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  • FIRST POST
    • westv
    • By westv 5th May 17, 7:43 PM
    • 4,320Posts
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    westv
    Skipton Mortgage Product Switch
    • #1
    • 5th May 17, 7:43 PM
    Skipton Mortgage Product Switch 5th May 17 at 7:43 PM
    Are there any other lenders that refuse to offer current customers a non advised transfer to a new rate at the end of a fixed rate.
    Just wondered.
    I did a quick search out of curiousity but didn't find one.
Page 1
    • Thrugelmir
    • By Thrugelmir 5th May 17, 8:07 PM
    • 55,530 Posts
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    Thrugelmir
    • #2
    • 5th May 17, 8:07 PM
    • #2
    • 5th May 17, 8:07 PM
    Totally at the discretion of the lender. Different rules may well apply internally to old legacy mortgage books .
    "Wide diversification is only required when investors do not understand what they are doing." - Warren Buffett
    • westv
    • By westv 6th May 17, 8:35 AM
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    westv
    • #3
    • 6th May 17, 8:35 AM
    • #3
    • 6th May 17, 8:35 AM
    But are there any other mainstream lenders that have no "non advised switch" option? I'm not talking about old legacy mortgages.
    • westv
    • By westv 31st May 17, 9:29 PM
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    westv
    • #4
    • 31st May 17, 9:29 PM
    • #4
    • 31st May 17, 9:29 PM
    Well I've got round to booking my telephone yawnfest....ermmm... I mean telephone review.
    If I was being cynical I'd suggest their recommendation of also having retirement plans, insurance details and employee benefits ( death in service etc) available was just an excuse for them to try a bit of cross selling but we'll see.
    • westv
    • By westv 17th Jun 17, 9:48 AM
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    westv
    • #5
    • 17th Jun 17, 9:48 AM
    • #5
    • 17th Jun 17, 9:48 AM
    All sorted. Took about 45 minutes.

    It did feel at times that I was a child being guided by a parent. Trying to justify my choices was also slightly annoying.
    It's also a pity that Skipton prefer to hide their products for current customers which means that you can't be certain as to what is available until the actual phone call - they do a 3 year fix for example which isn't mentioned anywhere. Even then they only mention rates within the range they think "suit" you. Maybe they would list more if asked but why should you have to?

    Hopefully when my fix next runs out they will have got rid of this nannying nonsense.
    • kingstreet
    • By kingstreet 17th Jun 17, 5:44 PM
    • 32,070 Posts
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    kingstreet
    • #6
    • 17th Jun 17, 5:44 PM
    • #6
    • 17th Jun 17, 5:44 PM
    The 'advice' process is expected to work from you providing information on your needs and preferences and them providing potential solutions based on those needs.

    That basically avoids them giving you half a dozen illustrations and saying 'pick one' which is what they used to do pre-MMR when they weren't giving 'advice'.
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
    • westv
    • By westv 17th Jun 17, 6:58 PM
    • 4,320 Posts
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    westv
    • #7
    • 17th Jun 17, 6:58 PM
    • #7
    • 17th Jun 17, 6:58 PM
    Well I did feel like telling them where they could stick their "advice" but I doubt that would have helped me in my product switch.

    100% advised product switches can't be that popular with mainstream lenders as a quick search couldn't find any others that run such a system.
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