So fed up with L&C - would it be a mistake to apply for my own mortgage separately?

Helpmedecide45

It's a bit of a long story, but having used L&C many times in the past and generally had a good experience, this time around I've had all kinds of issues, and I'm about at the end of my patience….

I am really nervous about the application as although I have an excellent credit rating, last year I was in the midst of a nasty separation and I made an "arrangement to pay" a large energy bill (which I could have paid, but was feeling overwhelmed so thought it OK to split it into smaller chunks). This apparently was the reason my first application through L&C to Santander was declined, and having downloaded my credit file I could see this issue. However, I couldn't see a hard search for Santander so am not sure if they ever really applied for this?

They then came back with a slightly higher rate for HSBC, but I knew this was the same rate offered by Nationwide, who I have banked with for 20+ years, so they would definitely be my preference. However the broker was really pushy about HSBC, saying they'd already got the DIP and prepared the application, ie not allowing me to choose Nationwide, and in any case I was worried about going against their recommendation because of the initial declined application, and what if this happened again?

When they submitted my application they had made FIVE mistakes on it, which I luckily spotted on a pdf buried on the portal (that I hadn't even been asked to check) including saying that my monthly take-home pay was £30,000 thanks overtime (i wish!!). These mistakes were all corrected (which meant I was charged the £999 product fee a second time, and only refunded the original fee a day or 2 later) and the application submitted on 9th Feb, and I a currently still awaiting "lender assessment". There's a question that's come back today from teh underwriter so I assume it's now making progress, but I can't deny I am nervous about the outcome, despite the fact that the amount I want to borrow is about a quarter of what I could borrow based on my salary (thanks to a lot of equity going in).

At this stage I am so fed up, I want to just go directly to Nationwide and apply for a mortgage directly - a quick google tells me that multiple hard credit applications within a short timeframe may not be detrimental to my credit rating - any advice or experiences of this sort of thing though?

GrumpyDil

Yes, if they have already submitted a search then I'd stick with HSBC. If not then I'd ask the broker what the specific reason for sticking with HSBC is.

dunstonh

L&C, like most factory line services, are fine when things are simple. However, when things are more complicated, that is where local brokers tend to excel.

They then came back with a slightly higher rate for HSBC, but I knew this was the same rate offered by Nationwide, who I have banked with for 20+ years, so they would definitely be my preference. However the broker was really pushy about HSBC, saying they'd already got the DIP and prepared the application, ie not allowing me to choose Nationwide, and in any case I was worried about going against their recommendation because of the initial declined application, and what if this happened again?

Again, factory line sales are typically on a timer and target. Move a case on, start the nest, move it on, start the next, move it on……