L&C broker disappointment - let's take some action here

MBJUK

If I'm being completely honest, I feel extremely let down by the MSE site on their recommending L&C so enthusiastically.

I've seen a number of complaints on these forums about them recently (I appreciate I should've checked the forums and Trustpilot before engaging them, but the MSE site is normally golden for recommending the best providers. What is it that is convincing Martin Lewis to jeopardise his good reputation by continuing to recommend them?)

Since we started with them (too far in to pull out now, the hard credit search has been run):
- I found at least two rates significantly below what we've now applied for, that we are eligible for based on criteria on the intermediary pages of the lenders (perhaps some more of my own due diligence should have been done here, noted);
- The company uploaded someone else's mortgage application form to our web portal login page, including name, DOB, address, details for all active credit accounts, bank account details etc. (this was immediately a red flag but after some thought we thought we were maybe being too quick to judge - human error does happen). I've still not had the assurances that I've asked for though to confirm that mine weren't uploaded to the other customer's portal;
- The broker told me that my benefits allowance (fixed income in my contract, taken as cash wholly) would be perfectly acceptable to the lender - we've since been declined at first on affordability because L&C didn't provide the documentation (which we had sent to them to provide to the lender already) to prove this. Hard credit search has already been run (so can't switch to another lender/broker now very easily). We're waiting at least another 5 days for documents to be reviewed again by the bank as we're now back at the end of the queue. We were originally given a deadline by the developer of 3rd August to exchange so we're now cutting it very close (1 working day of flexibility if there are further requests);
- The case manager has to be chased repeatedly for an update. It took 2 days from the lender sending document requests to him for him to make the requests to us. It took 4 days from uploading the documents to him to submit to the bank, and critical bits of information were missing (see above on the benefits allowance).
- When we were "rejected" on affordability, even 3 days later the case manager hadn't let us know. When we called for an update two days in (before calling the bank) he said he'd had nothing through from the lender. Not convinced, we called the lender directly who told us that the case manager had been informed a number of days before, and they had already reviewed the valuation report (thankfully at our full offer price). We tried to call the case manager but couldn't get through for 2 days (Friday) after which he said we'd be waiting for at least 10 working days for a response given L&C's backlog (documents are reviewed by the lender in 5 working days, so we've taken matters into our own hands and are now going around the case manager and speaking to the lender directly to get them the document requests).

Overall, we're feeling extremely disappointed. We feel like we are doing the broker's/case manager's job for them. I have seen a number of forum posts complaining about L&C looking back over the past couple of weeks. Perhaps if we start a thread detailing all of the issues people have had with them recently then Martin Lewis will stop advocating for them on his website! There are other free brokers out there that he could recommend.

Edi81

Martin doesn't own the site anymore! He gets a royalty for his image and name continuing to be used.
L&C are notorious for only being any good for very simple cases and what is simple in these Covid times? 

MBJUK

Edi81 said:

Martin doesn't own the site anymore! He gets a royalty for his image and name continuing to be used.
L&C are notorious for only being any good for very simple cases and what is simple in these Covid times? 

Understood - however, there is a letter in the first time buyers guide supposedly penned by him explaining why the site recommends them. I can't believe he would allow his face to be against a dodgy company's name, even on this website, given his personal brand is so important to his role. I also can't believe that he doesn't have any sway at all over the content of the website - if he wasn't happy with something on here, it'd be a brave editor that said no to him and risk losing his accreditation!

Either way, the MSE website/wherever responsibility ultimately lies should not be endorsing a company that has so many complaints listed on its own forums! Perhaps if enough people make it known that they're not happy they're being recommended on the site then the recommendation will come down.

MBJUK

Just in case someone is thinking of still using them and that this is a one off, here's their complaints data showing that number of complaints has significantly increased over the 6 months to 31st December vs. the previous 6 month period.

https://www.landc.co.uk/about-us/complaints-data/

haras_n0sirrah

The page can only recommend a company large enough to take the business that a site of this size would generate. All these companies are large conveyor belt companies who by virtue of their size will get thousands of enquiries a week. This gives opportunity for 'cherry picking' the easy stuff and leaving the rest to flounder. It is telling that most of their complaints are around customer service. From what I can gather a lot of l&c brokers are new recruits to the industry who leave for something better. For the brokers who work there it is high stress, high numbers and high targets for small comissions - glass door is very telling.
The other large conveyor belt companies (trussle and habito) are the same, fine for easy stuff but anything more difficult and you may well get either get ignored or dropped
That is where a small independent broker comes in. 
Most independent brokers charge a fee (depends on the complexity but around 300 for easier going up to 500+ for complex) as that way we can have lower numbers of clients and therefore have time to answer calls and emails, spend time researching to make sure we are getting the best deal possible for the client but mainly it means we can also hand hold and look after more complex cases that the conveyor companies will bin as non profitable.
If your case is in anyway complex then consider getting a broker involved who has time for you. Sometimes you get what you pay for. Get recommendations from friends or family or a core group of independent brokers post here on a regular basis and we are happy to respond to pm's asking for help (we all have signatures saying we are a broker but I always send a link to my website and my reviews to everyone who sends me a pm to show I am genuine). Read the boards and see whose advice you feel is helpful - a lot of us have helped a number of people from this community. Getting the mortgage at the moment is probably the most stressful part of the journey in this post covid world and having a broker who doesn't return your calls or emails, takes a week to send documents to the lender and doesn't update you is just adding to the stress.

MBJUK

haras_n0sirrah said:

The page can only recommend a company large enough to take the business that a site of this size would generate. All these companies are large conveyor belt companies who by virtue of their size will get thousands of enquiries a week. This gives opportunity for 'cherry picking' the easy stuff and leaving the rest to flounder. It is telling that most of their complaints are around customer service. From what I can gather a lot of l&c brokers are new recruits to the industry who leave for something better. For the brokers who work there it is high stress, high numbers and high targets for small comissions - glass door is very telling.
The other large conveyor belt companies (trussle and habito) are the same, fine for easy stuff but anything more difficult and you may well get either get ignored or dropped
That is where a small independent broker comes in. 
Most independent brokers charge a fee (depends on the complexity but around 300 for easier going up to 500+ for complex) as that way we can have lower numbers of clients and therefore have time to answer calls and emails, spend time researching to make sure we are getting the best deal possible for the client but mainly it means we can also hand hold and look after more complex cases that the conveyor companies will bin as non profitable.
If your case is in anyway complex then consider getting a broker involved who has time for you. Sometimes you get what you pay for. Get recommendations from friends or family or a core group of independent brokers post here on a regular basis and we are happy to respond to pm's asking for help (we all have signatures saying we are a broker but I always send a link to my website and my reviews to everyone who sends me a pm to show I am genuine). Read the boards and see whose advice you feel is helpful - a lot of us have helped a number of people from this community. Getting the mortgage at the moment is probably the most stressful part of the journey in this post covid world and having a broker who doesn't return your calls or emails, takes a week to send documents to the lender and doesn't update you is just adding to the stress.

I would argue that having a cash benefits allowance as part of my salary package isn't all that complex a quirk to account for - but I take your point. We'll definitely be looking at a local broker next time, but too late to switch now.

haras_n0sirrah

Completely agree it shouldn't be that difficult a quirk.

csgohan4

L+C are known for this and a quick search on here will show this, sadly some people think they are the best thing since sliced bread. Barge pole for me. 

Local broker over them any day, even paid ones, you do get what you pay for