Broker's annoyed me - want to get Mortgage Appointment Quickly

selhurst_sound

Hi all

Have been applying for a mortgage (moving home) via London & Country brokers, who had recommended going with Accord Mortgages (I know, I've now read the reviews!).

Everything seems to have taken a long time. I had enquired with L&C weeks ago about getting an AIP which was fine, then after having an offer accepted called them first thing last Friday to proceed. They went off and did their research but didnt get back to me with a recommendation until late on Monday, so was too late to actually complete the full application - we then did this on Tuesday (although ended up not being finally submitted until the end of the day Tuesday as they couldnt read one of the attachments I sent them, and it took a day to work that out...)

Was told yesterday that the application had been referred to underwriters, and then heard this morning that we hadn't passed affordability because of some outstanding credit accounts showing on our credit file. Now, we are paying off a personal loan using equity from the sale of our current property, but the broker had not mentioned this to Accord. So back he went to explain this to them and just now I've had another call to say they still won't lend us the amount we want - its about £30k short. I've actually since gone onto Accord's website and filled in their afforability calculator on there, and it agrees that they won't lend us what we need.

Surely the broker should have known this and not put our application to them?! I have completed affordability guides with a number of other lenders (including L&C's own) and their indications have all been that they would lend us about £30k more than the amount we need!

So now the broker is going to put together a second recommendation for us, but says due to his workload probably wont have that for us until Saturday - so we're a week down the line and no further ahead, and I'm fast losing faith, so considering going direct to a lender instead. I don't think our case is over-complicated - no credit problems, etc.

So anyone have experience of who tends to be the quickest at getting an appointment to submit a full application? Since MMR, the days of phoning up and applying straight away seem to have gone!

And if you've managed to stay with me throughout this rant, then hats off to you!

betmunch

The fastest way to get an application in would be to visit a local broker.


Going direct is generally taking 3 weeks to get an appointment in our area, although could be different wherever you are.

TrickyDicky101

...and it's worth noting you get what you pay for.

brittany_191

We had similar problems with L&C, they gave us a AIP but it was taking ages for them to do anything once we wanted to proceed with the application so we found a local broker.

He said the AIP had not done any sort of credit search and he was struggling to find us a lender. Santander and barclays declined the AIP but natwest agreed.

Now the nervous wait for the final decision.

I would change to a local broker if you can.

ftb2015

We had the same problem with l&c, gave us they approached 2 lenders for aip which were declined, the guy dealing with us seemed to not know how to deal with the self employed, gave us wrong information about help to buy, said we would need 15% deposit, we switched to local broker, got 5% deposit aip within a day and 11 weeks later I'm sitting in our new house...go local!

ftb2015

Our lender was Natwest also, declined by halifax and nationwide.

selhurst_sound

Thanks guys.

I do get the impression that L&C seem to be more of a glorified comparison company more than actually brokering anything.

Anyone have any experience of using online, execution-only services? I think it looks like NatWest & Nationwide offer them. Or will I just end up having to go through an appointment with them anyway?

pickles13

I have a fee-free broker who is nowhere near where I live and has been nothing short of fantastic. Responds to emails usually within an hour, is always happy to talk on the phone etc. He just got us our formal mortgage offer yesterday with absolutely no messing about. I don't think you always need to go local, just someone decent!

amnblog

Looks like you have been disadvantaged by human error Selhurst.


That is itself is not an indication of 'general poor service' by L&C.


What is more of a concern is that the problem was not identified quickly and you case put back on track.


I am not sure that I agree with Bet that the 'fastest' way is to visit a local broker. We work remotely and could get a case like yours moving same day.


The problem here is not the trading pattern of the broker but the lack of management of the case and follow up.


Perhaps you should first give them two working days to put this right and then use another broker if they fail to do so.

betmunch

amnblog wrote: »

I am not sure that I agree with Bet that the 'fastest' way is to visit a local broker. We work remotely and could get a case like yours moving same day.

Fair play, I automatically go to the local broker scenario as I try to avoid working remotely.


Your right, anyone with capacity to take on a new case could get this going again immediately.

liamwba

Sack them off, I'm an FTB and went from application to offer in 2 weeks with Post Office, no hassle at all. If you have a straight forward application why use a broker to perform what is just a simple administration task. (I understand they do more than that, but I don't believe a broker is necessary unless you have a more complex situation i.e. bad credit etc.)