Feedback on new brokers in mortgage article

sue2517

Called them today (30th March) to be told they are no longer trading!!

eightball_2

Just like all the other broker firms that dont charge fees............gone bust !

Condmach

I'd like to add my vote for London & Country. Not able to help me this time, but did advise I go direct with my existing mortgage provider.

boobious

The link for Mortgage Monitor does not work please fix
thank you


We've updated the Mortgage Advice article, including new techniques to help borrowers search as many deals as possible. Part of this included adding in two new companies, Mform and Mortgage Monitor.

http://www.moneysavingexpert.com/mortgages/best-mortgages-cashback

If you use either of these while searching for a mortgage deal, please let us know your feedback.

Cheers





Dan[/QUOTE]

sausages12

We almost lost the purchase of our property after trying to use L&C as our mortgage brokers - and the lack of real understanding/expertise of the brokers failed to enable them to convey our situation properly and gain what should have been a straight forward mortgage.

I have a limited company, with a high PAYE salary, some dividends, and we were wanting to let our current property and buy a new one (as our current mortgage would be covered by rental income, and I had saved enough for a 15% deposit for a new property). As our situation wasn't straight forward buying of a single home, with normal salaried income, I sought the help of experts.

Sadly L&C was the wrong place to go! They didn't understand the basic complexities of simple accounts, and the term 'let to buy'. They gave us within 24 hours a mortgage in principle for us to use when searching for the right house of £300K, but when we found a house where found we needed just £215K (to keep some funds for doing it up). They took our case to 3 lenders (2 of which promptly stated that they couldn't deal with our let to buy case - so the wrong lenders - and not sure why they went to them as experts), and then to Abbey. They were slightly higher rate (approx 0.4% above original market rates L&C said I could secure) - but I really wanted to secure the property, and thought this must be the best I could get as I was using a reputable broker service.

Abbey gave us a decision in principle (which I was advised by the broker meant that as long as we validated our application with back up documents that we would get the appropriate offer) - so thought we were on our way to securing our mortgage and house. By alarm bells really began to ring when I then received the application forms through from L&C that they had filled, I found all of the details of the application filled in completely incorrectly. The information I provided throughout the process was consistent (running my own business, I have a very good understanding of my accounts, etc), however the application they completed was far from the right facts (lots of information in the wrong boxes, even facts such as my husband working for my company - which he doesn't - he is a civil servant! - so his salary was completely missed). They asked me to sign this, which I refused, and in addition the application stated they had seen all of my original documents. This wasn't the case - they asked for everything as scanned copies (not sure if this is allowed - but it made me nervous). I questioned this and they said it was fine. I sent lenghty emails stating all the areas that were lacking - and they assured me that everything was clear and OK, and that it wouldn't be a problem. The application went to Abbey (but to be honest I don't trust that they actually made the changes I requested - as they were so reliant on scans, and I really don't think understood the serious points I was raising). 8 weeks on, and with my broker effectively just being a question monkey for the random questions coming from Abbey underwriter to Abbey admin to L&C broker to me, ie - letter why buying the house, accountant form completed (though full accounts were provided), 6 months of all bank statements, letters from multiple letting agents, etc, etc, etc, I eventually got a decision that they would only be willing to lend vs 80%, with absolutely no rationale - other then we don't meet their lending criteria. ALL THE INFORMATION WE PROVIDED ON DAY ONE OF CONTACTING THE BROKER WE VALIDATED IN MULTIPLE WAYS - OUR EVIDENCED SITUATION WAS ABSOLUTELY NO DIFFERENT TO THE FACTS I PROVIDED TO L&C ON DAY ONE - so I have been led to the conclusion that they just didn't get it (and didn't seek clarity from me if they didn't). I also suspect this as Abbey asked for so much repeat format of information and then said no - leading me to think that they simply didn't trust the application. L&C have not provided me with the appropriate complaints process for either themselves or Abbey - and are washing themselves of the case.

Luckily, our vendors after being messed about for almost 3 months, with still no mortgage offer, didn't put the house back on the market. Rather then flogging a dead horse like L&C, I quickly instructed a John Charcoal broker (who I interviewed in more detail, after assuming L&C would be OK as I followed the reputable recommendation on MSE) - who seemed much more clued up and savy - knew what a let to buy mortgage was for a start. I am paying for his service (£850), but he has listened to my situation, and the need to act quickly, and is working with a broker where he deals direct with the underwriters (where they underwrite prior to offers in principle - it won't have to go back to underwriters as long as documents requested are sent with application). The rate is over 0.5% less than the market - so it pays for itself within months, and will save me over £2K in the longer term! He even advised that based on our strong earnings, that we could actually get a mortgage for both properties without needing to let - and couldn't understand how L&C couldn't have helped us (which is what I had thought originally!). We didn't do this, but I thought it worth noting as a reflection of how strong our situation was that L&C hindered more than helped.

We got the decision in principle within 7 days of our original call to JC. He then came to my house personally (London to Oxford) within 10 days of my initial call to collect in person all our original documents that were returned within 48 hours. The application is now with the lender, and I feel much more confident that I am dealing with a professional outfit, that actually know how to broker deals with appropriate lenders, and represent clients in the best but most fair way. Subject to survey - all is in order, and we hope to exchange within a couple of weeks. He won't be getting paid 80% of his fee unless we exchange - so it is in his interest to see this through too.

I won't even start on L&Cs insurance brokerage outfit .... another bunch of unskilled monkeys, that can't broker anything out of the ordinary!

I will be complaining to Abbey/L&C as soon as I have got my new mortgage etc in order - but in the interim be warned!

ACG

Good to hear you got it sorted. Personally im sure its worth complaining to Abbey, its L&C that have ....... up. Abbey have their lending criteria and information they need to evidence it - its L&Cs fault for not knowing/checking that you meet that criteria.

Wh05apk

Sounds like a strong complaint to L&C is in order.

Personally on something as important as a mortgage, I would always recommend face to face contact - incompetance can easily be hidden during a phone call!

Conrad

To be fair to L&C, they are fees free. Like anything in life, rock bottom price is not usualy the place to go if you want high performance afterall time is finite and working on tiny margins as they do does not permit much nbeyond a basic service.

If you want top notch medical treatment you might go to Harley Street. If you want a 5 star hotel experience, you don't get it from paying 2 star prices.

Decent brokers have more time to spend per case as their business model permits this luxury.

If you choose L&C, your prime motive is lowest service cost, NOT best service.

AndyBurd

I found London & Country good to start with - ie the guy who advises was really useful, but the account handler I was given after was useless and I ended up having to pester his supervisor every day. Took 2.5 months to get a mortgage offer, as I had no direct route to the lender!!! Never again - I'll be going direct from now on.

dunstonh

AndyBurd wrote: »

I found London & Country good to start with - ie the guy who advises was really useful, but the account handler I was given after was useless and I ended up having to pester his supervisor every day. Took 2.5 months to get a mortgage offer, as I had no direct route to the lender!!! Never again - I'll be going direct from now on.

Or use a local broker. You tend to find local companies rely on word of mouth and reputation. Big companies just get volume and dont care if a few go awol.