L&C?? Or Independent Advisor or Direct?

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  • warnerr88
    warnerr88 Posts: 29 Forumite
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    I used L & C for my mortgage, we were FTB with good credit history and they were good with us, i'd recommend them.
  • PierremontQuaker03
    PierremontQuaker03 Posts: 307 Forumite
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    I have used L&C in the past for a complicated remortgage and BTL mortgage at the same time - they were great.
    However, on my next remortgage which is pretty straight forward I will do it myself. I have a good credit history and long employment record, so I would prefer to check the whole of the market, and although they say they are independent, they still have to get paid from someone.
  • dunstonh
    dunstonh Posts: 116,385 Forumite
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    so I would prefer to check the whole of the market, and although they say they are independent, they still have to get paid from someone.
    Do note that if you go direct to lender, they keep the commission for themselves without changing the deal terms.

    I do not believe L&C are independent.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • mrmajika
    mrmajika Posts: 986 Forumite
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    L&C for our relatively straight forward case were a bit of a pain in the end. The initial stages were very good and the advisor clearly knew his stuff. Once your application was passed to the mortgage company your contact with the advisor stops and, instead, you are assigned a 'case manager'. It was here that the service went downhill quickly for us, with no contact for days on end despite repeated messages and phone calls.

    The process of obtaining our mortgage offer should have taken around a week, but, because of one piece of additional information that was required, it took nearly 5 weeks. After 10 days of no replies from L&C I tried to send it directly to NatWest who couldn't accept it off us. Given our issues I wouldn't use them again.
    Whilst my posts do not constitute financial advice, I am always, without fail, 100% right! :D
  • amnblog
    amnblog Posts: 12,445 Forumite
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    Adamc wrote: »
    Thanks all - I am seeing an advisor Thursday who is a personal friend and has a good reputation.

    I've had a great quote from L&C but I am wondering if my friend can beat it.
    And if it's worth the cost of troubling him?

    Perhaps you should ask him before you waste your friends time.

    He would probably appreciate it if he was aware he was in a beauty contest.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Adamc
    Adamc Posts: 440 Forumite
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    PierremontQuaker03 wrote: »
    I have used L&C in the past for a complicated remortgage and BTL mortgage at the same time - they were great.
    However, on my next remortgage which is pretty straight forward I will do it myself. I have a good credit history and long employment record, so I would prefer to check the whole of the market, and although they say they are independent, they still have to get paid from someone.

    How would you go about ensuring you have checked the whole of the market?
  • PierremontQuaker03
    PierremontQuaker03 Posts: 307 Forumite
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    Adamc wrote: »
    How would you go about ensuring you have checked the whole of the market?

    Ha Ha now thats a difficult one - its difficult to know who to trust, which is why I prefer to do things myself.
  • ACG
    ACG Posts: 23,728 Forumite
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    Whole of Market is a bit of a murky definition. Some brokers (typically the large corporate estate agents) have access to around 10-15 lenders and they represent the whole of the market.

    If you use a broker, ask how many lenders they have on panel, we have around 50-60. Some of the better deals at times come from small building societies that most people will never have come across.

    There is no harm you doing your own research and then seeing if a broker can better it. But dont forget, more so on purchases, cheapest is not always best. You want a lender who will not make you work for it and risk losing the purchase as the vendor gets frustrated at a lack of movement. Remortgages, fair enough, but purchases are a little different.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Amst
    Amst Posts: 141 Forumite
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    Having worked for (at a senior level) and used L&C as a customer since, they are fine if you tell them the truth. If you're not wanting to disclose your credit/expenditure etc. then you'll end up in a back and forward with the lender which is entirely avoidable.
  • Mishomeister
    Mishomeister Posts: 1,051 Forumite
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    mrmajika wrote: »
    L&C for our relatively straight forward case were a bit of a pain in the end. The initial stages were very good and the advisor clearly knew his stuff. Once your application was passed to the mortgage company your contact with the advisor stops and, instead, you are assigned a 'case manager'. It was here that the service went downhill quickly for us, with no contact for days on end despite repeated messages and phone calls.

    The process of obtaining our mortgage offer should have taken around a week, but, because of one piece of additional information that was required, it took nearly 5 weeks. After 10 days of no replies from L&C I tried to send it directly to NatWest who couldn't accept it off us. Given our issues I wouldn't use them again.

    Agree with this 100%
    Had no issues with the adviser but the admin/case manager was a nightmare. Could never get hold of her and ended up making a complaint.
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