Any experience with Sainsbury bank?

houmie

Hello,

Has anyone any good or bad experience with Sainsbury Bank as a lender?

In particular, I'm interested to know if there were any issues with the fee assisted legal service they provide on remortgaging.

Thank you,
:beer:

Amst

Fees assisted remortgage products are being affected industry wide by a massive discrepancy over the demand and supply.

The lender would be irrelevant, whoever provides this, the solicitor will be hard pressed to complete quickly unless you make it very clear on your deadlines and complete any documentation in good time.

The option is there, of course, to have a non-fees assisted product but this may make the product not as competitive.

houmie

Amst wrote: »

Fees assisted remortgage products are being affected industry wide by a massive discrepancy over the demand and supply.

The lender would be irrelevant, whoever provides this, the solicitor will be hard pressed to complete quickly unless you make it very clear on your deadlines and complete any documentation in good time.

The option is there, of course, to have a non-fees assisted product but this may make the product not as competitive.

It is a good thing that the solicitor would be hard pressed to complete quickly right? I was told that these lender supported solicitors aren't any quick in their job, because of little incentive they get and the application can drag on for months.

Thanks,

amnblog

Best for Beans

houmie

amnblog wrote: »

Best for Beans

Sorry, I didn't quite get what you mean. :think:

amnblog

Sainsburys are best for beans.

houmie

amnblog wrote: »

Sainsburys are best for beans.

Ah right.

I see you're an independent broker. Do you have a good deal for me that beats Sainsbury 2 year fixed at 1.09% (LTV 60%), £745 fees. Amount to borrow 398,400.

Thanks,

YHM

You get what you pay for with Fee Free legals. They are there to complete the legal processing for the lender. No incentive for the solicitor to work quickly or efficiently, as the lender is paying them peanuts to process volume. Some lenders have stopped offering Fee Free legals due to the volume of complaints that are arising due to remortgage dates being missed etc.

It may be worth your time to look to a lender that provides you cashback instead of free legals. Whilst the cashback may not always cover the legal work completed, it gives you the confidence that YOU have instructed the solicitor and they will be accountable to you.

Thrugelmir

houmie wrote: »

I was told that these lender supported solicitors aren't any quick in their job, because of little incentive they get and the application can drag on for months.

Why would they bother to go to the trouble of obtaining accreditation with the lender then?

Likewise lenders only make money when the money is advanced.

No one earns money until completion takes place. Not the nature of being in business.

amnblog

houmie wrote: »

Ah right.

I see you're an independent broker. Do you have a good deal for me that beats Sainsbury 2 year fixed at 1.09% (LTV 60%), £745 fees. Amount to borrow 398,400.

Thanks,

Probably.

It depends who will lend to you and what your priorities are.

Amst

houmie wrote: »

It is a good thing that the solicitor would be hard pressed to complete quickly right? I was told that these lender supported solicitors aren't any quick in their job, because of little incentive they get and the application can drag on for months.

Thanks,

They would be hard pressed to complete on time due to the sheer volume of cases they are handling. I won't go into firms or numbers, as I would likely get fired, however the big 6 fee free remortgage solicitors were absolutely overwhelmed with work this summer which is why I said the lender is generally irrelevant to this as they all (at a time) used the same batch of firms.