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redstone mortgages company
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# 1
dannyonebox
Old 26-10-2008, 5:52 PM
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Default redstone mortgages company

hi , i have recentley took out a mortgage with a company called becon homeloans who my mortgage adviser passed me on to/ who then ,when i had signed for the mortgage, passes it on to a company called redstone i took the mortgage out in 2007 december and in june this year redstone wrote to me that during a recent review of my account they found out thatthe interest charging method and the calculation of my monthly payments were incorrect and from the may they have been corrected properly but will not affect me until the end of my fixed rate period in dec 2009 . I cant believe they they can just add money on to your mortgage like this they havnt even sent me any figures saying anything about how the calculation is wrong ,i seroiusly think its t money swindle and how many people have had these letters , after reading some threads i think their crooks in suits, trying to scam people out of money , ive contacted the fsa, they have told me to go through their company complaints procedure, has anyone got any info or advise it would be really helpful, i was realy nieave when i took out this mortgage i didnt know about mortgages and took advise of my adviser now i would like to stick my foot up his f..... ar...

Last edited by dannyonebox; 26-10-2008 at 5:57 PM. Reason: add info
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# 2
minimike2
Old 26-10-2008, 6:56 PM
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Its not the fault of your adviser so I dont know why you are taking that attitude.

You have been advised by the FSA to go through the companies complaints procedure. My advice is exactly the same. Ask them for the breakdown of the figures and some proof of what has been done incorrectly.

Beacon are a reputable company and by no means are out to swindle people.
I am a mortgage industry professional. 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
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# 3
_Andy_
Old 26-10-2008, 7:08 PM
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Your post is abusive. This is nothing to do with your adviser, who has nothing to do with the mortgage being bought up by another company.

There is no conpsiracy here, there's no 'scam' and just because someone wears a suit or works in the financial sector doesn't mean they're out to con you.

You've spoken to the FSA - they've asked you to go through the complaints process so do so.

With respect, why would you take advice from the FSA, not follow it, then ask for advice from people who may or may not be qualified or experienced to do so on a web forum?
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# 4
Toughluck
Old 27-10-2008, 6:23 PM
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If it wasn't for the adviser helping you out with a sub-prime deal you would have been up sh*t street with the previous adverse situation you were in.

I use Beacon regularly and have found their staff and products to be very very competitive when they eant to help someone with credit problems.

Be thankfull Beacon exist. I hope your complaint falls down and you are left with the good deal that you are on. Beacons rates june last year were probably better than some of the rate from high street lenders on the market now.
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. Take advice with a pinch of sea salt!
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# 5
dannyonebox
Old 29-10-2008, 9:00 AM
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if i wanted advise of mortgage advisers i would have asked or gone down my local high street and paid threw the nose to get useless information from a bunch of pen pushing sisses i would like to hear of joe public thanks
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# 6
dannyonebox
Old 29-10-2008, 9:33 AM
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if anyone has had any dealings with redstone or complaints let me know, or anyone who has a mortgage with them and are not happy ,not these mortgage advisers who deal with redstone and beacon homloans and make loads of money out of hard working families selling us subprime mortgages to make a fast buck especially when we probably could of got a high street mortgage or a lender who lends their own money and not one that passes and sells the mortgage on to debt collecters.,its easy for these mortgage advisers to get us these kind of mortgages with these type of lenders they just press a button on their computer, hard work eh,
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# 7
_Andy_
Old 29-10-2008, 9:42 AM
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Oh dear. What worries more (apart from the OP's disgusting and abusive attitude) is that he has the right to vote. Scary thought.
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# 8
minimike2
Old 29-10-2008, 10:38 AM
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The truth hurts.
I am a mortgage industry professional. 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
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# 9
Conrad
Old 29-10-2008, 10:51 AM
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Look at the mortgage offer. That will show you the rate and terms that you signed up to.
I run my own specialist finance consultancy for those with complex issues. I am not FCA regulated (by choice). I mention this as some users like to run things by me. I do not offer advice, only information.
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# 10
matt83uk
Old 29-10-2008, 10:57 AM
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Quote:
Your post is abusive. This is nothing to do with your adviser, who has nothing to do with the mortgage being bought up by another company.
Errr... That sounds like how A&L wash their hands clean of their CPP activation line.. My point being that if this person went to an IFA then that was their point of contact for sealing the deal, the IFA no doubt worked out the monthly payments and you'd have had a keyfact illustrating how much that would change depending on interest rate climbing (if not fixed)... does your payment tally with that? If an IFA just a figure cruncher at the point of sale, why not just use moneysupermarket mortgage tables or what not, go back to him and ask to help resolve this! or at least provide some clarity?
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# 11
dunstonh
Old 29-10-2008, 10:58 AM
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Trying to find some sympathy....nope. None found.
I am a Financial Adviser. Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
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# 12
robin banks
Old 29-10-2008, 11:04 AM
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really cant see what your problem is danny.
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# 13
minimike2
Old 29-10-2008, 11:04 AM
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Quote:
Originally Posted by matt83uk View Post
Errr... That sounds like how A&L wash their hands clean of their CPP activation line.. My point being that if this person went to an IFA then that was their point of contact for sealing the deal, the IFA no doubt worked out the monthly payments and you'd have had a keyfact illustrating how much that would change depending on interest rate climbing (if not fixed)... does your payment tally with that? If an IFA just a figure cruncher at the point of sale, why not just use moneysupermarket mortgage tables or what not, go back to him and ask to help resolve this! or at least provide some clarity?

