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Feb 20

How to use the mortgage service

Reading Time: 5 mins

We’re strong believers in continuously finding the best deal for your household expenses. Mortgages are without a doubt the biggest monthly expense – which is why we work with our partners, London and Country, to off a fee-free mortgage service. You get the options of the best mortgage deals around, with no hefty charges for impartial advice.

Here’s everything you need to know about our mortgage and remortgage broker service.

Who is London and Country?

The people who are ultimately providing this service are London & Country (L&C) who are the UK’s leading fee-free broker.

L&C has won over 80 industry awards since 2002 which is testament to the great service they provide for their customers. But don’t just listen to us – see what customers say on external review site Review Centre. So it’s not just us Moneymagpie folk who like them.

And we like L&C for a number of reasons including:

1. They consider thousands of mortgages including exclusive deals not available direct to the public.

2. They do not charge a broker fee for their advice.

3. They’ve won a bunch of awards for generally being good eggs.

4. They do all their business over the phone and are available seven days a week.

5. They help with all the complicated paperwork saving you time and hassle.

Why is it important to use a broker?

It means you’ll get a good deal.

The important point is that L&C is a whole-of-market broker. That means they’re not tied to any particular provider or limited selection of providers. Their only incentive is to make sure you’re getting access to the best deal possible for your personal needs and financial situation.

Brokers have access to exclusive deals with lenders that you wouldn’t find if you searched for them yourself. That means you could save thousands of pounds on your mortgage deal, because you can choose from many more options. In addition, a mortgage service broker can walk you through the application process. They’re not going to recommend you apply for a mortgage or remortgage deal if you’re unlikely to be accepted.

There are some lenders who won’t deal with brokers and may have competitive deals. However if you use one of these you’ll need to take responsibility for the whole process which many people don’t want to do. Exclusive deals available to large broker like L&C may be better than mortgages only available direct so it’s always worth calling them to see what is available.

Get the best mortgage deal without paying thousands in fees

The importance of ‘No Broker Fee’

Any broker will do a load of research for you to find out which is the best deal available to you in your current circumstances. Some of them require payment for that search regardless of whether or not you complete the deal and get the mortgage or remortgage.

Other mortgage services and brokers, such as L&C, don’t charge you anything up front for the research. They will find the best deal for you and only take a commission payment from the (re)mortgage provider once you’ve completed the deal. Lenders do factor this commission into their deals, but it is not a charge paid directly by you. A particular deal would cost the same if you bypassed L&C and went direct to the (re)mortgage provider.

The big advantage here is that, at no additional cost to you, L&C finds the best deal for you. Some brokers may charge an administration fee for processing your mortgage too – L&C does not charge an administration fee.

What’s in it for Moneymagpie?

MoneyMagpie receives a small commission - at no cost to you

There are loads of brokers and providers that we could recommend all of whom, including L&C, would pay us a fee when someone completes a (re)mortgage through them. We suggest L&C to readers because we like them best.

We have an agreement that, if you choose L&C via us, we’ll be paid a little commission. It doesn’t cost you anything at all! We also never recommend any company, product, or service that we wouldn’t use ourselves without incentive. This commission helps keep Moneymagpie ticking over. We have lots of editorial staff who research and write the money-saving articles you read every day!

If, however, you’d rather go direct without giving us commission, you can visit www.lcplc.co.uk. It’s your choice!

How to use L&C’s mortgage Service

If you’re happy with all of that then the next stage is to visit our special partner page. Then, click the tab that fits you best, e.g. ‘fixed mortgages’, ‘discount mortgages’ or whatever. Each tab applies to remortgages as well as mortgages by the way.

Once you have got to the type of mortgage or remortgage that applies to you then click on ‘enquire’. This opens a really simple page that asks you for your name, phone number and email address.

The reason you are asked for this is because the whole field of (re)mortgages can be complicated. There are thousands of products (literally). So a human being has to talk to you in more detail about your circumstances.

L&C are not tied to a limited selection of lenders. The advice they give is free – some commission ends up in L&C’s pocket on completion of the deal, but that has no impact on the costs to you, the borrower. The mortgage would still cost you the same if you went direct to the lender that L&C recommends for your specific circumstances.

If you prefer to call an adviser at a time to suit you then just ring our dedicated hotline for Moneymagpie users 0800 0873 1940. Expert advisers are available 9am-8pm Monday – Thursday, 9am – 5.30pm Friday, 9am – 5pm Saturday, 10am – 4pm Sunday.

Mortgage application tips

Don’t lie during the conversations or application process. It will bite you on the bum. Sooner or later there will be a credit check on your status and you’ll have to provide some proof of your situation. It’s best to come clean up front and save yourself time. After all it’s in your interest to nab a good deal as quickly as possible.

So good luck – and don’t be surprised if we politely ask to talk to you about the process to see how easy/difficult it was. (We like to keep an eye on the people we are recommending!)

Check out these other articles for more help with getting a mortgage:

 

YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. The Moneymagpie mortgage service is provided by: London & Country Mortgages Ltd, Beazer House, Lower Bristol Road, Bath BA2 3BA Copyright © London and Country Mortgages Ltd. Authorised and regulated by the Financial Conduct Authority.

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