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Beware Financial Advisers
trencherpilot
Posts: 304 Forumite
FOR ALL THOSE WANTING TO GET OUT OF DEBT!!!!
Beware Financial advisers bearing gifts!!
A couple of years ago, I needed to buy my current home and remortgage the old one as a buy to let. My adviser at the time said it couldn't be done, so I contacted someone a friend recommended. This guy sorted it all out and everything went well.
Shortly after, my new financial guy got me to swap all my life insurance, Mortgages etc to ones he advised. Things have been tight since, especially as the good ol B o E keeps hitching up the interest rates, and as a result my mortgage payments had gone up about £200 a month. Not only that, the guy took me OFF a fixed rate repayment and put me on a variable int only with no back up policy. (He has now gotten the sack!)
I went online recently and cut the BtL mortgage by £140 a month, the life and income policy by £50 a month and my current house Mortgage by £150.
This means I now can afford a repayment Mort on my current home and two old endowments that I have will cover the BtL mort.
My point is don't always assume the man sorting your finances out is getting the best deal for you!! (He has to pay his wages too!)
I now have to find £100 less a month than I did.... Not a lot but enough to make a difference.
Beware Financial advisers bearing gifts!!
A couple of years ago, I needed to buy my current home and remortgage the old one as a buy to let. My adviser at the time said it couldn't be done, so I contacted someone a friend recommended. This guy sorted it all out and everything went well.
Shortly after, my new financial guy got me to swap all my life insurance, Mortgages etc to ones he advised. Things have been tight since, especially as the good ol B o E keeps hitching up the interest rates, and as a result my mortgage payments had gone up about £200 a month. Not only that, the guy took me OFF a fixed rate repayment and put me on a variable int only with no back up policy. (He has now gotten the sack!)
I went online recently and cut the BtL mortgage by £140 a month, the life and income policy by £50 a month and my current house Mortgage by £150.
This means I now can afford a repayment Mort on my current home and two old endowments that I have will cover the BtL mort.
My point is don't always assume the man sorting your finances out is getting the best deal for you!! (He has to pay his wages too!)
I now have to find £100 less a month than I did.... Not a lot but enough to make a difference.
My broad mind and narrow waist are slowly swapping places!!
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