Because mis-calculation of interest is nothing to do with the IFA / Broker. The issue is with the lender.

"If an IFA just a figure cruncher at the point of sale, why not just use moneysupermarket mortgage tables" - Thats not what the point of a broker is.....we provide advice. Which moneysupermarket mortgage tables do not. In fact they provide very little information on which to make a decision other than rate.

You do realise that the only reason moneysupermarket have a comparison table for mortgages is so that they can make money by selling mortgage enquirys on to brokers, dont you?
I am a mortgage industry professional. 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
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# 14
_Andy_
Old 29-10-2008, 11:50 AM
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Quote:
Originally Posted by matt83uk View Post
Errr... That sounds like how A&L wash their hands clean of their CPP activation line.. My point being that if this person went to an IFA then that was their point of contact for sealing the deal, the IFA no doubt worked out the monthly payments and you'd have had a keyfact illustrating how much that would change depending on interest rate climbing (if not fixed)... does your payment tally with that? If an IFA just a figure cruncher at the point of sale, why not just use moneysupermarket mortgage tables or what not, go back to him and ask to help resolve this! or at least provide some clarity?
The issues the OP has presented are nothing to do with the broker involved.

The OP has already been told by the FSA what to do, and has failed to do so. He clearly has a big chip on his shoulder about anyone working in the financial services sector and seemingly would rather get advice from a random person he meets in the pub than someone who deals with mortgages daily and has expert knowledge of them.
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# 15
matt83uk
Old 29-10-2008, 12:12 PM
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Okay, but if the mortgage advisor "advised" him on this mortgage, let not pretend their was not a cut involved for this "advice", surely they should provide an aftersales service?

If the complexity of choosing, arranging and applying for a mortgage meant he decide to use an advisor then surely something as complexed as a interest calculation errors are equally best adviced by someone so knows what their talking about... Even if company XYZ provide a mathematical breakdown - will it be in plain english enough? Should such reply to a complaint not be best interpreted by a mortgage advisor?

Are you telling me the only value added service a mortgage advisor offers is in the selection process?

More to the point I'd be interested if the keyfacts illustration that the mortgage advisor presumably "adviced" you on matches what you were charged? If so... should it not of been down to the advisor to check the sums and terms of conditions match the figure in at least some respect.

I arranged my mortgage myself, however if I solicited the service of a mortgage advisor it would be to remove myself from the process of calculations and mapping my circumstances the best mortgage, and for I'd for sure hell expect that the keyfact illustration draft would be accurate.

If its a case of you are now being charged what you were originally proposed then fine..

If I took insurance through Swinton who passed it on Admiral and later found things were setup wrong and Swinton didn't notice, I'd be back down the local Swinton office and get them to sort it because dealing with a local office (mapping this to an mortgage advisor) is easier than the whole big corporation mess, make them work for the pennies...

I'm perhaps ignorant, but I consider a mortgage advisor to offer a service, and you only know how good a service is when things go wrong..

If someone tells me now that a mortgage advisor explicitly states that his advices applies only to the selection process and clearly states all errors in figures and omissions are the issue of the providing party then I retract everything..

And perhaps in this instance the mortgage advisor did check everything, did his own sums using the proposed APR/AER and T&Cs to check they match etc.. and couldn't possibly have seen this, so then yes - its not his fault (and OP a bit harsh - understand people react when angry though guys), but should the mortgage advisor not advise on your standpoint, draft the complaint and help you interpret the complaint?

