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

Dan_Collins_2

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.

You sound like a brain washed robot PBA!

1. You get a salary and dont need referal business, I live off of my service
2. You will not tell the client that the lender down the other end of the high street has a much better deal
3. You work for the lender, we work for the client
4. You get paid at the end of the month, we get paid 1-2 months after completion
5. You work (In most cases) 9-5 and wont answer your mobile at 8pm
6. You are targeted to flog insurances, suitable or not
7. You probably want to be a broker and when you see the light will take the next step to becoming a mortgage broker or IFA

Sorry just having my 2p's worth!!

Ps. I have worked from a building society branch, I have managed a branch and I have worked out of an estate agent with a panel of lenders. Hand on heart a (Good) WoM, Independn broker is the best option for a client!

chappers

minimike2 wrote: »

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.

Ok I'll start the argument then, from my experience as a customer I totally agree with you.
Before I was as financially savvy, we arranged to see the mortgage person at a large Building Society, one that goes to great lengths to make the point they are not a bank.
Well we already had the mortgage with them and had come to the end of our fixed deal. We sorted out our mortgage deal and as I was self employed with no insurance asked if they had anyone could speak to.Well what a mistake that was we made an appointment for the next week and then sat through 2 hours of questioning and she finally came up with life insurance for both of us and also critical illness and income protection insurance for both of us.
can't remember the exact figures for the premiums but with me being a self employed builder they were pretty high.
In the mean time while waiting for the paperwork someone told me about a friend of their's who was an IFA and had sorted them some income protection and suggested I speak to him.

We did and instantly he sorted us a better morgage deal and told us that half of the insurance was unnecessary, cut our life cover in half , this took three weeks to sort including me having to go for a medical for the income protection.

A week after this was sorted we got a letter saying that the underwriters had increased my premiums on all the products, we then rang the building society to cancel all of the products and within 2 days I had the woman from the branch on the phone asking why we had changed our minds, saying that she was sure that the policies we had weren't as good when they were identical in every way, we just didn't need half the stuff she was trying to sell us. (We still get aphone call from them every year as well, and it's not to say hi).

We have since become good friends with our IFA on both a professional and social level and it's always him I turn to when i need anything to do with money, he is honest and helpful even to the point of sending me to other brokers when things are outside ihis field of expertise, for example in 2006 my business partner and I needed an un conventional mortgage and he said that although he had in the past done some deals with commercial lenders, we would be better off seeing another broker and recommended one to us.

I would never ever consider using a sales person from an bank or building society again, in fact I wouldn't ever consider using anyone other than our advisor.Over the years he has seen how our financial situation has developed, probably knows as much about our finances as we do and more to the point now has all our information to hand so when we phone up saying we are looking for a new mortgage he only really has to ask us a couple of questions like income the same or increased, value of the house and then he's off sorting it.
My advice would be to find yourself a decent advisor, build up a good relationship with him and stick with him.

dunstonh

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.

Having worked at a bank I can tell you that buying from a heavily incentivised and targeted sales force at the bank and then trying to be flogged expensive and inappropriate products is not exactly good for the client.

Most of the banks have dedicated broker support and many do more business through brokers than they do through their own branch network.

minimike2

IIRC Broker applications account for about 75% of Woolwich business....a bank with over 2000 branches and an 800 strong force of mortgage advisers.....(Although the business levels they do through branches doesnt warrent that many advisers)

Puts it in perspective!

scoot65

Very informative, thanks again everyone!!!!

herbiesjp

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.

You are either very mis-guided or very loyal to your institution

I too have worked in various spheres on the finanacial services industry, form old IB companies to banks, estate agents and finally as a WOM adviser

THe one thing a WOM adviser has loyalty to is..... the client!

Not a bank or building society

I can only talk for myself, but see others have the same experience, when I say my clients are not only my life line in terms of business, they also become good freinds.

As such, I will always do anything I can, whenever I can to help them out even if (goodness me) it means not getting paid for it! What a strange concept!

Why? Well, because of this, I don't advertise - I get repeat business and referrals!

And what makes me feel good, is that when their current deal expires, I can then scour the market place again for a new competitive deal for them - if that is with the same lender, then so be it, but if I can find a better deal then saving that client some extra money will help towards their other aims/ambitions/goals in life

Something, I'm afraid, a tied adviser cannot do

I think that was worth 5p at least - might ebay it! :rotfl:

_Andy_

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.

The broker won't get their commission until the mortgage completes, therefore it is very much in their interest to be there for problems or queries.

dmarks

My 2p worth was that I had appalling service from L&C so would not recommend them to anyone - if they had been any good, however, I would have probably gone through them. In my experience they never returned calls, answered queries or generally helped in any way at all!

minimike2

I notice PBA has not replied....

homer_j_3

The fact is guys that with L&C is that they recruit freshly qualified advisers and only those that have been there a while seem to have a grip on what they need to do.

I have always said that 1st time users of brokers should try and go local if possible. L&C can do a good job but the feedback is not solid or consistent.

A local broker will be personal and will be more contactable than an adviser with voicemail in a large call centre.

As long as you appreciate what you are getting, you should not be disappointed.