Any Advantages Using London & Country Over Going Direct to Bank Myself?

scoot65

Hi,

My current mortgage deal is coming to an end very soon (1st April). After a little research on this site I decided to contact London and Country mortgage brokers to see if they could find a suitable mortgage for me.

L & C have contacted me today to inform me that that a suitable mortgage has been identified. The L & C guy outlined the basic details and told me which bank it would be with. He's sending out in tonight's post, details and an application form should I decide to proceed.

I've had a look on the Bank's web site and found said mortgage.

My question is this:

1) Would I be better off allowing L & C to deal with the whole process, or would it be quicker for me to contact the bank direct?

3) What are there any advantages going through L & C rather than me dealing direct with the bank?

(BTW, I'm usually the sort of person who, if a deal has been agreed and I've committed myself I don't pull out. It's just in this case I'm having details sent out to me for perusal and I've not made any commitment as yet).

Thanks.....

homer_j_3

Generally speaking, I think its bad form to use the broker for research purposes and then go and use that information like you are suggesting.

A broker will provide many benefits to the process but there will be people who say go direct.

owitemisermusa

As long as it's the same deal and you will lose nothing by going with the broker please go through them - 2 reasons:

a) The broker has worked to source the good deal.
b) Let the bank pay someone else money for a change.

IMO of course!

dunstonh

If you get the same deal and the broker is fees free (which most generally are) then you may as well use the broker. In addition to having someone able to get all the copies done for you, verify ID easily and chase everyone involved you also get FOS protection for advice which you do not get if you go direct. This of course ignores the research and experience that can be very useful for many people.

silverbullit

I arranged my mortgage last year through L&C and i would highly recommend that you go through them, particularly since they are fee-free. The guy who advised and assisted me was very knowledgeable, helpful and dilligent. I think it is also likely that matters will be dealt with more quickly and efficiently if L&C are involved; if you try to do it all personally, you will be at the mercy of the 'call centre nightmare' that is so common these days.

There is also the possibility that, if you went directly, the same deal will not be offered to you by the lender; often offers are only available through brokers, so you should, even if you decide to DIY, check that the same deal would be available to you directly.

L&C also undertake to remind you, before your deal comes to an end, about remortgaging.

All in all, I would say save yourself some time and potential headache and go through the broker (assuming you're happy with the deal and the advice you've received from L&C).

Shambler

I second silverbullit.

L&C were a light at the end of the tunnel that is house buying for me.

Always on hand for advice, always calling back when they said they would it made the whole process so much more calm than it could have been

If they could have done my conveyancing too I would have been more than happy...can't recommend them enough

scoot65

Thanks for the replies. You've all pretty much nudged me in the direction of my "gut instinct". I just thought it may be quicker dealing direct.

I'll be going through the L&C broker!

It's reassuring to know that L&C provide a good, professional service.

Thanks again...

PBA

Good to see all the brokers/IFAs on here have got their 2p worth in. As someone working in a bank branch I'd always suggest going direct to the bank if you can get the same deal. That way you've already got a contact there who you can speak to if there's any problems or you have queries, whereas by that stage the broker will have got their commission and won't have any incentive to help you.

minimike2

A bit harsh PBA....


Im not going to start an argument with you, but I have been a tied adviser and worked for two major banks before going self employed as an independant broker - so I know both sides of the story, but to suggest that its in a clients best interests to go direct is a laughable suggestion. A broker will always look after thier client at every stage....through the whole life of the mortgage....repeat business and referals are the life blood of our business. You could say the lender doesnt really care after completion as they've already got your business....this is particuarly true of the big banks and this is fact...I have seen it first hand.....and is much more accurate than saying that a broker, who depends on each and every client, wont be interested.

mountainchrisriver

PBA wrote: »

Good to see all the brokers/IFAs on here have got their 2p worth in. As someone working in a bank branch I'd always suggest going direct to the bank if you can get the same deal. That way you've already got a contact there who you can speak to if there's any problems or you have queries, whereas by that stage the broker will have got their commission and won't have any incentive to help you.

In my experience in dealing with both banks direct and L & C (or other brokers for that matter) I would respectfully disagree with the option of going direct... Halifax in particular were next to useless last time I was remortgaging... in fact I knew more about mortgage products than the Halifax advisor did!! :eek:

OP stick with the broker route...

ps. I am not an IFA or a broker...

shays_mum

L&C are great, they go out of their way for you, would highly recommend them, also don't work in a bank/am not an IFA, just a satisfied customer