Help Just read the small print

tiredredhead

They recommend a 2 year tracker at 6.29 with an option to fix the rate if interest rates start shooting up. They also recommend bringing my term down from 33 years to 28 years which doesnt make a great deal of difference to the payments.

grogdog

well thats fantastic, worth 4k any time.

without knowing your circumstances i would be amazed if you could not get a better deal.

would this company they are trying to send you to pay a large proc fee.?

Locoblade

Im sure 2 minutes spent (free) on a mortgage comparison site (moneysupermarket.com etc) would give you just as good if not better options!

tiredredhead

Theere is a fee paid by lender to advisor as well as my payment to her which is actually only £2.5k the £4k was an upto amount.

Yes i have done a search and found a better rate at 6.09 tracker 2 years with option of fixing if things change, this is actually with my current lender who value my house much higher and would be on a 75% LTV not the 90% LTV already mentioned earlier.
Also current lender offered me a better than published rate the other day do will see what they will offer me on these terms tomorrow.

tiredredhead

Think the numbers have damaged my brain ignore my obvious mistakes in previous post. Ha ha.

Ian_Griffiths_Halifax

I seriously hope you're not considering paying £2500 as a broker fee:eek:

That's obscene.

I wouldn't be surprised if they did 'non-advised' sales as well.

tiredredhead

what are 'Non advised sales'?

No we do not intend on going with her all her products are quite expensive she was trying to show us all sorts of insurances, mortgages protection, critical illness even plain life cover was nearly £10 month more.
I am going to ring my current lender now and see if i can change to the tracker with them + reduce my term.

Toughluck

Sounds as though you can get a high street product, don't go ahead with it (sounds like you won't anyway) Who is your current lender and who was the 6.29% they said about with?

Ian_Griffiths_Halifax

tiredredhead wrote: »

what are 'Non advised sales'?

No we do not intend on going with her all her products are quite expensive she was trying to show us all sorts of insurances, mortgages protection, critical illness even plain life cover was nearly £10 month more.
I am going to ring my current lender now and see if i can change to the tracker with them + reduce my term.

In the KFI (Key Facts Illustration) that she should give you, which gives the details of the deal you are being offered, such as the term, the loan amount, the lender, the interest rate etc, it should say early whether they are advising you to take this product or that they have not given any advice. I'm not sure of the exact wording as I'm at home just now and don't have one to quote from.

Many of the rip off companies charge very high fees and do non-advised sales so that there is limited, if any, possiblity of a complaint against them in the future.

If you are paying anybody to arrange a mortgage for you, you want it on an 'Advised' basis.

If you go direct to a lender you will get a 'non-advised' sale.

tiredredhead

It is on an advised basis she talked about how accountable she is and if she gave wrong advice then could lose her job.

I am with RBS 6.29 was with C&G