London & Country making the process 5x more stressful

ShoesAreDamnExpensive

I've commented on here before about our woes with L&C and now two months into the process and following a formal complaint things have not improved. I really am at the end of my tether with them and the stress of the delays caused by them is causing many sleepless nights.

I'm just venting and not expecting any help but if anyone is considering using them I would say don't. We seriously regret the decision to use a 'free' broker and not find a good independent one.

It took six weeks just to get through their internal process where they will even submit the application to the mortgage lender. Lots of delays and sometimes a week between information requests. We complained about the advisor as she just didn't seem to know what she was doing. They didn't move us to a different advisor and have said it will take around six weeks to investigate our complaint. So no help at all.

The application finally went in last week and we then get a list sent through from the case manager of information Coventry need for the application. He said at the end of the list 'you may have sent in most of this so let me know what you have sent in to us already'. I don't understand why they didn't look through the list and see what they already had and ask for what was missing? Or am I being fussy?

In addition the new list differed from what was originally asked for. So as one example L&C as part of their process wanted 3 months payslips. I couldn't find my March payslip so asked if my P60 plus two months would be OK as March salary would be included on the P60. They said no so had to wait for duplicate payslip from work. Now the Coventry have asked for P60 and two months payslip. I don't understand why the application was delayed when information Coventry actually want is what I was originally supplying? So fine I scan and sad in my P60 as the request says you can scan and email OR post. Three days later I get an email saying you need to post the P60. When I question why they didn't say that to start with, why give me the option of scanning if it isn't enough I get the reply, 'everything can be posted'. CAN and MUST be are completely different options. Another 3 day delay because L&C don't understand the difference. If I have to post things just tell me that and I will!! Don't give me another option if in fact that isn't enough.

I'll also give you a little example of a telephone call with them regarding an item on the request: Husband: the new list says you need proof of deposit in the form of a bank statement, the disposit is coming from the house sale so what do I need to send you
L&C: we need a bank statement showing the funds
H: There is no bank statement as the house hasn't sold yet.
L&C: I don't know then. Maybe we will need to wait until the house is sold then to make the application
H: Don't be ridiculous otherwise you would never have a chain. What about a letter from the estate agent confirming the sale and a mortgage statement so you can see the difference.
L&C: Yes I guess that will do.

Surely to goodness a broker should know what proof is needed where there is a chain? Maybe our expectations are unrealistic. Our purchasers want to move next weekend so we are under pressure to complete. It has now been two months and yet our application only went in a week ago. Just feels like the L&C process has made the whole thing more time consuming and stressful than it needed to be. Is there normally an internal 6 week process before an application is even submitted?

amnblog

Your conversation outlined above sounds like week one for this 'adviser' - scary.

The biggest delay in processing to submit a case should be the time for the applicant to get the requested information together.

If our applicants have all we need, we normally submit within one working day, unless there are potential complications that we need to check with the lender first, where we might therefore submit on day two or day three.

cahillg81

Some brokers are terrible. In my experience as an underwriter some of the bigger companies alligned to the estate agency business are the worst.

L&C, Reed Reins (sp), Connells, countrywide.

I also found in my days underwriting the brokers/advisors not taking a fee were less inclined to fight for a case and it was all just a numbers game.

The downside of being a broker is many are part of networks who want much more information than lenders and before applications can be submitted you need to meet the network requirements and the lenders before business can be submitted.

As for fees, my company take a fee but we don't take it until the offer is received, I find that to be fair on the basis that the applicant/customer knows we are working hard to get the offer as soon as possible and that we are actually charging for the whole service and not just the advice. If people take advantage of our advice and don't submit and application with us then so be it and I believe you reap what you sow in life.

Old_Git

I have just completed on a mortage with Santander ,arranged via L&C .
I found L&C to be quick .From phone call to offer 5 days .
They told me what they needed ,payslips, bank statments, proof of address . I didnt have the ppayslips ,work emailed me copys I forwarded to L&C via email .Free Survey was done within 10 days . The slowest part was the Legal stuff .The free legal took 9 weeks .

banks4u

They are terrible also didn't find the best rate. I worked in mortgages so know my stuff and the broker didn't. A good broker should get everything upfront before making a recommendation to you. So once application submitted the lender won't ask for anything.

I went to an independent broker after, my suggestion is either go direct or use another broker. Transfer the case to someone else.

cahillg81

banks4u wrote: »

They are terrible also didn't find the best rate. I worked in mortgages so know my stuff and the broker didn't. A good broker should get everything upfront before making a recommendation to you. So once application submitted the lender won't ask for anything.

I went to an independent broker after, my suggestion is either go direct or use another broker. Transfer the case to someone else.

The bolded bit just isn't true.


As long as you are truthful at the outset a good broker should be able to make a solid recommendation based on a good fact find.

Sometimes it's also not possible to get everything upfront say for example the broker was telephone based like many are these days are you suggesting they should wait on all the information coming from the client before making a recommendation? If so then there is a good chance when you get all that information and work on it and then do your follow up that it is out of date.


You then need to request fresh supporting documents delaying the case even further, that could result in missing the best rate/deal.

amnblog

Surely, having the documentation first avoids issues like:


unexpected deductions on wage slips
bank accounts going into overdraft or returned payments
payments from bank account not mentioned by borrowers
deposits funds coming out of nowhere that turn out to be loans
borrowers not mentioning 'x' loan
credit file not what we are led to expect

cahillg81

amnblog wrote: »

Surely, having the documentation first avoids issues like:


unexpected deductions on wage slips
bank accounts going into overdraft or returned payments
payments from bank account not mentioned by borrowers
deposits funds coming out of nowhere that turn out to be loans
borrowers not mentioning 'x' loan
credit file not what we are led to expect

All good for going to full app but not needed for AIP or an initial appointment imo. As I said depends on your set up, if you are face2face and you can get all this great but if you are telephone based then you don't need it as long as you are asking the correct questions.

amnblog

A number of years ago we were running DIPs based on figures given by the applicants without checking pay slips.


We had a major lender come back to us querying why income figures inputted on DIPs differed from provable figures. (I am talking a few pounds difference). It was flagged as a compliance issue their end seriously.


Since then we don't dip until we have seen everything, as a result we have reduced complications dramatically.

MortgageMamma

I work same way as you amnblog, I won't DIP until I have a signed authority to do so from client and also copies of bank statements and wage slips plus proof of address, proof of ID and a sanctions search check,.


I think if you do it any other way you are putting yourself and your firm at risk of being removed from a lenders panel for "fraud" or worse. If you commit a clients details to a lenders system without doing all of the above I think its negligent and could land you in boiling water. Not worth risking your entire career just to be more convenient to a client.

nkkingston

I think the thing with L&C is because of their size you don't know how good the broker you're going to get is. Ours was lovely, got us from first phone call to completed application within about three weeks (my partner's income is an academic grant, which made things more complicated too). But at the end of the day, it's like a lot of other call centres - as long as you hit the right targets you can miss everything else without anyone noticing for months, and those who do go above and beyond are unlikely to be recognised and rewarded for it.