Northern Rock...downright sneaky tactic.

kennyboy66_2

dunstonh wrote: »

You should know Kenny that people on this site get excited if they make 10p saving.

Many only look at the immediate gain and not the long term gain/loss of their actions.

You could update the monty python "4 Yorkshiremen" sketch with some of the money saving tales.

DaftMule

dunstonh wrote: »

You should know Kenny that people on this site get excited if they make 10p saving.

Many only look at the immediate gain and not the long term gain/loss of their actions.

True...but if the mortgage is sold using "Take our product and we give you £1000 cash-back" as an incentive to take a lender's product, they are being slightly diverting in the language used. Probably safe to assume that people switching gas/leccie supplies and getting cash-back are not expecting to have to pay that money back if they switch again....and before people say that the example is not comparable, I'm speaking about the phrase itself and what it implies.

If the incentive says "we give you £1000 to help towards the cost of legal fees", what they should say is, "we will give you a £1000 loan, interest free, to help towards the cost of your legal fees". That's because it is a loan for 3.5 years, at which point it is paid off (by the lender). Using the word "loan" would immediately flag to me that there was some sort of condition attached making it far more likely that I would have drilled down with the adviser re what those conditions were.

payless

I think it was a sneaky marketing ploy , ( But Martin's old mortgage article implies being sneaky is OK ! ) Looking at the volume they did - it gave the consumer what they wanted at the time ( low rate.. OP got below 5%.. and fairly low initial costs .

HWC tie in period changed a few times -

If you went direct . then you were told in the KFI

If you went via a broker, again a KFI should have been issued (if not complain) and I would like to think HWC tie was explained ....

Either way The Offer letter would have also covered it...

Personally I've can't remember ever arranging a NR deal with HWC on a product where the HWC repayment extended past the product ERC period

Would

Dan_Collins_2

Just Say No!!!!

Dan_Collins_2

Just say no!

Wutang_2

MiniMike - its that kind of attitude that gives brokers a bad name. nice one. Wake up son and realise there are a lot of people out there looking for mortgages/taking out mortgages who havent got a clue about mortgages, thats where you help out (hence this site). I am sure if you look in to the deepest compounds of your conscience you know that these occurences are down to the misguided advisors like you.

Ian_Griffiths_Halifax

Wutang wrote: »

MiniMike - its that kind of attitude that gives brokers a bad name. nice one. Wake up son and realise there are a lot of people out there looking for mortgages/taking out mortgages who havent got a clue about mortgages, thats where you help out (hence this site). I am sure if you look in to the deepest compounds of your conscience you know that these occurences are down to the misguided advisors like you.

That's unfair. This isn't The Samaritans website!

How do you know he's a misguided adviser. He spends HIS spare time coming on here giving out FREE HELP AND ADVICE, some of which isn't the answer people are looking for, but help and advice all the same, and you go and slate him.

Unbelievable

minimike2

Wutang wrote: »

MiniMike - its that kind of attitude that gives brokers a bad name. nice one. Wake up son and realise there are a lot of people out there looking for mortgages/taking out mortgages who havent got a clue about mortgages, thats where you help out (hence this site). I am sure if you look in to the deepest compounds of your conscience you know that these occurences are down to the misguided advisors like you.

Ooops, clicked thanks instead of quote.


What are you talking about? What attitude? Whats the point in me going on trying to make my point when it clearly is not getting across? I dont come on here to argue with people.

FYI - I have been highly commended by my compliance team and process manager at my mortgage network for the conciseness and quality of the advice that I provide - I acheived "Fully Competent" status in three months (and in a month at my last network) where the timeframe given is a year, I have never had a complaint of any nature against me in seven years, and more to the point... I WAS RIGHT in what I was saying.
Sounds like im really misguided eh?

Im not going to argue till im blue in the face about something that quite frankly is just not worth my time. Plus the fact the OP has already accepted the fact that the charge is there and was highlighted at the outset. I try and give people info that they are after on this forum, I dont come here to argue and have slaps in the face off people like you.

lethal0r

mortgages are complex enough as it is without extra nuances like this.

how many people after half an hour with a mortgage advisor - however good - glaze over with confusion/boredom and just say yes to everything? Im sure its a considerable proportion.

and then some of these wont bother to read the KFI thoroughly, which the banks of course know will happen. so why not through in a couple of little extra money earners for these people.

dunstonh

how many people after half an hour with a mortgage advisor - however good - glaze over with confusion/boredom and just say yes to everything? Im sure its a considerable proportion.

Lots do. However, its strange how they manage to recall every single word said 10-15 years later when they make a complaint.