Should I complain about my IFA

fudgey_2

Hi,

I bought a flat at the end of October, I was recommended to take out a fixed rate deal by an IFA as he said interest rates look likely to rise. On the documentation it clearly says "we have recommended you take out this mortgage with the given terms". (they received commission aswell)

Now rates have plummented I am paying about £240 more than if I was on the tracker mortgage I wanted to go with. i was fixed at 6.09%. There tracker rate is now 3.79%!!!!!

Does anyone think I could get anywhere with this?

Phil

_Andy_

Why did you take the fixed rate option if you 'wanted to go with' the tracker?

fudgey_2

I am clueless when it comes to the minefield that is mortgage options. That is why I went through an IFA who is supposed to be expert in this field, so I was guided by his judgement.

Last time I listen to so called experts.

Robert_Sterling_3

If you were not paying them a fee then whatever they recommended that would get commission I think.

pebblespop

what will you do if you complain, get compensation from this guy, move to the tracker and the rate goes up to 10%+

who will you complain about then to get compensation??

if you wanted the tracker you should have gone with it. the ifa doesn't have a crystal ball to know what will happen to interest rates.

you can't just complain because the rates have gone against you

dunstonh

Does anyone think I could get anywhere with this?

Not a chance in hell.

You buy a fixed rate to get certainty of monthly payments. Not to be on the cheapest rate possible in case some hypothetical event happens that sees rates go down. The fact the rates have dropped is not something that could be foreseen. Would you be complaing if rates had gone up.

Last time I listen to so called experts.

Nothing you have said suggests bad advice. The adviser will recommend the best product that suits your circumstances. Best is rarely cheapest. Risks have to be considered as well.

1 - can you afford your current monthly payments?
2 - could you afford the monthly payment if it was to double?

Dan_1976

Dont be daft, he is an expert not a psychic!

At the time rates may have looked like they were going up. If you read the letter of recommendation it will say someting like based on your circumstances at that time or present time.

I think your on a wind up!

Robert_Sterling_3

I make the score

...................................... Five : Nil

Dan_1976

:rotfl:

Good point!!!!!!!!

kriss_boy

I think youve got a nerve to even ask if you have a right to complain.

Topics like these epitomise everything thats wrong with todays blame culture that we live in. People arent prepared to take responsibility for their mistakes and instead just look to constantly point the finger.

dunstonh

kriss_boy wrote: »

I think youve got a nerve to even ask if you have a right to complain.

Topics like these epitomise everything thats wrong with todays blame culture that we live in. People arent prepared to take responsibility for their mistakes and instead just look to constantly point the finger.

Very true. Have you checked out the [strike]liar forum[/strike] Reclaim PPI & other insurance forum?