Cheltenham & Gloucester Mortgages Review

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JHDG's Review of Cheltenham & Gloucester Mortgages

27th Mar 2007

Overall Rating

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

None whatsoever.


Bad Points

Where do I start? Lost us the property we wanted to buy.


General Comments

We are trying to buy a shared ownership property, and we were given a "mortgage in principle offer" by the Cheltenham & Gloucester when we told them we wanted a mortgage for 50% of the shared ownership. We then proceeded to submit our full mortgage application, again stating clearly it was a shared ownership scheme. They processed the application, took the £275 valuation fee and the property keys were sent to the surveyor... All well and good we thought. Two weeks passed so I phoned - our mortgage was all ready to be issued; it was just waiting for the valuation that had only just come back that morning, and so the offer would be with us by the end of the week. I felt reassured and calmly carried on arranging for us to move as soon as we could.

No offer arrived by the end of the week, so I rang again to find that the valuation had NOT been done yet, and it wasn't even booked until the following Monday...we would have to wait another week! OK I thought... someone had said it was back but hey... it will be with us next week.
WRONG... the end of the next week with no news I rang yet again, only to find that they can't give us a mortgage because they don't lend to shared ownership buyers!!

How on earth can a company take over three weeks and proceed so far, only to tell me something they should have said in the first two minutes of my phone call to them?

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Members' Comments onJHDG's Review

  • dunchasson Rank: Lance Corporal on 25th Mar 2008

    I agree with this review because I am having the same difficultly with them now.

NameProduct TypeDiscount LengthSubsequent RateOverall Cost  
WoolwichStep Lifetime Trackeruntil 30.04.2011(Base+ 2.49%) currently 2.99%3.00% APR
AbbeyTracker2 year4.24%4.10% APR
WoolwichOffset TrackerTerm(Base+ 2.47%) currently 2.97%3.10% APR