the application over the phone. The survey was carried out the following Tuesday and the Mortgage offer was faxed to my solicitor the following day. All in all it took 3 working days.