Last edited by matt83uk; 29-10-2008 at 12:21 PM.
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# 16
minimike2
Old 29-10-2008, 12:43 PM
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I will say this nice and clear.

IT HAS GOT NOTHING TO DO WITH THE KFI THAT THE BROKER GAVE TO THE CLIENT.

The error has been in the way the interest has been charged on the mortgage. NOT the prodcut they were sold. NOT the product they have. It may be they charged monthly instead of yearly interest, or daily instead of monthly, or didnt adjust the interest following a change in base / LIBOR. It is a PROCESSING error at the LENDER, NOT the broker. The broker CANNOT be involved in resolving the issue due to DATA PROTECTION, otherwise the FSA would have advised the OP to go back to thier broker.

I hope that clears it up once and for all.

Eeesh
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# 17
dannyonebox
Old 29-10-2008, 3:39 PM
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Default redstone

its a 2 year fixed rate mortgage arranged by a mortgage broker ,we had a key facts illusration that told us our rate, we signed for the mortgage with a company called beacon homeloans which 1 week after signing was passed to redstone mortgages who 6 months down the line have said oh by the way really sorry but we calculated your mortgage wrong /no figures sent to me just a simple letter saying in a nice polite way that were adding thousands to your mortgage, these companies prey on people messing up thier mortgage so they can put more money and costs and if your a good regular payer like myself then they have to resort to other means of exstorting money out of you. if ive touch a nerve with some of the mortgage advisers then one says tuff youll get over it, just think of the next hit walking threw that door $$$$$
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# 18
_Andy_
Old 29-10-2008, 4:05 PM
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Danny - you're still going for the conspiracy theory angle and still seem to think that this is the fault of your mortgage broker. It is neither.

Quit being so paranoid (and rude - especially when people are attemting to help you), and do what the FSA have suggested which is complain to your mortgage lender.

I can understand why you'd be annoyed with the interest charging error but verbally abusing people isn't going to get you anywhere, nor is delaying the written complaint to your mortgage lender.
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# 19
minimike2
Old 29-10-2008, 4:30 PM
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Quote:
Originally Posted by dannyonebox View Post
its a 2 year fixed rate mortgage arranged by a mortgage broker ,we had a key facts illusration that told us our rate, we signed for the mortgage with a company called beacon homeloans which 1 week after signing was passed to redstone mortgages who 6 months down the line have said oh by the way really sorry but we calculated your mortgage wrong /no figures sent to me just a simple letter saying in a nice polite way that were adding thousands to your mortgage, these companies prey on people messing up thier mortgage so they can put more money and costs and if your a good regular payer like myself then they have to resort to other means of exstorting money out of you. if ive touch a nerve with some of the mortgage advisers then one says tuff youll get over it, just think of the next hit walking through that door $$$$$
FYI....what do you think a "hit" is? You realise that on average a lot of us (especially those of us up north) only earn maybe 300 per mortgage and with completing on average three mortgages a month, we aren't rolling in cash like so many people perceive. You clearly have a mis-conception about mortgage brokers. The reason you are getting negative comments is becauase of your rudeness and your attitude.

I gave you some advice in my first post on this thread. It would seem you have failed to follow that advice, or anyone elses for that matter, in place of persuing your cruisade against mortgage brokers. If you spent more time following the correct complaints procedure, with your LENDER, you might actually get somewhere. I will re-state what I said.....write to them, ask them for the proof in form of figures of what has been done incorrectly, then you can actually sit down and have a look at what has gone wrong. The LENDER made a mistake, not your broker. You might not like that as you are looking to lay blame, but thats how it is.

I find it laughable the number of posts about how we are all rolling in cash. The sore truth of the matter is that mortgage brokers are going bust left right and centre and those that are still surviving are doing so by the skin of thier teeth. It is a sad shame, as ultimately this will lead to less competition, for YOU, the consumer, as lenders will be doing more and more business direct, without the need to price competitively. So take a step back, think for a second and instead of continuing this pointless cruisade, do something about it that will actually help you.

P.S - I get paid in Steling, not dollars.
I am a mortgage industry professional. 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
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# 20
dannyonebox
Old 29-10-2008, 6:15 PM
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i do apologise to all the people i have upset, thankyou for your advice
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