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  • FIRST POST
    • puregeordie
    • By puregeordie 21st Sep 16, 9:33 PM
    • 159Posts
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    puregeordie
    The new norm, two interviews for a mortgage application
    • #1
    • 21st Sep 16, 9:33 PM
    The new norm, two interviews for a mortgage application 21st Sep 16 at 9:33 PM
    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.
Page 1
    • ACG
    • By ACG 21st Sep 16, 9:41 PM
    • 13,165 Posts
    • 6,446 Thanks
    ACG
    • #2
    • 21st Sep 16, 9:41 PM
    • #2
    • 21st Sep 16, 9:41 PM
    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
    • By amnblog 21st Sep 16, 9:44 PM
    • 8,632 Posts
    • 3,233 Thanks
    amnblog
    • #3
    • 21st Sep 16, 9:44 PM
    • #3
    • 21st Sep 16, 9:44 PM
    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
    • By dunstonh 21st Sep 16, 11:32 PM
    • 84,063 Posts
    • 49,071 Thanks
    dunstonh
    • #4
    • 21st Sep 16, 11:32 PM
    • #4
    • 21st Sep 16, 11:32 PM
    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). 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.
    • amnblog
    • By amnblog 22nd Sep 16, 7:33 AM
    • 8,632 Posts
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    amnblog
    • #5
    • 22nd Sep 16, 7:33 AM
    • #5
    • 22nd Sep 16, 7:33 AM
    no you dont. That is a sales pitch and not required and any lender enforcing that would be in trouble.
    Originally posted by dunstonh
    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
    • By csgohan4 22nd Sep 16, 8:14 AM
    • 2,134 Posts
    • 1,334 Thanks
    csgohan4
    • #6
    • 22nd Sep 16, 8:14 AM
    • #6
    • 22nd Sep 16, 8:14 AM
    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.
    • David White
    • By David White 22nd Sep 16, 9:15 AM
    • 608 Posts
    • 246 Thanks
    David White
    • #7
    • 22nd Sep 16, 9:15 AM
    • #7
    • 22nd Sep 16, 9:15 AM
    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
    • By ACG 22nd Sep 16, 9:43 AM
    • 13,165 Posts
    • 6,446 Thanks
    ACG
    • #8
    • 22nd Sep 16, 9:43 AM
    • #8
    • 22nd Sep 16, 9:43 AM
    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
    • By dunstonh 22nd Sep 16, 11:28 AM
    • 84,063 Posts
    • 49,071 Thanks
    dunstonh
    • #9
    • 22nd Sep 16, 11:28 AM
    • #9
    • 22nd Sep 16, 11:28 AM
    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
    Originally posted by David White
    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). 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.
    • puregeordie
    • By puregeordie 23rd Sep 16, 8:52 PM
    • 159 Posts
    • 95 Thanks
    puregeordie
    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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