L&C?? Or Independent Advisor or Direct?

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Adamc
Adamc Posts: 440 Forumite
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in Mortgages & endowments
Hi all

Does anyone have any experiences of comparing all of the above for getting a mortgage.

I am pretty sure I will go with a independent broker but wondered if anyone had used L&C ?

Many thanks
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  • DingerUK
    DingerUK Posts: 64 Forumite
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    I used L&C to set up my mortgage. I'm a FTB and they were highly recommend on some financial podcasts I listen to. I can't fault the service they offered, yes they earn a commission, but they put my mind at ease and the mortgage advisor was able to take me through the process and helped me with a life insurance quote too. I had looked at beaglestreet but they were not able to offer cover due to medical history. L&C took this in to consideration and found a broker to offer cover that was about the same price as I was able to find myself. L&C found me a good deal on my mortgage and it comes with cash back which is more than the commission they earned. I'd recommend them, you've nothing to lose, you could get their help and advice for free and take up their recommendation on your own if you wanted to.
  • csgohan4
    csgohan4 Posts: 10,587 Forumite
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    L and C are fine if you don't have any adverse history or issues, they are free for a reason
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • Adamc
    Adamc Posts: 440 Forumite
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    csgohan4 wrote: »
    L and C are fine if you don't have any adverse history or issues, they are free for a reason

    I'm a first time buyer. Only had a student loan as finance.

    I thought perhaps an independent advisor could provide a more tailored service to help me avoid any blunders of inexperience?
  • amnblog
    amnblog Posts: 12,443 Forumite
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    PC World, John Lewis, or Amazon

    Modest advice, modest service, low cost focus

    Advice and Service focused, priced on value for money

    No advice, lowest cost focus
    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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    amnblog wrote: »
    PC World, John Lewis, or Amazon

    Modest advice, modest service, low cost focus

    Advice and Service focused, priced on value for money

    No advice, lowest cost focus

    So I should get my lamps at John Lewis in keeping with the metaphor?
  • dunstonh
    dunstonh Posts: 116,373 Forumite
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    L&C and a local broker are very different services.

    L&C is a factory line service. They want quick and easy cases they can deal with as quick as possible so they can answer the phone of the next person. Works perfectly fine for simple cases. Tends to fall short on complicated cases.

    Local broker is there to hand hold and give you all the time you need. More likely to deal with complicated cases better. Having a local face to face contact is useful when dropping things in or them picking them up.
    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.
  • FTBlalala
    FTBlalala Posts: 71 Forumite
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    Hi OP,

    I am a FTB too and we used L&C, they were great and speedy and got us a good rate especially as we fall in the 95% LTV. From initial mortgage finder app to official mortgage offer was 11 workings days days. From actual submission of application to lender to offer was 8 working days.

    Additionally to what others have said though is that we were an easy case I guess, we have no debt, combined income of £55k and we weren't applying for the max amount we possibly could (i.e AIP's indicated we could borrow up to £260k based on affordability but we only applied for £220k).
    Bought First Home - June 2018 Starting £218,500 June 2020 £203,800.95 :T MFW 2020 #78 - Target £3000 - So far... £2182/£3000
    Ultimate Goal MFW by 40! - 2033
  • Adamc
    Adamc Posts: 440 Forumite
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    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?
  • joanne95
    joanne95 Posts: 497 Forumite
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    L&C messes me around for about a month before I decided to go with an independent mortgage broker. Our case isn!!!8217;t straightforward though as my husband is self employed and I am on a probationary period in work. Our independent broker has got us from application to mortgage offer stage in less than two weeks. Definitely worth the cost in my opinion.
    :AThanks to all those who post comps:A
  • Adamc
    Adamc Posts: 440 Forumite
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    joanne95 wrote: »
    L&C messes me around for about a month before I decided to go with an independent mortgage broker. Our case isn!!!8217;t straightforward though as my husband is self employed and I am on a probationary period in work. Our independent broker has got us from application to mortgage offer stage in less than two weeks. Definitely worth the cost in my opinion.

    The only thing that isn't clear cut with our case is we had to offer 5K above the asking price.
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