In this article, we take a close look at national mortgage broker L&C (London & Country) Mortgages Ltd and explain how the service works, the range of its mortgage search and whether customers found it to be any good.
About L&C Mortgages
L&C Mortgages Ltd is a mortgage broking service provider that is regulated by the Financial Conduct Authority (FCA) and is able to arrange mortgages and non-investment insurance products. L&C Mortgages Ltd was founded in 2000 and has offices in Bath, Newcastle Upon Tyne and London.
It is an award-winning mortgage broker that has won over 150 awards since 2002, recently winning 'Best Online Mortgage Broker 2022 at the What Mortgage Awards and 'Outstanding Customer Outcome Award 2022' at the Legal & General Business Quality Awards.
L&C mortgage broker services explained
L&C Mortgages Ltd is a mortgage broker which means that the company sources, recommends and arranges mortgage deals with lenders on behalf of its customers, acting as the intermediary. Homebuyers can access L&C Mortgage services by telephone or via the L&C website to prompt an initial consultation with a mortgage adviser. The mortgage adviser will be able to provide tailored advice and provide recommendations on the best mortgage deal available on the market.
How does L&C Mortgages work?
L&C Mortgages has access to over 90 lenders’ mortgage deals meaning that the advisers can scour almost all the mortgage deals in the market on your behalf. Although homebuyers can apply for a mortgage directly with a lender, there are usually some mortgage deals that can only be accessed via a mortgage broker and your L&C mortgage adviser will include these in their search.
An L&C mortgage adviser will then present you with mortgage options to choose from whilst providing guidance to ensure that you make your selection wisely. It is important to understand the key terms and conditions attached to your mortgage deal as this may affect how much you will pay, how long you are tied into the deal and other important details.
Once you have selected your preferred mortgage deal your mortgage broker will explain the next steps, including the relevant evidence you will need to support your mortgage application. L&C use a secure online portal for you to upload this information as well as track the progress of your application. A case manager will then oversee and progress your mortgage application through to completion.
It is a good idea to be prepared ahead of time, so do read our article, “How to apply for a mortgage” which lists all of the steps you need to complete to increase the chances of a successful application.
Does L&C Mortgages charge a fee?
No, L&C (London & Country) Mortgages does not charge a fee, it provides free mortgage advice and guidance to help customers secure their mortgage offer. Instead, L&C is paid by the mortgage lender once your mortgage completes, known as a procuration fee.
Is L&C mortgage broker any good?
Reviews from customers who have used L&C Mortgages (London & Country) suggest that it is good. Generally, the more lenders and deals a mortgage broker can access, the more likely it is that they will be able to find a mortgage solution that fits your needs and L&C Mortgages can access over 90 lenders. Additionally, mortgage applications can be difficult to navigate and so a good mortgage broker will take some of the pain by being proactive in helping you to arrange your paperwork. They can also help you to complete application forms and even provide information and updates to your solicitor to help speed up the process.
L&C Mortgages customer reviews
L&C Mortgages (London & Country) Ltd is rated 4.6 out of 5.0 stars on independent customer review site Trustpilot, based on over 11,750 customer reviews. The majority of reviews reflect a good experience with customers citing that the mortgage advice at the start of the process was informative, helpful and efficient. Around 80% of the reviews rated L&C Mortgages 5 stars with less than 10% of reviews choosing to award a 1 star rating. The 1 star reviews reflect the experiences of housebuyers who struggled to get responses to their enquiries as well as administrative errors.
Pros and Cons of using L&C Mortgages
- Access over 90 lenders' mortgage deals
- No need for in-person appointments to meet your mortgage broker
- Ease of uploading paperwork via a portal
- Lack of personal rapport you may get with an in-person appointment
- Customer service levels may vary as reflected in the customer reviews
Best way to arrange a mortgage
Arranging a mortgage can seem like a daunting task especially if you are a first-time buyer. There are a number of different types of mortgage products to consider and you will want to find the one that suits your circumstances while providing you with good value. Although most homebuyers are aware of high street banks and building societies that provide mortgage loans, there are a number of specialist lenders that should be explored before you apply.
The best way to arrange a mortgage to suit your needs is by engaging the services of a mortgage broker and L&C could be the right fit for you. A mortgage broker can help save you time and money as they are able to search the market and use their industry knowledge to select the best mortgage options for you. Mortgage brokers are not all the same, however, because while some can access a large number of deals, others may be tied to a small panel of lenders, giving you less choice. Do check how many lenders your mortgage broker can access before engaging their services. It can also help to check reviews to ensure that other homebuyers have experienced good service, especially when it comes to the application process.
Mortgage brokers can make a positive difference in the success of your mortgage application and if you don't have a mortgage broker, you can find one in your local area using the directory service provided by VouchedFor*. Its professional directory service will allow you to choose a financial professional that suits your needs and you can filter results based on your local area or customer reviews if you prefer.
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