The new norm, two interviews for a mortgage application

puregeordie
puregeordie Posts: 185 Forumite
First Post First Anniversary Combo Breaker
in Mortgages & endowments
Hello, Just applied today for a mortgage, well we already have a mortgage and just porting ours to a new house and just getting a very small axtra amount on top of our existing mortgage. Didn't have to give them much info and just needed to give them a few payslips for me and my wife. They didn't look at anything else other than ID as we were really easy to deal with. Gone through really quick at just over an hour and all is well.

Only thing she said was we had to come back for discussion about life insurance etc in a few weeks once we had info about what we already have regards this as I already have a form of cover and that was it. So is this the norm now? Its with the Halifax. A bit bizarre really.

Thanks.

Comments

  • ACG
    ACG Posts: 23,720 Forumite
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    I know one lender does 2 x 2 hour phone calls when applying for a mortgage directly.
    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.
  • amnblog
    amnblog Posts: 12,433 Forumite
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    The Lenders staff are targeted on sales. If you are not there, they can't sell to you.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • dunstonh
    dunstonh Posts: 116,312 Forumite
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    Only thing she said was we had to come back for discussion about life insurance etc in a few weeks once we had info about what we already have regards this as I already have a form of cover and that was it. So is this the norm now? Its with the Halifax. A bit bizarre really.

    no you dont. That is a sales pitch and not required and any lender enforcing that would be in trouble.

    The banks got into trouble for telling porkies about needing to have PPI with loans. This is a milder version of that.
    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.
  • amnblog
    amnblog Posts: 12,433 Forumite
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    dunstonh wrote: »
    no you dont. That is a sales pitch and not required and any lender enforcing that would be in trouble.

    That's not to say you shouldn't regularly review what provisions you have for your family in the event of your death.

    I question whether the Bank is the best place to do this however as they will typically have access to one set of product options rather than considering the whole market.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • csgohan4
    csgohan4 Posts: 10,587 Forumite
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    To avoid the hassle of long interviews, brokers would be doing all the leg work for you, leaving you to concentrate on one thing, your work and money.
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • David_White
    David_White Posts: 892 Forumite
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    Yes it is a sales pitch from the Halifax Adviser but other than the drain of sitting through 2 hours of spiel you've nothing to lose by hearing them out.

    Some of the Advisers at the banks are very knowledgeable and aren't trying to just sell you something.*

    Get the information then do a bit of research yourself.... remember though, you get what you pay for with insurance!

    *source - I used to be one of those people ;)
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • ACG
    ACG Posts: 23,720 Forumite
    First Anniversary Name Dropper First Post I've helped Parliament
    Can you imagine someone talking for 2 hours about insurance? I used to work in a life office as an account manager and I dont even think I spent 2 hours a day talking about insurance.

    As important as it is, 2 hours is excessive.
    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.
  • dunstonh
    dunstonh Posts: 116,312 Forumite
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    David_White wrote: »
    Yes it is a sales pitch from the Halifax Adviser but other than the drain of sitting through 2 hours of spiel you've nothing to lose by hearing them out.

    Some of the Advisers at the banks are very knowledgeable and aren't trying to just sell you something.*

    Get the information then do a bit of research yourself.... remember though, you get what you pay for with insurance!

    *source - I used to be one of those people ;)

    Many of us have served our time as sales reps of a bank. It was the natural starting point in the career path for many.

    However, there is absolutely no point seeing the bank for this.
    1 - it is a sales process
    2 - they sell their own group branded product (Scottish Widows) and it is priced higher than the whole of market/IFA version.


    As amnblog says above, it is a good idea to review these things. However, the bank is not the place to do it. It should be a local whole of market mortgage and insurance adviser or local IFA.
    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.
  • puregeordie
    puregeordie Posts: 185 Forumite
    First Post First Anniversary Combo Breaker
    Thank you people for you input, I rang them up and told them I was not interested at the present time and I would be in touch if this is something we would like to review.

    Thanks Again for input.
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