The Slowest "Rapid" Service I've Ever Come Across (Charcol Online)

Member Name: cmh4135

Product:	Charcol Online
Date:	06/02/08 (77 review reads)
Rating:

Advantages: A comprehensive online resourec with useful functionality and good offers

Disadvantages: Very slow, impersonal service

Charcolonline has been one of the market leaders for the brokerage of mortgages for a few years now. It offers a wide range of product, many of which are exclusive to the site (or at least that's what you're told). Bottom line though: is it worth using their services or would you be better using them to seek out the deals and then going direct or through another broker?

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Navigation:
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The site is really easy to navigate being split up into sections each of which deals with a different area of mortgages from remortgaging to first-time buyers. It is not difficult, even for the most technologically challenged or financially inept to work out where you should be. In common with many financial websites where a term may need to be explained there is a hyperlink to a definition which is contained in a new pop-up window so that you do not lose where you are in the process or any information that you have already filled in.

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Site Contents
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The site contains many useful features, all of which are really easy to use. Want to find out how much you can borrow? Go to the "Knowledge and Resources" menu at the top of the page, then to the "Calculators" menu on the left and from there you can find out just how much a bank might lend you - how easy can it get?! Other calculators include what it will cost you in repayments and a very useful Flexible Mortgage calculator. For those who have not yet caught up with one of the newer products available to homeowners the flexible mortgage is designed to let you overpay your mortgage to reduce the amount of interest you pay and yet still let you have access to overpaid funds if you need them. Interest is usually calculated daily. Run properly they should be able to take years of your mortgage commitment. The Flexible Mortgage calculator is good because it allows you to see just how much of an effect over-paying your mortgage by £10 a month can have. It also allows you to put lump-sum payments in to see what effect that has.

If you are not sure what kind of mortgage you need there is a facility which will point you in the right direction following a series of basic questions. If you are unsure of your needs however I would not rely solely on this as the questions are quite basic and do not delve deep enough into your personal circumstances.

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Apply Online
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The site allows you to make a mortgage application online (make sure you have full details of your salary, employer etc before you do apply) or you can email them for an application form. Many of the deals are specially negotiated for Charcol and are thus only available online and not through the specific lenders. You will also not pay a brokers fee by going through Charcol.

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Call Me
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A very useful feature of the site is the "Call Me" button - click this at any stage during the process and enter your phone number. A calling centre will then call you back (within about a minute!) and then connect you to someone who can deal with your query. Very efficient and it does not cost you a penny!

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Overall?
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The site is very user friendly and well set up. It offers a range of products and you'll be sure to find something that suits.

BUT.....


It's not all roses.

When I got married we decided that the original endowment mortgage that my husband took out was a waste of money and that we ought to switch to a traditional repayment in order to clear the debt as soon as possible. We submitted an application for a "rapid remortgage" product. Products described as "rapid remortgages" were meant to be the fastest remortgages possible and, as every day was costing us, we wanted to move as fast as possible. The mortgage we selected was advertised as capable of being completed within 2 weeks.

A month on and we had heard nothing save that we knew that our application had been made. A month later we were still having problems, Charcol were not returning our calls or emails. They also had lots of original documents in their possession and we didn't have any idea how long they were going to hold them. Two further months down the line and we were still in limbo. Our documents had been sent by our current provider and were, to our knowledge, with Charcol. We couldn't back out at this stage but we were not moving forward. We could not get to speak with anyone at Charcol (case handler or supervisor) and nearly four months had elapsed.... I should point out that there was nothing unusual about our application, we did not have strange covenants on our property and neither my husband nor I had credit problems: in fact, the application had been approved within 4 weeks of the original application. If this was a rapid remortgage I would hate to see their standard times!

Another month on and still no joy. Our customer adviser remained elusive and no-one knew what was happening. We received repeated requests for documentation that had already been provided to Charcol and lost by them despite it having been hand delivered to their offices twice.

Eventually, 5 and a half months later we remortgaged. Charcol would accept no responsibility for the delay despite the fact that both our original lender and the new lender swore blind that the delay was not their's. We never even got an apology from them, nor an explanation as to why an application that was approved within a month took over 5 to sort out.

I would suggest you locate your provider through Charcol and then approach them direct.....waiting for the middleman could prove to be a long wait! The site is good, the service is hopeless.

Summary: Good for mortgage info, appalling for actually obtaining a mortgage