L&C unhelpful, changing your mind after recommendation?

redonion

I went to L&C and found them to be not as helpful as I expected in terms of expertise and guidance.

They made me pick all of the following before making any recommendation, and then come up with just a single recommendation (this is from memory, the question they asked may not be 100% accurate re the ERCs):

1. LTV
2. Product type: fixed, tracker, etc.
3. With a fix, whether 10% ERCs is "good enough"

This is fair enough: you have to pin things down. However, you expect to do that with guidance from the broker.

Example: I value both interest rate and low ERCs. Given a choice between the two, which I pick depends on roughly how much in interest rate I'm paying for the better ERCs. I understand they cannot answer that question straightforwardly because there are too many variables, but an indication is possible ("you might end up paying 0.3% for that given you need quick processing"), as is presenting a couple of options instead of just one.

I found this sort of advice, while not absent, was a bit lacking.

I ended up going for an offset. Then other issues with the deal gave me reasons and arguably a little time to reconsider. Now I want a fix. I'll go back to them tomorrow with that and see what they say.

I do wonder if you get good service from them if you change your mind about what you want after getting a recommendation - has anybody done this?

If L&C don't help me, does anybody have other recommendations? Yesterday I talked to a local broker - just because I could see him quickly. He seemed like a nice chap and I'll certainly consider his recommendations, but he's not a full-time broker and must lack the hard data that L&C has re how fast & reliable the different lenders are.

ACG

L&C are fee free national company.

You typically get what you pay for and you also typically get better serivce with a small local company than you would a large national company (This is true for most things, not just mortgage advice).

Turn around time change daily with lenders, so whilst you can get a good idea its unlikely to be 100% accurate. However if speed is an issue, then your broker should (in my opinion) be speaking to the lenders on their turn around times before coming back with a recommendation.

ItsyBitsySpider

I have used London and country (L&C services) recently. Half way through the process I cancelled the application process and went for a local mortgage broker recommended by a close friend.

Throughout the process I had a feeling of speaking to a data entry clerk rather than an experienced mortgage broker. As a first time buyer, I wanted much more guided experience.

The case advisor collected the information from me and the caseworker entered it into the application. A lot was lost in translation in this phase. Spelling mistakes in names, wrong figures, wrong employment dates etc. A couple of errors in fact changed the course of application substantially. Thankfully, as I had the access to application manuscript through their account management system, I caught these errors.

The queries from the lender were sent to me straight through without explaining what did the lender actually wanted. I would get conflicting and non-consistent responses from the case advisor and case worker regarding issues which were raised by the lender and regarding my own queries.

I was not comfortable with the way, my application was being dealt with so I cancelled my application with them and went with my current mortgage broker who was recommended to me by a friend of mine. It is still under process but I feel more comfortable than being with L&C.

ItsyBitsySpider

ACG wrote: »

L&C are fee free national company.

You typically get what you pay for and you also typically get better serivce with a small local company than you would a large national company (This is true for most things, not just mortgage advice).

Turn around time change daily with lenders, so whilst you can get a good idea its unlikely to be 100% accurate. However if speed is an issue, then your broker should (in my opinion) be speaking to the lenders on their turn around times before coming back with a recommendation.

I completely agree with ACG on this.

redonion

ItsyBitsySpider wrote: »

I was not comfortable with the way, my application was being dealt with so I cancelled my application with them and went with my current mortgage broker who was recommended to me by a friend of mine. It is still under process but I feel more comfortable than being with L&C.

Though I feel the same way, unfortunately my new broker hasn't really given me a good feeling either. You were lucky to get a recommendation I think.

With him, I worry that he hasn't much data about processing times, reliability, or lending criteria - the fact he didn't even ask what my outgoings will be didn't add to my confidence. He does general financial advice as well as mortgages, so he's not a specialist.

Thrugelmir

redonion wrote: »

I went to L&C and found them to be not as helpful as I expected in terms of expertise and guidance.

There's no right or wrong product. Like choosing and buying a car. Many aspects are personal to the borrower.

dunstonh

If L&C don't help me, does anybody have other recommendations? Yesterday I talked to a local broker - just because I could see him quickly. He seemed like a nice chap and I'll certainly consider his recommendations, but he's not a full-time broker and must lack the hard data that L&C has re how fast & reliable the different lenders are.

If your affairs are easy and you know what you want then a factory line service with someone just putting data in to get data out will be fine for you. If you want more hand holding then a local broker should be a lot better.

With him, I worry that he hasn't much data about processing times, reliability, or lending criteria - the fact he didn't even ask what my outgoings will be didn't add to my confidence. He does general financial advice as well as mortgages, so he's not a specialist.

Is he an IFA or an FA? Most IFAs stopped giving mortgage advice many years ago. They now use dedicated mortgage brokers. Although I know a few IFAs that still do mortgages, they actually do them as their main business area and only retain the IFA title as they feel it gives them more. FAs should be avoided full stop.

redonion

ItsyBitsySpider wrote: »

I have used London and country (L&C services) recently. Half way through the process I cancelled the application process and went for a local mortgage broker recommended by a close friend.

Throughout the process I had a feeling of speaking to a data entry clerk rather than an experienced mortgage broker. As a first time buyer, I wanted much more guided experience.

The case advisor collected the information from me and the caseworker entered it into the application. A lot was lost in translation in this phase. Spelling mistakes in names, wrong figures, wrong employment dates etc. A couple of errors in fact changed the course of application substantially. Thankfully, as I had the access to application manuscript through their account management system, I caught these errors.

I now wish I'd been that lucky, and I wish I'd paid more attention to your post.

L&C sent off my application form to the lender without telling me, before applying any of my corrections. It has an error rate of about 25% (I don't think that's an exaggeration, I just went through counting questions). That includes getting wrong: my birth date, the date I started work at my current job, my phone number, and the address of my solicitor.

If only I did have a data entry clerk working for me. It's more like having an uninformed salesperson acting as a data entry clerk, which is the worst you could wish for.

Did you get as far as application form sent to the lender before you cancelled? I feel I'm now in limbo, worse off than when I started, since now the lender has an application in progress which is riddled with errors.