Remortgage Frustrations as a result of L&C

The_Bloodster

[FONT=Calibri,Helvetica,sans-serif]I am really frustrated with the mortgage recommendation from L&C as it has caused lots of delays and extra costs as a result.[/FONT]
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[FONT=Calibri,Helvetica,sans-serif]I was advised I should go with Nationwide and yes on paper it looked a cheaper that HSBC mainly because of cashback but I have now been told I have to incur extra charges now as I need a Deed of Postponement from Eastlands Homes because it was a Right to Buy property and I am changing to a different provider. This wouldn't been needed had I stayed with HSBC and it all would have been completed now.[/FONT]
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[FONT=Calibri,Helvetica,sans-serif]However this along with the awful Blacks Solicitors have now ended up with me paying the standard rate of interest with HSBC. So not only is there extra costs with more paperwork and fees the solicitors haven't been great at all. It took a couple of weeks after starting work that they realised I need consent to change the mortgage. I feel this should have been known by the mortgage advisers and solicitors at the start and both were aware it was a Right to Buy property and they should have advised that this would be the case or at least a very strong possibility.[/FONT]
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[FONT=Calibri,Helvetica,sans-serif]The mortgage offer from Nationwide is due to run out very soon and knowing how quick Black Solicitors are at dealing with anything no doubt this will expire. I emailed my solicitors to ask what would happen if I got a new rate from HSBC but I'm sure I won't hear from the solicitors for at least a week given their track record. [/FONT]
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[FONT=Calibri,Helvetica,sans-serif]If anyone is thinking of changing mortgage providers with a Right to Buy property my advise is to stay with the same provider if possible because the extra costs involved aren't worth it. Also avoid L&C and Blacks Solicitors as they are awful[/FONT]
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ACG

Why not call HSBC and just switch products?

csgohan4

You my have needed a Deed of Postponement for other lenders as well regardless of which broker you used to be honest


Staying with HSBC is always the easiest choice, with their retention products as no credit check and simply to do online, but it may not be the cheapest choice

Thrugelmir

The_Bloodster wrote: »

I emailed my solicitors to ask what would happen if I got a new rate from HSBC but I'm sure I won't hear from the solicitors for at least a week given their track record.

They can only act on your instructions and the information supplied to them. Nothing worse for a solicitors office than incur non chargeable time. As always a client that they can bill.

The_Bloodster

So looks like I have made a big mistake trusting the advice from L&C. Their explanation is that I didn't tell them it was a Right to Buy property - what a load of crap. In the same email they also said we can look at options for a new mortgage for you. Really do you think I trust you now?


So my state of play is if I go to HSBC I can get the rate with no fees.


If I continue with Blacks/Nationwide I will have to pay the following fees:



Remortgage Fees: Basic Legal fee £299.00
Identity Check £12.00
Telegraphic Transfer fee £36.00 (this includes a Bank charge paid by them)
Disbursements £11.00
Postponement of second charge £150


Total £508


I'd also have to pay my old housing association


Deed of postponement fees £240
Notice of Legal Charge £60


So grand total would be just over £800. I would get £500 cashback off Nationwide though.


I think it all depends what I'd be charged if I tell Blacks/Nationwide to forget it. I definitely wouldn't pay the housing association anything but what would I need to pay Blacks? I've already given them £35 for disbursements so if I don't give them anything else HSBC are the best option.


I emailed HSBC and said if I agree to stay with them would they backdate the rate to 1st Nov? No harm in trying. There mortgage advisor is ringing me tomorrow as she's out of the office today
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The_Bloodster

Just noticed this at the bottom of the Blacks "Explanation of Anticipated Remortgage Fees and Disbursements" fees letter



Our legal fees have the benefit of a ‘no completion, no legal fee’ guarantee, although if the matter does not proceed, we require to be reimbursed for payments made on your behalf to third parties plus any legal fees for any additional service.