Seeing a mortgage advisor tomorrow, advice needed

hostman

Hello,

I'm seeing a mortgage advisor tomorrow, as I want to be in a stronger position when negotiating our purchase end of year / 2009 and have a mortgage offer in place or at the very least an agreement in principle.

The guy has been recommended by family and is an independent advisor.

Is there anything specific I really should ask and need to know before anything is signed / agreed upon?

urbancookie1

One thing i know you have to ask is "Are you whole of market" one of Martins catchphrases:D

dunstonh

Is there anything specific I really should ask

Make sure the adviser is really independent. This means independent for mortgages and insurances. If it is an IFA then that isnt a problem. If its is a mortgage adviser then many tied agents are whole of market on mortgages but tied on insurance and give the impression they are independent when they are not. Research conducted last year found that over half of people who saw tied agents thought they saw an IFA.

At the very start of the meeting, the adviser has to give you a couple of FSA key facts documents. One will be for mortgages. One will be for insurance. There may be one for investments as well (IFAs, not mortgage advisers). Many advisers combine these.

The document will show the adviser status by the selection of tick boxes. You want the following boxes ticked:

We offer products from a range of insurers for Term Assurance, Critical Illness, Income Protection & Private Medical Insurance. (that is for insurance)
We offer products from the whole market. (that is for IFAs)
We offer mortgages from the whole market. (that one is for mortgages)

In each case, its the top box. As long as the top box is ticked for insurance, mortgage and investment (that last option is only for IFAs remember) then you are fine

Look for the section in there about fees and how you will have to pay. The adviser should show you but dont rely on that. Fees to avoid are mentions of clawbacks if you take out insurance but later cancel. Also, where fees are percentage based on mortgages. Such as 2 or 3%.

depurnell

Take on board what the adviser has said, he should not be able to decide on a lender there and then, so if he does and asked to do an agreement in principle say no and then let us know on here what lender he has said.

I can then let you know if he is right and then the adviser can approach the lender.

You need to be careful because if they get it wrong it will put a footprint on your credit score.

herbiesjp

depurnell wrote: »

I can then let you know if he is right and then the adviser can approach the lender.

.

How can you tell without doing a full fact find?

payless

Why would he (DP) do a factfind , I assume he's not a mortgage adviser- otherwise he would have followed the boards rules and state so on his signature

herbiesjp

depurnell wrote: »

I can then let you know if he is right and then the adviser can approach the lender.

I know but at least DP would give his blessing and then let the adviser approach the lender:rotfl:

Payless - look at his other posts where he advertises the fact he is a mortgage protection specialist. He has already been told to put a signature, but has failed to do so.

Wutang_2

I think Herbiesjp is saying, how can depurnell clarify if the right product has been recommended or not...? And I agree

And to Hostman - just try and get your adviser to be free and independent.

If you do not need to complete until end of year - you might want to mention needing an offer to last 6 months rather than 3 months (if the adviser is any good then he/she will do this research for you)

payless

herbiesjp wrote: »

Payless - look at his other posts where he advertises the fact he is a mortgage protection specialist. He has already been told to put a signature, but has failed to do so.

I did notice - think I posted with a hint of sarcasm

minimike2

depurnell wrote: »

Take on board what the adviser has said, he should not be able to decide on a lender there and then, so if he does and asked to do an agreement in principle say no and then let us know on here what lender he has said.

I can then let you know if he is right and then the adviser can approach the lender.

You need to be careful because if they get it wrong it will put a footprint on your credit score.

This post made me ROFL
:rotfl: :rotfl: :rotfl:

herbiesjp

payless wrote: »

I did notice - think I posted with a hint of sarcasm

:beer: Wasn't sure if you had seen the other posts