What should i expect from a mortgage adviser?

*pinkie*

Hi everone,

I m just in the process of buying a flat. I m a FTB so the whole process is completely alien to me. I was directed to a mortage adviser from Mortage Talk by the developer.

I have been very un-impressed with them till now, due to their lack of communication. For example, the mortage product that was agreed in principle, is not what has been offered to me by the Halifax - the rate has gone up slightly. I would have expected to hear the reasons why this was the case from Mortagae Talk, but they didn't bother to try and contact me till i complained. Its been nearly 2 weeks and still haven't managed to speak to the mortage advisor to find out why.

Before i complain again, what exactly does a mortage advisor do? Does their service stop once they recommend you a product? I ve spoken to other people who have said they have had regular contact with their advisor throughout the application process, but i ve had no contact from them since i started the application process a month ago. Am i expecting a level of service they do not normally provide?

Thank for any help you can give

DVardysShadow

Either source your own mortgage or find your own mortgage advisor. Never a good idea as buyer to take financial services or conveyancing from anyone associated with the seller or the agent - new build or established

VIGILANT22

Mortgage Talk Ltd is an appointed representative of Legal & General Partnership Services Limited ..they are Independent (which refers to fee structure) but they're not whole of market, they have a panel who are representative of the market!! (FSA problem)

You will have been issued a KFI explaing your mortgage deal, however if that has changed since application they would have had to contact you and produced a KFI to reflect yr offer.....

You should have been kept informed along the way....otherwise why bother with an advisor.....are they charging you?

*pinkie*

No they haven't tried to contact me to produce a KFI to reflect my offer. They originally charged me £100, but the developer said they shouldn't have charged me as they directed my business to mortgage talk - this is another thing i have complained about!
Wasn't keen on going through mortgage talk, but the developer said they preferred it, and as they were offering me £1000 towards legal fees and 5% towards my deposit i daren't not!

VIGILANT22

Dreadful...the developer has no right to "hijack" you....

Do you have this in writing? "as they were offering me £1000 towards legal fees and 5% towards my deposit"........

1k towards legal fees is quite excessive....I am presuming you can't use yr own solicitor and the 1k they "pay to their solicitor"

*pinkie*

Yes i have it in writing about the money towards legal fees and deposit. They basically told me who my solicitor was and i had to contact them so they could act on my behalf. I m not too bothered about that though, its been less hassle for me, its just Mortgage Talk who are the problem. The advisor seemed to lose interest in me when i told him i didn't want to buy any insurance or protection products from him - i read on here about that, thanks everyone!

VIGILANT22

QUOTE: i didn't want to buy any insurance or protection products from him

Might be...hope yr not one of these FTB's who think they dont need it and then a couple of years down the line hit problems with no protection in place...simply because you thot that was what adviser was interested in........

*pinkie*

I m going to look into PHI and CIC with a different advisor and shop around to get the best deal, rather than just buy everything from him.

*pinkie*

I offered under the asking price which was accepted. The flat hasbeen valued by my mortagae lender at the exact price i offered.