Are some lenders waiving early redemption charges?

dunstonh

Obviously you are a perfect IFA who would happily always give the best advice to your customers even if it meant advising them to do nothing or to move to a product that gave you a lot less commission than a similar one but believe me you are not representative of some in your profession.

As the FOS have said not too long back about IFAs, with IFAs accounting for the majority of transactions and the minority of complaint, the perception of IFAs does not reflect reality.

The vast majority do a very good job and frequently give advice that results in no remuneration. Evidenced by the fact that the biggest introducers to NS&I products are IFAs despite them not paying a penny for it.

You will always get some greedy ones or bad apples as you do in any profession but to suggest bad advice would be given to earn a few pounds is not backed up in evidence for the majority (its not as if mortgages pay much anyway).

dwsjarcmcd

The lenders who are offering to waive redemption charges, and actually are offering additional incentives on top are smaller specialist lenders who need to repay their wholesale fund borrowing. In the past, they would have simply sold the mortgage book on, however, the market as it is, no-one is buying these for more than, say 50p in the £. So if they can offload these by giving the customers incentives to move away of say, 15% then they are much better off than if they had sold the book.

Santander is not in that category so will not waive redemption fees.

David

thumshie

bclark wrote: »

his current lender, part of the Santander group, won't lend him much more.
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He went to see an IFA who advised him that a number of Banks, his being one of them

Is It possible your brothers mortgage is with Bradford And Bingley?? IIRC it was only the Savings of B&B that went to Santander, the rest was nationalised - are you getting confused?