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Financial Advisor never even opened her bag
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N9eav
Posts: 4,742 Forumite
I had the financial advisor round today for some FREE advice. I produced my current Nationwide Mortgage papers for starters. She told me that the best thing I could do was to go into Nationwide and broker a new deal. Apparently they are the best on the market and all she could do was to sell me the same thing but with her £150 admin fee. We had a coffee and off she went in her new Merc open top sports. (I wish I was a financial advisor). Nice of her. So it's off to Nationwide on Monday to get renegotiate a deal..... Unless you know better??
NO to pasty tax We won!!!! Just shows that people power works! Don't be apathetic to your cause!
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Comments
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I wish I had a Merc open top!
It looks like you need to get someone who doesn't just want an excuse to take her new motor out!
Nationwide might be the best move for you, but it would be worth someone coming along and completing a detailed fact find about your circumstances before coming back to you with the answer.
Unless that is where I have been going wrong all of this time!!!I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Hi, it's very difficult for anybody to say without knowing your personal situation, the amount you're looking to borrow, term, structure (interest only, repayment etc...), type of rate you're looking for (fixed, tracker etc.)
Nationwide certainly do have some cracking deals at the moment so it could very well be the case.
oops Fairdo beat me to it.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Perhaps a little more explanation / talk thro your needs might have been polite - and in the long run perhaps built up a ( potentially) profitable relationship for the future - but I would be surprised if she is a million miles out with her suggestion.
I assume she did not charge you a fee from the time coming to see you?
Would you rather she did not suggest going back to Nationwide, but instead sold you an inferior mortgage ?
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I can't see her making enough from this type of mortgage brokering ( ie sounds fairly honest / not fee earning) to be driving a posh car ( I can't!) -
who knows perhaps she has a rich partnerAny posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0 -
Thanks. I was not unhappy with the advice. I tend to be switched on, and so usually am in the right ballpark for deals anyway. She knew my rough situation and so I presume she decided she could not save me anymore that I am getting right now. Nice to be honest. Some one said the new Halifax mortgage deal was cheaper, but it all depends on the fee's too.NO to pasty tax We won!!!! Just shows that people power works! Don't be apathetic to your cause!0
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I assume you mean the 2 year fixed? It's one of the market leaders
Following the post by payless below I just want to clarify I'm not referring to existing nationwide customers.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
So for 70K it's not so hot?NO to pasty tax We won!!!! Just shows that people power works! Don't be apathetic to your cause!0
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If comparing the 2 yr fix ( not a recommendation)
even at £86K it would not stack up against inhouse swap of 4.39% for 2 yr fixed
interest saving - even on i/o £172 against
fees £599 vs £389 so £210 worse
Likely natwide account closing fee to pay now ( say £90)
then even higher Halifax fee to close later
Possible loss of potential mutual benefits ??
Hassle / time / form filling, solicitors paperwork
Potential for things to go wrong
Much higher redemption fees
(ok differences in overpayments- which may benefit one over other depending on needs)
Loss of relationship with existing lender
Likely of having to move again after 2 yrsAny posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0 -
Existing Nationwide borrowers paying 'BVR' of 6%, have a £95 fee route to 4.79% fixed for 2 years. Slightly higher rates for longer terms. This rate is even less if (4.39%) you cough up £389 'reservation' fee. There are also BOE tracker options. The branch mortgage staff tend to be inexperienced numpties (especially on Saturdays). Consider an online application unless you have a good rapport with your local branch. .
J_B.0 -
Joe_Bloggs wrote:. The branch mortgage staff tend to be inexperienced numpties (especially on Saturdays). .
J_B.
Thanks. I remember a LLoyds TSB appointment once for a 'financial review' in the end I saved her money !!!NO to pasty tax We won!!!! Just shows that people power works! Don't be apathetic to your cause!0 -
You said she was a financial advisor. Its possible that she wasnt a mortgage advisor and was unable to offer any "new product" advice but just checked what you had.
Quite a large number of financial advisors cannot do mortgages. Its a guess, but there you go.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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