Own Bank Said I Was To Old !

speedystill

Hi
IM 49, WIFE LEFT ME AFTER 18 YEARS SHE PAID THE MORTGAGE AND I PAID EVERYTHING ELSE INC RUNNING TWO CARS (PLUS I DID ALL THE COOKING DECORATION AND HOUSEWORK, CAREER WOMAN YOU SEE) ANYWAY MY POINT IS THIS.
I NOW HAVE TO START AGAIN, WHEN I GET MY EQUITY AND AFTER I HAVE PAID OFF MY OWN PERSONAL DEBTS I WILL BE ABLE TO PUT A SMALL DEPOSIT ON A CHEAP HOUSE IN MY AREA, SO I CONTACTED MY OWN BANK HSBC AND THEY PUT ME THROUGH TO AN ADVISER, HE TOLD ME THAT BECAUSE OF MY CURRENT FINACIAL SITUATION (WHICH CLEARS WITH EQUITY PAYOUT, I TOLD HIM) HE SAID THE BANK WOULD NOT BE ABLE TO OFFER ME ANYTHING ! AND BESIDES (HE SAID) HOW WOULD YOU BE ABLE TO PAY IT BACK WHEN YOUR 75?..........AS IF YOU DON'T FEEL BAD ENOUGH WITH YOUR OWN PERSONAL SITUATION, I THINK IF HE HAD HAVE BEEN SITTING ACROSS A DESK AND SAID THAT, THEN I MAY HAVE SHOWN HIM HOW A 49 YEAR OLD CAN HURL A MAN ACROSS A ROOM! (SOME SLIGHT PENT UP ANGER , YOU SEE):mad:
SO I HAVE STARTED TO SEARCH ? WHICH IS THE BEST TO GO FOR ?? I KNOW SOMEONE WILL HELP ME , IT'S KNOWING WHAT I SHOULD BE LOOKING FOR, FIXED OR VARIABLE ? IT'S A BIT OF A MINEFIELD ?
CAN ANYONE ADVISE ? THANKS

dunstonh

Ok, lets look at what you have been told...

How are you going to pay the mortgage after retirement?

You may not like the question but there is a responsibility from the lender to make sure you can afford to repay the mortgage post retirement. Indeed, the failure to ensure that can lead to mis-sale complaints being upheld.

If you go to a bank, you are only going to get advised on bank products. An independent mortgage broker is what you really need. However, the question about payments post retirement are going to crop up again. You arent going to avoid it.

FYI, can you not type in caps next time. It indicates you are shouting and some may not react to that in a nice way. Plus it's a pain to read.

speedystill

Thanks for your information, I have now looked at a mortgage over 20 years, have an appointment with an advisor next week and the caps were on as I had just been doing a poster in work, sorry about that.

MortgageMamma

hi speedy

how much do you need to borrow? over how long? how much can you afford to pay each month? what do you earn? have you any savings? what are you pension projections? All this needs to be considered before a recommendation can be made. Make sure whatever advisor you see is whole of market, this means they have access to every mortgage on the UK marketplace so you will stand a better chance of getting a mortgage if there are more lenders willing to consider you.

I placed a case like this about 2 months ago, most lenders will lend to 70 but I did find one the would lend until 80, not that anyone should really be paying a mortgage at that age.

Hope that helps if you want further info just ask

MM

Stupidspender_2

In my experience in the industry Independent Financial Adviser usually means “I recommend the company that’s paying the highest commissions product” although not always.
What IFA’s will not tell you is that sometimes the product with the best performance or say the lowest charges is not available through 3rd party advisers and so they are not able to sell you this product.

I would advise going by a fee based (per hour) advisor. This way the advisor makes his living by charging you for his knowledge and not the kickback from the life office.

One IFA I knew put over 90% of all his business though one life office who surprise surprise offered the best commissions and one of the most expensive upfront charges to their products..

MortgageMamma

Stupidspender wrote:

In my experience in the industry Independent Financial Adviser usually means “I recommend the company that’s paying the highest commissions product” although not always.
What IFA’s will not tell you is that sometimes the product with the best performance or say the lowest charges is not available through 3rd party advisers and so they are not able to sell you this product.

I would advise going by a fee based (per hour) advisor. This way the advisor makes his living by charging you for his knowledge and not the kickback from the life office.

One IFA I knew put over 90% of all his business though one life office who surprise surprise offered the best commissions and one of the most expensive upfront charges to their products..

Utter rubbish! I assume you are talking of the days before regulation then? (Pre October 2004)

We are obliged by law to give our customers best advice and there are severe penalties if we are found not to. Whole of market advisors have access to every lender in the marketplace, and we have to justify, on paper, every recommendation, though and decision we make to the umpteenth degree.

TangentMan

IFAs do have to declare how much commission they are receiving from an individual mortgage.

the question i have is do whole of market advisers have access to exclusive deals that are between one particular lender and one brokerage?

Stupidspender_2

Ever since the ending of self regulation all advisers have had to justify why they recommend (sell) a particularly product to some one. Its called knowing your customer!
Even under lautro and now the FSA the adviser have had to offer customers "best advice".
The get out card is what may be my best advice may not be yours.
A example of this can be seen when even now with low returns on savings and life funds, Most IFA's still use 4% and 8%, with 6% as projected annual growth rates for endowments or “with profits savings” as they now like to call them.
My best advice may be to use a 2% growth rate yours may be 6% the premium difference would be huge.
The best advice, is just that, the best advice from that particular adviser on that day, not necessary the BEST ADVICE in the long term for the customer.
tagenet man yes and sometimes even better offers that are not made public, the IFA can charge you whatever as long as its not "excessive" whatever than means?
With websites like moneysupermarket why would anyone with a straightforward mortgage need bother paying a cheap suit to give then something they can probably get just cheaper themselves from the comfort of home via the web!

dunstonh

In my experience in the industry Independent Financial Adviser usually means “I recommend the company that’s paying the highest commissions product” although not always.

With around 30,000 advisers out there, it would be interesting to know what experience you have with all those?

I would advise going by a fee based (per hour) advisor. This way the advisor makes his living by charging you for his knowledge and not the kickback from the life office.

I would advise seeing a mortgage broker rather than an IFA as the IFA classification doesnt cover mortgages.

One IFA I knew put over 90% of all his business though one life office who surprise surprise offered the best commissions and one of the most expensive upfront charges to their products..

Rubbish. That would put them straight in breach with the FSA. One of the monitored KPIs is no more than 20% with any one provider. Whilst that can be exceeded, it would involve an audit of the cases involved to ensure no bias. Any adviser that does breach it heavily would have their indepedent status removed for that class of business.

With websites like moneysupermarket why would anyone with a straightforward mortgage need bother paying a cheap suit to give then something they can probably get just cheaper themselves from the comfort of home via the web!

Because the broker can offer the same mortgages, maybe more and after better filtering and be no more expensive than the websites.

Stupidspender_2

KPIs regard the mix of product sold, I said he put 90% of his mortgage business through the same office.
How on earth does that effect his overall product mix?
Well your one of a kind dun, in my experience I have never seen a IFA turn away someone looking for a mortgage, and say no I am not your man sir.
You are living in cloud cuckoo land if you think that is the case.

Menna

You cannot place more than 20% of your business with one provider...period. Mortgage business is a KPI and therefore putting 90% with one provider would constitute breach of FS guidelines. My network would seriously question my Independant tag if I did that, and I would have to alter my status to tied for that product.