Cheltenham & Gloucester Building Society Mortgages

Advantages: No MIG, Friendly, helpful, local branches, fast service
Disadvantages: PENALTIES

When buying my first house, I had no money, and C&G were one of the few lenders who supported 'vendor deposit' paid, enabling me to get a step on the property ladder, although sadly they have now stopped this practice. NB: Most lenders however, do allow builder deposit paid on new properties. It is always advisable when taking out a mortgage, particularly for the first time to use a Independent Financial Adviser or Mortgage Broker, who can search ...
...the borrowers personal and financial circumstances. This prevents the borrower making a number of mortgage applications that can result in numerous credit searches on your file, hence when you actually arrive at your choice, you may be refused the loan based on the number of credit searches already undertaken. Independent Financial Advisers (IFA's) can often obtain a 'AIP', "Agreement in Principle" from a lender on your behalf. Most will not charge ... Read review

Advantages: great interest rate and pay back option
Disadvantages: poor customer service, very frustrating!!

I love money and am always looking for ways to save or make some ( hence me being on Ciao!) so keep a hawk like eye on the mortgage rated flying around. I saw a good’un with C&G but it wasn’t all plain sailing! With that in mind, below is a brief note of the benefits and the downright annoyance of changing to my C&G mortgage. WHY I CHOSE MY C&G MORTGAGE.. · IT WAS FIXED AT 5.95% FOR 7 YEARS - PRETTY DARN GOOD ( you need a 25% deposit ...
...CAN PAY AN EXTRA 10% OF THE BALANCE OFF EVERY YEAR ( so in year 1 if you owed £50k you could pay an extra £5k, and if by year 2 your balance is, say, £43k, you can pay an extra £4300 and so on ….). Could save you looooads of interest! · NO TIE IN BEYOND THE 7 YEARS SO FAR SO GOOD. HOWEVER CHANGING TO C&G WAS A PAIN IN THE NECK! · YOU CAN GET A C&G MORTAGE THROUGH YOUR LOCAL LLOYDS BANK - WHICH I DID. HOWEVER, BECAUSE OF THIS, WHEN I RANG ... Read review

Advantages: Excellent product
Disadvantages: Appalling Customer Service

Trying to get a remortgage completed with C& G is a total nightmare. Having had an offer in principle at the begining of March, the final offer is still not though as at begining of May when I was hoping to complete as my old mortage deal ends. Each time I call them (which takes forever to get through) I am told that that they require another piece of information e.g. How much savings have you got ? - Never heard that one before. I am probably ...
...seems that they are trying every trick in the book at getting out of lending me at what is an extremely attractive rate (0.38% above base for lifetime of mortgage) which was offered before the full extent of the credit crunch hit. Each time I have spoken with them they have said that they now have everything an that the offer will be out shortly. Upon hearing nothing, I then call again only to be told they now need something else (hoping to find ... Read review

Advantages: None for the small investor
Disadvantages: Low interest rates on modest accounts

...I had been a member of my local building society - The Heart of England ever since I was a little girl and had always been impressed with the way they handled both my mortgage and my modest savings account. The Heart of England was then taken over by the Cheltenham and Gloucester Building Society. It was one of the first takeovers to make a payout to members so I only got £200 or so, but it was very welcome. The Cheltenham and Gloucester soon made it plain that they weren't interested in the small investor. If I wanted to pay cash in I had to pay at least their minimum amount as they were trying to discourage cash payments and their interest rates for small investors were a joke. I moved my savings to my savings account at the bank almost straight away and moved my mortgage to the Brittania Building Society shortly afterwards.... Read review

Ciao members have rated this review on average somewhat helpful