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    • pootleflump
    • By pootleflump 23rd Nov 17, 4:16 PM
    • 49Posts
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    pootleflump
    Feeling disappointed with mortgage advisor
    • #1
    • 23rd Nov 17, 4:16 PM
    Feeling disappointed with mortgage advisor 23rd Nov 17 at 4:16 PM
    My mortgage advisor seemed to want me to choose a specific product before supplying me with a quote, and guided me towards a 5 year fixed rate.

    I told him the max term I would like to take the mortgage over, yet when he came back with a quote, the term was for 2 years longer than I said. I replied, reminding him of my max term & 2 days have now passed without a reply.

    I'm now getting a bit annoyed. The advisor will charge £500 for this service and I'm just not feeling happy with the service I'm getting. I definitely feel he should be giving me quotes on different products for comparison.

    What do you think - am I expecting too much?
Page 1
    • ACG
    • By ACG 23rd Nov 17, 4:30 PM
    • 15,907 Posts
    • 8,149 Thanks
    ACG
    • #2
    • 23rd Nov 17, 4:30 PM
    • #2
    • 23rd Nov 17, 4:30 PM
    Find a new broker?
    Our job is to ask you questions to narrow down the search. There are times I provide clients with a couple of options, but there are also times I show them the best deal - it depends on the client and the options.

    If you told him you would be comefortable spending £x each month and the repayments are more, he may have extended the term? Or he may have needed to extend the term to get it to pass affordability. Admittedly in either case, he should be discussing this with you.

    Have you called him and spoken to him? Your email could have ended up being missed/in spam/not delivered etc etc.
    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.
    • kingstreet
    • By kingstreet 23rd Nov 17, 4:54 PM
    • 32,391 Posts
    • 17,394 Thanks
    kingstreet
    • #3
    • 23rd Nov 17, 4:54 PM
    • #3
    • 23rd Nov 17, 4:54 PM
    My mortgage advisor seemed to want me to choose a specific product before supplying me with a quote, and guided me towards a 5 year fixed rate.

    I told him the max term I would like to take the mortgage over, yet when he came back with a quote, the term was for 2 years longer than I said. I replied, reminding him of my max term & 2 days have now passed without a reply.

    I'm now getting a bit annoyed. The advisor will charge £500 for this service and I'm just not feeling happy with the service I'm getting. I definitely feel he should be giving me quotes on different products for comparison.

    What do you think - am I expecting too much?
    Originally posted by pootleflump
    What kind of mortgage?

    If it's a BTL or a Precise Mortgages product, you may be limited to a five year fix due to affordability.
    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.
    • pootleflump
    • By pootleflump 23rd Nov 17, 5:22 PM
    • 49 Posts
    • 5 Thanks
    pootleflump
    • #4
    • 23rd Nov 17, 5:22 PM
    • #4
    • 23rd Nov 17, 5:22 PM
    It's a normal residential mortgage but will have consent to let. No problem with affordability and rent is well above mortgage payment.
    • Thrugelmir
    • By Thrugelmir 23rd Nov 17, 5:26 PM
    • 56,255 Posts
    • 49,621 Thanks
    Thrugelmir
    • #5
    • 23rd Nov 17, 5:26 PM
    • #5
    • 23rd Nov 17, 5:26 PM
    It's a normal residential mortgage but will have consent to let. No problem with affordability and rent is well above mortgage payment.
    Originally posted by pootleflump
    Consent to let is not normally granted until at least 6 months has elapsed. CTL is at the discretion of the lender. Not a contractual term.
    “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble”
    ― Warren Buffett
    • pootleflump
    • By pootleflump 23rd Nov 17, 5:35 PM
    • 49 Posts
    • 5 Thanks
    pootleflump
    • #6
    • 23rd Nov 17, 5:35 PM
    • #6
    • 23rd Nov 17, 5:35 PM
    We're forces, and most lenders now give consent to let from day one for us.
    • kingstreet
    • By kingstreet 23rd Nov 17, 5:52 PM
    • 32,391 Posts
    • 17,394 Thanks
    kingstreet
    • #7
    • 23rd Nov 17, 5:52 PM
    • #7
    • 23rd Nov 17, 5:52 PM
    It's a normal residential mortgage but will have consent to let. No problem with affordability and rent is well above mortgage payment.
    Originally posted by pootleflump
    Sorry, that's not a 'normal' residential mortgage.

