Cheltenham & Gloucester Mortgages Review

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lola12's Review of Cheltenham & Gloucester Mortgages

2nd Jan 2007

Overall Rating

0 stars
  • Value for money
    1.5 stars
  • Repayment Method
    Repayment
  • Product
    Fixed rate
Good Points

None.


Bad Points

Customer Service.


General Comments

I took out a mortgage with them back in 2004 on the advice of my bank (Lloyds), who suggested a remortgage from Abbey to get a slightly lower interest rate, and to consolidate other debts such as credit card bills.

This proved to be one of the worst financial recommendations I've ever been given. First off, Cheltenham & Gloucester proved themselves to be useless, taking nearly three months from the date of my first mortgage offer to completion (on a house I was already living in, so no chain), due to numerous clerical errors when preparing legal documents. Their customer service was abysmal - they frequently said documentation had been sent out when it hadn't, and I was twice told the mortgage had completed when it hadn't. Secondly, I instructed them that I did not wish to buy their contents and buildings insurance, yet I was repeatedly sent letters asking me to set up a direct debit to pay for the said unwanted insurance. Thirdly, I was told by C&G that I could buy a policy to protect my mortgage in case of illness or redundancy, that covered either part of the monthly repayment or the whole. I opted to cover 50% of the payment, but I was later informed this was not possible, and that I would never have been offered such a policy as part-cover did not exist, so I must be lying! Excuse me, but that was exactly what I was offered - the fault resides entirely with their broker for giving out incorrect information!

I later took insurance with another company at roughly a quarter of the cost of C&G'S quote for cover. Recently I was made redundant. C&G have been an absolute nightmare, and not responded to any queries from myself or the DWP to facilitate my JSA claim. Today, 2/01/07, I was informed that the documentation I had sent them 2 weeks ago had not arrived, despite Royal Mail's tracking service showing C&G got the letter on 20/12/06! On top of this, I am tied into a fixed rate for 5 years rather than my original choice of 3 years, having been informed by their broker that they thought rates would be going up rather than down (in the period since I took out the loan, I think there has been one small increase and about four decreases in the Bank of England's base rate).

Terrible advice and service all round.

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