Do I have to pay our financial advisor??

banjo2010

When i posted fsa, i ment to put ifa, my iphone changed the post with the supposably corrective text.
I have not had any contact at all from the ifa. All the dealings with the ifa were done over the phone and i went to his house once, i have not had any business letter/guide to his services. All he said was that the mortgages he had found did not pay him and he would have to charge us £370, he then reduced it to £300 as the mortgages were not ones we ideally wanted. The only written mention of this was on a key facts illustration for a mortgage he produced and he mentioned on that there was a charge of £300 to be made payable to him. That is all nothing else from him or anything for us to sign.
4 weeks has passed now and me and my partner are wondering if he is going to ask for money or wether he has written us off with not doing a great deal for us.
thanks for the continued help

dunstonh

All he said was that the mortgages he had found did not pay him and he would have to charge us £370, he then reduced it to £300 as the mortgages were not ones we ideally wanted.

On the first bit that is fair enough. If he is considering deals from the full whole of market then its only fair that he is paid if the product provider doesnt. That is quite normal with independents in the mortgage world (noting that independent on mortgages is different to independent with IFAs). However, if they were not the ideal mortgages and coming from the whole of market then why was he recommending them? Why not the ones that were ideal?

The only written mention of this was on a key facts illustration for a mortgage he produced and he mentioned on that there was a charge of £300 to be made payable to him. That is all nothing else from him or anything for us to sign.

The KFI is the document for mortgage fees to be disclosed on.

4 weeks has passed now and me and my partner are wondering if he is going to ask for money or wether he has written us off with not doing a great deal for us.

He may be waiting for completion. Cant really guess what someone is waiting for though without asking them.