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Mortgage Arrangement/IFA help
mermole69
Posts: 22 Forumite
Hello,
Could anyone please help me? When arranging a mortgage with an IFA when should you be given the keyfacts sheet?
We started arranging our mortgage and it was applied for, agreed and I think we had exchanged before the IFA sent them and said please just sign. We were never told what rate etc he had applied for and only spoke via email. we rang up and found everything out ourselves from the mortgage company.
Thank in advance for any advice/help.
x x x
Could anyone please help me? When arranging a mortgage with an IFA when should you be given the keyfacts sheet?
We started arranging our mortgage and it was applied for, agreed and I think we had exchanged before the IFA sent them and said please just sign. We were never told what rate etc he had applied for and only spoke via email. we rang up and found everything out ourselves from the mortgage company.
Thank in advance for any advice/help.
x x x
0
Comments
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When arranging a mortgage with an IFA when should you be given the keyfacts sheet?
Being an IFA, I don't know. I will leave that one to the mortgage advisers to confirm. However, I would suspect that its pre-application like most illustrations. There may be some exceptions with direct lenders where they have to send out the KFI to you directly.I think we had exchanged before the IFA sent them and said please just sign.
KFI's dont need to be signed.We were never told what rate etc he had applied for and only spoke via email.
If you didnt know the rates, why did you apply? I cant see how you would agree to a mortgage without knowing how much its going to cost you.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
At a first meeting an Initial Disclosure Document and Terms of Business letter is issued...On recommendation of a mortgage a KFI is produced 6/7 page document not "sheet"...this gives information regarding the product which has been recommended....signing a KFI is not normal practice...I would find it very odd if an adviser was requesting you to sign a KFI weeks after it had been produced...0
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Thanks for the replies. We were first time buyers and looking back were quite lucky everything has worked out ok but have been advised by someone that our mortgage application was handled badly and wanted to check.
We have never had a meeting with the IFA. We did evrything via email. He sent an application form which we filled in and that was it.0 -
so yr happy.... but someone down the pub said blah blah blah...did they say you should sue them also?0
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Well if you got your KFI after you exchanged it was rubbish service. The advice may or seems to appear to be spot on if your happy.
You learn and you move on."Banking establishments are more dangerous than standing armies." Thomas Jefferson
"How can I believe in God when just last week I got my tongue caught in the roller of an electric typewriter?" Woody Allen
Debt Apr 2010 £00
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