London & Country Mortgages (L&C) is a UK-based mortgage broker that helps people find the right mortgage deals Recently, the company has made headlines for its refunds, which have been issued to some of its customers If you’re one of L&C’s customers or are considering using the firm, here’s what you need to know about its refunds:
What Is London & Country Mortgages?
Founded in 1996, L&C is one of the oldest and most respected mortgage brokers in the UK The company started as a small business and has since grown into a large firm that employs over 200 people L&C helps borrowers find the best mortgage deals by comparing hundreds of lenders and products.
In 2019, L&C arranged mortgages worth £7.3bn, making it one of the largest brokers in the country The company is also known for providing excellent customer service and has won several awards for its work.
Why Are Customers Getting Refunds?
In 2020, L&C started to issue refunds to some of its customers who had taken out a mortgage with the firm The reason for the refunds is that L&C had overcharged some customers for their mortgage advice The Financial Conduct Authority (FCA), the UK’s financial regulator, found that L&C had charged some customers a higher fee than they agreed to.
According to the FCA, L&C charged some customers a fee of 1.5% even though they were supposed to be charged 1% of the mortgage amount The overcharging happened between October 2016 and March 2019 and affected around 18,000 customers.
L&C has since admitted the errors and has started to issue refunds to those who were affected The refunds will cover the amount that customers were overcharged plus 8% interest L&C has also promised to review its systems and procedures to prevent similar mistakes from happening in the future.
How Do I Know If I’m Eligible for a Refund?
If you’re an L&C customer and took out a mortgage between October 2016 and March 2019, you may be eligible for a refund The company has already started to contact affected customers and will continue to do so over the coming months.
If you’re not sure whether you’re eligible for a refund or not, you can contact L&C directly London & Country Mortgages refunds. The company has set up a dedicated helpline for customers: 0800 923 1532.
If you are eligible for a refund, you’ll need to provide some basic information, such as your name and contact details L&C will then review your case and let you know how much you’re entitled to.
It’s worth noting that not all L&C customers will be eligible for a refund The overcharging affected only a portion of the company’s customers, and L&C has already identified these cases.
Are Refunds Automatic?
No, refunds are not automatic If you’re eligible for a refund, you’ll need to contact L&C and provide the necessary information L&C will then review your case and issue the refund if appropriate.
According to the company, refunds will be paid within 28 days of the refund request This means that you should receive your money relatively quickly once your case has been reviewed.
What Should I Do If I Haven’t Heard from L&C?
If you’re an L&C customer and think you may be eligible for a refund but haven’t heard from the company, you should contact L&C directly You can call the dedicated helpline (0800 923 1532) or email the firm ([[email protected]](mailto: [email protected])).
L&C has promised to review all cases and issue refunds where appropriate, so if you’re eligible, you should receive your refund eventually.
Can I Make a Complaint About L&C?
Yes, you can make a complaint about L&C if you’re not happy with the service you received or the way your refund has been handled The company has a formal complaints process that you can follow.
If you’re not satisfied with L&C’s response to your complaint, you can escalate the issue to the Financial Ombudsman Service, an independent body that will investigate your case further.
Conclusion
If you’re an L&C customer, you may be eligible for a refund if you took out a mortgage between October 2016 and March 2019 The company has started to issue refunds to affected customers, but this is not an automatic process If you think you may be eligible for a refund, you should contact L&C directly.
Overall, the L&C refunds are a positive development for customers who were overcharged for their mortgage advice While the company made a mistake, it has taken responsibility for its actions and is working to make things right.