Customer Service from a Mortgage Company?
Posted by markharrison on January 24, 2007
Last month, I remortgaged a few properties.
This evening, I received a call from a charming man called Ranjit (actually from Leeds) who was calling on behalf of one of the companies I moved away from (let’s call them ‘Aardvark Mortgages’, rather than give their real name.)
The survey was clearly written by a marketing department who truly, deeply, madly believed that “customer service” was a good substitute for “good rates”… full of questions like “Do you feel that ‘Aardvark Mortgages’ treated you more fairly than other lenders.
The problems with these kind of surveys is that Ranjit clearly had, in front of him, a computer screen that allowed him to tick “Yes” or “No” to this question.
What I wanted to say was that “Look – I have no view whatsoever, frankly as long as you broadly process my paperwork, and my Mortgage Broker doesn’t tell me that you are a bunch of shaisters, then I’ll go for the cheapest rate over the period of my loan.”
There are times for relationships, and time for “short-term-optimisation”.
My view remains the same as it was 10 years ago:
– Business Banker: Personal relationship
– Personal Banker: Stick with one supplier for long-term continuity (good on the credit rating, I’m told)
– Broker: Absolutely personal relationship. 
– Mortgage lender on the next property: Whoever offers the best deal
 As a public speaker and author, I’m covered by the Financial Services Authority’s “perimeter guidance” rules, which means that I’m not allowed to recommend a broker, since I’m not licenced to make such a recommendation. I kid you not! If you’re interested in who I use, come along to a Property Networking Club event, and buy me a drink, and I’ll tell you 🙂