Lloyds re Mortgage Experience poor and why you should use a broker

csgohan4

I went direct with Lloyds as my usual broker doesn't deal with them. I posted a question on here previously and someone said they only deal directly, but according to advisor from Lloyds they do deal with brokers however

Anyways I started so might as well finish as the BOE are likely to raise interests rates and barclay intermediaries have sent out a memo yesterday that they are raising interests rates on Monday

Got lucky and an advisor was available short notice, but it took almost 2 hours I kid you not for the whole process, with part way video call as well and what took the most time was reading line by line the terms and conditions to ensure I understood as it was an advised sale.

Previously sent all my documents to broker chose my product and next contact was offer. 

OMG, I forgot how rubbish not having a broker is. So laborious and mind numbing to go through each T+C points with the advisor to satisfy compliance. They were also into protection and tried to sell me life and Income protection which I was not interested in. and kept saying I should be aware of the consequences of not having adequate cover. 

Is it me or it is Compliance that has ramped up wasting time and treating applicants like school kids to ensure they understand it. 

If your self employed it will take longer as they have to take your income line by line and all sources for money laundering purposes even if you want to discount an income stream which has no impact on affordability.  


I should have applied to Halifax for their 1.68% product 5 years instead of Lloyds 1.68% 10 years due to the hassle I am getting. But I am fearful of the interest rates will rise over the next few years to levels way above 1%

mrsmsebastian

I am remortgaging with Lloyds too because of their low interest rate for a 10 year product. I went direct as my broker said they dont deal with brokers at all. Anyway it's true that the call is painstakingly long but I don't mind that as long as I know I saved a bit of money there but what worries me is the slow responses of the solicitor that Lloyds used named Taylor and Rose. They appears to be taking their time to update your progress in the website though you have submitted all documents required. I am looking to complete first week of April but the progress is seem to be NIL

[Deleted User]

Wasnt aware lloyds went out to any brokers.  Perhaps they meant commercial lending.  The lack of a Lloyds Intermediaries website is probably a giveaway that they dont take introduced retail business.  Maybe im wrong tho

Completely agree on overall process though. Last time i worked in a bank we spent about 50% of the appointment time watching a video that spoke all the t&c as they didn't even trust the staff to read it line by line.  My compliance probably takes about 5 minutes of disclosures now and straight in to fact find

When i hear about some lenders taking 3 hours to do an application on the phone i just cant see how that is possible

csgohan4

mrsmsebastian said:

I am remortgaging with Lloyds too because of their low interest rate for a 10 year product. I went direct as my broker said they dont deal with brokers at all. Anyway it's true that the call is painstakingly long but I don't mind that as long as I know I saved a bit of money there but what worries me is the slow responses of the solicitor that Lloyds used named Taylor and Rose. They appears to be taking their time to update your progress in the website though you have submitted all documents required. I am looking to complete first week of April but the progress is seem to be NIL

Thankfully I have 5 plus months to play with and hopefully yours is sorted soon


Deleted_User, the Advisor said they get plenty of forms filled in by brokers apparently when I asked. Either way whats done is done. But I am going to look seriously at broker only options in 10 years time. Such a hassle and waste of my time.

2 hour is possible with reading line by line 8 pages of regulatory rubbish

Surprised they didn't ask me for  what I spend on my Tesco shopping and why I didn't buy the Tesco value branded baked beans as it will affect my affordability

IMO compliance has gone too far defensive. 

Thrugelmir

csgohan4 said:

I should have applied to Halifax for their 1.68% product 5 years instead of Lloyds 1.68% 10 years due to the hassle I am getting. 

Halifax sits under the LLoyds group umbrella though.  Not sure you'd have achieved much. 

csgohan4

Thrugelmir said:

csgohan4 said:

I should have applied to Halifax for their 1.68% product 5 years instead of Lloyds 1.68% 10 years due to the hassle I am getting. 

Halifax sits under the LLoyds group umbrella though.  Not sure you'd have achieved much. 

but I can Use a broker to do all my legwork, big difference, no 2 hour f interview

housebuyer143

They are lending you hundreds of thousands of pounds. If you want the money you have to put yourself out a bit. It could be nice to chat to someone about your outgoings etc. If its only every 5 or 10 years does it really matter enough to spend a similar amount of time speaking to a broker about your situation? A broker tends to want way more docs than the bank might ask for just for their own compliance, which I find much more annoying.

csgohan4

housebuyer143 said:

They are lending you hundreds of thousands of pounds. If you want the money you have to put yourself out a bit. It could be nice to chat to someone about your outgoings etc. If its only every 5 or 10 years does it really matter enough to spend a similar amount of time speaking to a broker about your situation? A broker tends to want way more docs than the bank might ask for just for their own compliance, which I find much more annoying.

I am not Applying for a job, so really selling myself is not relevant. Current Affordability rules are black and white and not based on interview and how you present yourself generally.  But more on what one's P60/ SA302/Debt

Not everyone can afford 2+ hours off during the  day to do this. If your self employed, time is money. 

Which is why I regret not using a broker on this occasion for another product. I have no problem giving brokers more info than needed. They are bound by confidentiality and FCA regulated. I would rather they have more than having to come back to me and delays things for another week. Lenders don't process your info in realtime. can take a week or longer for each review

csgohan4

just an update, they were supposed to call back on Thursday they didn't then didn't call back today as agreed after raising it on Thursday pm. Called again today and seems they have no idea what's going on and palming me off to another mortgage advisor. 

Now they tell me the rate of 1.66% for 10 years is no longer available and my advisor didn't lock this in as they needed my partners approval. Even though I asked specifically after the first call if the rate is locked in and needn't worry about calling 1 week later to finish up with the application as my partner was not present at the time. If this was not the case I would have called the next day to give approval. what a shambles.

I feel a complaint is coming, luckily they record the calls,but ultimately I cannot force lenders to give me old products sadly 


Not impressed going direct, having to deal with this bs myself, warning to others not wanting brokers, good luck, time is money to me and I don't have time to be dealing with chasing what others have promised me

Edit: update 1716, emailed manager and they emailed back saying the advisor is ill. So that's the reason, but leaves me in no better position

After contacting their manager, another advisor contacted me and have managed to secure me the old rate after applying for extenuating circumstances due to the advisor being ill/ incorrect information.

The complaints dept also confirmed products are not locked until application has gone in and given me £100 as a good will gesture for the incorrect info given and upheld the complaint