Mortgage Broker Hassle

Dan_1976

OMG, they have not even seen them yet and your talking clawback and bad advice and pushy sales.

If she is a good broker she will look at your situation and discuss a budget. She will advise you on what is best suited to your needs and try and fit it to your budget. If it sounds good and does what its meant to you may take it.

If she over does it and rams it down your thoat dont go with it! Simples!

Brokers and ifas that give mortgage advice have to document the reasons you dont want to protect you and your mortgage.

If y ou are just a couple with no kids you dont have to go so ott but life, criticall illness and income protection could all be useful. Employment cover at the mo is good but very expensive and I imagine hard to claim.

VIGILANT22

JA1000 wrote: »

Ha the secret broker is revealed. Handy to know how it works and I guess this hit a nerve I wouldn't do this to a broker because you should be sure up front with them. Quite clearly this post is about someone who maybe being pushed.

Agree they should state in the reason why, but advise don't push. It's a much nicer method.

I think you also missed the point about the support for the broker.

£30k on £800k is more of an itch than a issue and it's with the FOS.

It's nothing to do with being "pushed"...it's your comment regarding clawback....to suggest that on here is just ludicrous....as has already been stated an advisor has a duty of care to ensure the client's liabilities are covered for all eventualities, whether the client follows that advice is up to them....If the advisor didnt and something happened to the client they'd be jumping up and down shouting complaint, "I wasn't explained I could protect against this" The advisers are damned if they do and damned of they don't..... as the OP states "Mortgage Broker Hassle" is just an immature remark, shows the level of understanding of buying a house....What about all the repo's most because of no insurance....repo's affect the value of property in your area/my area etc...some people would rather insure their mobile phone etc, than the income they require to pay the mortgage.....well I guess that tell's you a lot about that type of person

crescent179

JA1000 wrote: »

Fact - YOU NEED HOUSE INSURANCE

If your house burns down what have you got left - nothing for £100-150 get it, if it does burn down and you don't have contents you get it rebuilt but nothing in it, nice if you want to sit and sleep on the floors.

He will be more interested in the life cover, more money in this for him than the others. It's a good idea to have it so worth getting quotes online.

If you want to get rid of him on it just say you have 4 times death in service in each job, he will not match this as it is free with some employers, this then lives you free to sort yourself out.

A house is a big purchase but make sure you get this insurance.

I do have death in service with both employer and union so would it be best to just go for critical illness cover.

crescent179

VIGILANT22 wrote: »

It's nothing to do with being "pushed"...it's your comment regarding clawback....to suggest that on here is just ludicrous....as has already been stated an advisor has a duty of care to ensure the client's liabilities are covered for all eventualities, whether the client follows that advice is up to them....If the advisor didnt and something happened to the client they'd be jumping up and down shouting complaint, "I wasn't explained I could protect against this" The advisers are damned if they do and damned of they don't..... as the OP states "Mortgage Broker Hassle" is just an immature remark, shows the level of understanding of buying a house....What about all the repo's most because of no insurance....repo's affect the value of property in your area/my area etc...some people would rather insure their mobile phone etc, than the income they require to pay the mortgage.....well I guess that tell's you a lot about that type of person

Sorry I just used that heading to get more of a response !
The broker is actually very nice but if a little pushy and just wanted some advice.

VIGILANT22

The broker gives advice we give opinion!...as I explained she has a duty of care...you dont see what goes on in the background with her administration on your case....Her compliance dept checks all her work to ensure she has dealt with you compliantly and NOT to discuss insurance with you is putting her company at risk of a future complaint. She would end up in trouble if she hadn't discussed it with you. Is this difficult for people to understand, why do they think an adviser is their to "rip them off". Why would an adviser put their position at risk, all she is doing is following a compliant procedure at the end of the day the choice is your's.....she is not going to lose any sleep if you don't take her advice and choose not to protect yourself properly....she doesn't have to pay your mortgage when you've been made redundant etc....In an nutshell an adviser isn't just their to assist you in buying a house they're their to try to ensure you keep it also.......

JA1000

Protection relevant to your Earninings along with a Pension then Savings and Investment are the areas your IFA should look at and in that order.

If you can afford with your new outgoings the insurance with the CIC with life cover. GO FOR IT

Cucially you must be in a position that you can save for your emergency fund, blown boiler etc.

Your advisder will have to state why but after the mortgage / insurance it is up to you.

I wouldn't get too carried away with any of this until, you firstly get your offer and secondly get the valuation report. These are a sticking point at the moment.

_Andy_

Why is the word 'hassle' even if included in the title?

herbiesjp

JA1000 wrote: »

If you want to get rid of him on it just say you have 4 times death in service in each job, he will not match this as it is free with some employers, this then lives you free to sort yourself out.

This may well be the case currently - but will it always be the case?

Will the OP always be with the same company during the term of the mortgage? Will a new company offer the same benefits?

If the OP then needs to set up their own policy (older and with more medical history) it will be more expensive to set up.

I do have death in service with both employer and union so would it be best to just go for critical illness cover.

You will find that some policies are more expensive for CI cover only when compared to a combined life/CI policy. Others will only be marginally more expensive, so for the difference it make it is normally better to get them combined.

It is all about giving best advice, and explaining to the the OP (any client) what can happen with or without the required cover, based on their individual circumstances.

It is then down to the OP (client) to make an informed choice.

It is the adviser doing a good job - not hassling

Granted, if they can only offer products from one provider, it may not be the best deal, so make sure that they can offer from the whole market, or at least a panel that contains the major/most comprehensive policies when it comes to CI.

Wutang_2

_Andy_ wrote: »

Why is the word 'hassle' even if included in the title?

Its hassle reading some of the stupid comments on here...MAC24 being my favourite

Conrad

Consumers should be made aware at first contact that although the service is 'free', there will be an intention to sell insurance products. That way the client can decide at outset and prior to any commitment to deal, whether they want such a service.

When I was a regional manager for a large EA based brokers, the insurance was alluded too at outset but the true intentions of the broker were not made clear.

By all means shout about your free servce, but shout JUST AS LOUDLY your aim to sell them insurance and do not couch your intentions in freindly nice sounding words such as 'we need at some point to make sure your'e in a position never to lose the home, I'm sure you'll agree'.

Brkers how would you feel if you went to buy a car, you got hooked into a nice deal but then you were grilled / disturbed in order to get you to take other products? Would'nt you have wanted the salesman to tell you up front his true aims, unudultarated and not couched in inoquous language?