L&C or Habito?

martyp

Hi all,


I don't know if one broker might be better than the other so just wanting feedback ideally in relation to remortgaging. I wondered if one might be cheaper than the other with regards to fees/costs or work quicker with certain lenders etc.?

dunstonh

Both are online brokers working on a factory line basis. Generally, that is fine with simple stuff but with more complicated cases, that could be an issue.

Neither is any quicker than a local broker. And local brokers tend to be more experienced. The online brokers are the type where new brokers learn the job.

Chop-D

We have used L&C a couple times and they got the job done and with deals we didn’t find looking for ourselves. Simple circumstance though. They are quite heavy on trying to sell you life insurance in addition.

martyp

Thanks both, definitely got the push for life insurance from L&C, a bit less pleased this time around as it's costing me more and more each time. This one is £6 a month more and they're suggesting I take a mortgage deal that costs me more as well. I said I was looking to save money and they're looking at putting me £16 more out of pocket each month.
I can definitely feel the factory line thing, like I'm being processed through as quickly as possible. They do seem a little reluctant to go with my choice which is the less easy option. I have indicated I'm happy to take the more difficult time consuming route but they seem more keen to push me through what I think is the one that's less hassle for them.

amnblog

Why can’t you go the route you want, if it’s just a question of delay and you are happy with it.

martyp

I told the bloke at L&C that I called Nationwide direct and they said I could have the deal I wanted if I just extended the term from 18 years to 21 and he said it was bad advice and not to go with it, pushing the Halifax higher interest retention deal. Habito seem on the fence but due to affordability initially suggested I stick with Halifax. When I said I liked the deal with Nationwide they sent me that as a recommendation then and said I'd be paying more interest as it's a longer term but did agree I could shorten the term anyway but didn't indicate the benefits of overpaying.
It was L&C that initially suggested the Nationwide deal but when they wouldn't offer enough and had to increase the term he changed to sticking with Halifax.
I feel that now is my chance to escape the high Halifax rates before my balance goes much lower although I feel like the brokers are like "well if that's the one you want" as if it's a bad idea. I don't know why they're not really taking into account the ability to change term and overpay regularly. It really does feel like they're pushing me down the route that's less work for them...The factory line...

amnblog

So affordability does not fit on a remortgage without extending the term. The product transfer with Halifax is unaffected by the affordability calculation.

I can see why the Brokers would be concerned about extending the term to get a lower rate as most borrowers will not overpay and end up potentially paying more.

My view would be that provided you understand you need to over pay to be certain to benefit you can have your choice.

martyp

Thanks amnblog, I have been paying £277 including a £50 overpayment for nearly 2 years and told both brokers this. If I got the new rate at £169 due to the longer term I would pay £100 overpayment instead as I could easily afford paying £277 so £169 isn't a problem at all for me. I was thinking it would be good to have that lower amount if I need it at all if I wanted to save a bit in a month and stop the overpayment and also if I bought the other half of the house then it might be better then having the half I currently own on a lower rate at least (hoping I could get a better rate for the other half too).

amnblog

There is nothing stopping you going back to Nationwide.