Advantages of a large deposit?

nash0819

herbiesjp wrote: »

What was your first choice deal? Why can't your broker get that deal - is it an exclusive with L&C?

Is the broker whole of market?

My first choice deal was a Royal Bank of Scotland 2 year tracker, as quoted by London & Country, who are fee-free and whole-of-market. They said it was an exclusive deal and my second broker said she could not offer it. It was tempting because there was no valuation fee whilst all other things were pretty much equal. I was sent a piece of paper that read:

Royal Bank of Scotland - PAPERLESS APPLICATION

"London and Country is delighted to offer you an electronic application process. All that is required is for you to gather the information listed below, and then call your adviser to arrange a convenient time to complete your application. If you are in possession of all the required information, your mortgage application should take no more than 15 minutes.


Well, the broker had all that information by Weds 13.30, after several delays of my trying to contact him in the previous days. I eventually got told Thursday 16.45 that the mortgage required a paper-based application, after I had chased L&C; if I had not chased them, nothing would have happened.

The broker knew I wanted quick progress yet he (a) went on holiday without asking anyone to progress my application and (b) missed the fact that the mortgage could not be arranged online, something that should be pretty damn basic for a telephone-based service like L&C. Rank incompetence.

If it had been a fixed rate mortgage, I would probably have lost it due to the incompetence of the L&C broker. I understand quite a few were withdrawn yesterday.

Anyway, I have now got an agreement in principle on an Alliance & Leicester deal very similar to the RBS one, arranged through a competent WOM, fees-free mortgage adviser. I just need to appoint a solicitors, get the offer accepted and put in the full-blown application, all of which may even happen today. And find a surveryor in Finchley who can do a full structural for me.