    Some lenders may be happy to give immediate consent to let to service personnel, but this is a concession often requiring further checking.

    Typically, a let is expected to see rent of at least 140% of mortgage interest assuming an interest rate of perhaps 5.5%pa.

    Which lender is this?
    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.
    • pootleflump
    • By pootleflump 23rd Nov 17, 6:35 PM
    • 49 Posts
    • 5 Thanks
    pootleflump
    • #8
    • 23rd Nov 17, 6:35 PM
    • #8
    • 23rd Nov 17, 6:35 PM
    Sorry, I don't understand exactly what you're saying, kingstreet.

    I currently already have a normal residential mortgage as forces - it definitely doesn't have any concessions.
    • pootleflump
    • By pootleflump 23rd Nov 17, 6:37 PM
    • 49 Posts
    • 5 Thanks
    pootleflump
    • #9
    • 23rd Nov 17, 6:37 PM
    • #9
    • 23rd Nov 17, 6:37 PM
    I haven't been told who the lender is, but rate is 1.74%. I'm currently with Santander on a rate of 1.24.
    • kingstreet
    • By kingstreet 24th Nov 17, 9:43 AM
    • 32,391 Posts
    • 17,394 Thanks
    kingstreet
    Sorry, I don't understand exactly what you're saying, kingstreet.

    I currently already have a normal residential mortgage as forces - it definitely doesn't have any concessions.
    Originally posted by pootleflump
    Lenders do not normally offer residential mortgages to those requiring immediate consent to let. It is a concession to services personnel to offer such a facility not available to other borrowers.

    I suggested only that the underwriting process can be slightly different than for a 100% residential proposition.

    On the substantive issue, you are going to have to decide to stick with the broker in question and ask why you are being offered something different to your requirements; or vote with your feet and go elsewhere...
    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.
    • getmore4less
    • By getmore4less 24th Nov 17, 10:04 AM
    • 30,837 Posts
    • 18,445 Thanks
    getmore4less
    I haven't been told who the lender is, but rate is 1.74%. I'm currently with Santander on a rate of 1.24.
    Originally posted by pootleflump
    Does that Santander have CTL?

    Did you check their retention products first?
    • pootleflump
    • By pootleflump 24th Nov 17, 6:10 PM
    • 49 Posts
    • 5 Thanks
    pootleflump
    Yes, I've always had CTL with Santander. Haven't checked with them, but I will now - thanks.
    • getmore4less
    • By getmore4less 25th Nov 17, 8:27 AM
    • 30,837 Posts
    • 18,445 Thanks
    getmore4less
    Retention options are always the first check

    If you want to change more than a retention allows(just the rate) that can complicate.

    Then you go to a broker and their job it to find something better(might not just be rate).
    • pootleflump
    • By pootleflump 29th Nov 17, 8:56 PM
    • 49 Posts
    • 5 Thanks
    pootleflump
    Great advice! Spoke to Santander, and the offer going direct with them beats what the £500 mortgage advisor offered!

    Thank you.
    • getmore4less
    • By getmore4less 30th Nov 17, 5:07 AM
    • 30,837 Posts
    • 18,445 Thanks
    getmore4less
    A decent broker should have checked and given up early if they thought they could not match or better a retention deal.

    Still may not be the best option for you but a quick look they rates on offer seem to be in the general area you expect.

    Probably(is in most cases) the least hassle to stick with same lender on a retention deal as long as for the LTV they are competitive.
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