Does IVA affect your potential to change mortgage?

MortgageMamma

Oooh that soothing voice of reason never fails to impress me AndyW

Boys, if we are going to argue with Conrad about his philosophy on mortgage advice and how to treat clients, then perhaps we should do it away from the forum and on cherry where we can say what we really think.....god dammit im fighting it...oh no its winning......oooh.....ahhh....I'm struggling........Conrad - I think the reason you only do mortgages and no protection is because you are of limited capability, probably a bad time manager, and are afraid of the liability life and protection business opens you up to - therefore not entirely confident of your own abilities and judgement- you are no better than anyone else just because you do purely mortgages. thats your pigeon if you want to specialise on pure mortgages - if you want to spend time trying to convince people how good you are, spend it more wisely on your clients because I doubt anyone on here really cares.

ReportInvestor

Thanks for the replies on IVAs, guys, but I actually think we are in unchartered territory since the number of IVAs is likely to explode in the near future and therefore You the mortgage industry will have to reassess their impact.

I'll revisit this thread in future, based on that assumption.

Conrad

Reducing credit payments albiet in agreemnt with lenders still has an adverse weighting on rates.

IVAs - its difficult to pin down a figure. With one lender Ive just checked the difference in rate was 0.5%, and this reduces the longer time that has elapsed from the IVA.

My youngest broether has just secured his first mortgage on a 90% sefl - cert basis despite having had a £30000 Bankcruptcy registered in late 2004 and only having been in business a short time. The rate is 6.65% fixed 3 yr and remember this is 90%.

Conrad

MortgageMamma wrote:

Oooh that soothing voice of reason never fails to impress me AndyW

Boys, if we are going to argue with Conrad about his philosophy on mortgage advice and how to treat clients, then perhaps we should do it away from the forum and on cherry where we can say what we really think.....god dammit im fighting it...oh no its winning......oooh.....ahhh....I'm struggling........Conrad - I think the reason you only do mortgages and no protection is because you are of limited capability, probably a bad time manager, and are afraid of the liability life and protection business opens you up to - therefore not entirely confident of your own abilities and judgement- you are no better than anyone else just because you do purely mortgages. thats your pigeon if you want to specialise on pure mortgages - if you want to spend time trying to convince people how good you are, spend it more wisely on your clients because I doubt anyone on here really cares.

The point is to give the public an insight into why some brokers charge fees and others dont. Sure it could be an element of greed, but it goes deeper.

I sold protection for many years but I always felt it got in the way of the real reason the client was sat in front of me.

A recent survey published by Egg revealed only 21% of customers felt mortgage protection was important.

In IFA land there is a huge mis - conception. People dress - up 'flogging insurance' as 'financial advice'. Time and time again I talk to clients who have made unsucesful claims - the industry thrives on the back of customer ignorance which is why it is able to refuse so many claims.

I think its a lot more honest to tell people you charge a fee and not try and earn money via a cosy backdoor.
I was one of the first people to critiscise endowments and pensions. At that time IFAs just like you put thier heads in the sand and told me I was a fool.

Im even seriously considering setting up a 'mortgage and protection claims' arm to deal with the mass miselling that permeates the industry. All those brokers churning perfectly good CIC policies so they get thier commision targets.

Anyway, Ive nothing to prove to people stuck in the past, time will reveal all.

If I want my Audi serviced I go to a specialist Audi dealer, not the jack of all trades mechanic who does a bit of everything.

AndyWallace

Conrad wrote:

In IFA land there is a huge mis - conception. People dress - up 'flogging insurance' as 'financial advice'. Time and time again I talk to clients who have made unsucesful claims - the industry thrives on the back of customer ignorance which is why it is able to refuse so many claims.

_________________


Uberrimae Fidae

_________________

Your spelling is atrocious by the way. I wouldn't buy from you.

There's nothing wrong with charging fees for professional advice, if that's what you're getting.

AndyW

MortgageMamma

Conrad you seem so desperate to portray a professional image. Your Snobbery of different (successful) business models and you criticisms of brokers that are PERHAPS less experience than you reflect what a sour individual you really are. I doubt you are doing well as if you were you would not find it necessary to constantly criticise other business models and brokers - and even mention the make of your car!

Good luck anyway, but a little humility and a little less egotism would help you enormously.

Dibdob

Blimey...been away from the forum for a few days, come back and cannot believe you are still arguing!!!
Doesnt help me anyway. The CCCS cannot help up as we do not have enough income coming in to split out. Basically until hubby gets more work, our outgoings are higher than our income. Cannot offer anything.
Now I really don't know what to do apart from keep paying mortgage and worry about credit cards (havent missed payment yet...but may not be able to pay next month..which worrys me as will go on credit reference and affect future potential for remortgaging?)
CCCS suggested we sell house, which we really do not want to do. We would NEVER get back onto the property ladder and when we first got house the mortgage was £880 month (interest only) and on both our salaries we coped fine. Since then due to mortgage increase 9% (due to go up again), and lack of hubbys work (currently applying for jobs) we are now struggling big time. CCCS also said that in view of the £18,000 debts we have, then we are unlikely to get a remortgage in June anyway (which I cannot believe?).
So any suggestions from here? (without rowing...and no I am not homosexual..I am a woman recently married!:p

Rick62

So you rebate the commission do you Conrad? Thought not.

You are totally out of order to suggest that fees free brokers do not give as good or competant service as as fee charging brokers. Some brokers are good, some are average a few are poor, there is nothing to indicate that this is related to how they charge.

The only thing the fee charged does correlate to is the how many new jags the broker has.

Where I think Martin Lewis is wrong (can i say that on this site?) is his suggestion that you should shop around brokers, then go to a cheaper broker to save money, or even to do it yourself. I would recommend finding a good broker (either fees free, or low fee, say up to about £500) and then, like with any professional, develop a proper working relationship with them, so that they will properly understand your circumstances and so provide the best advice.

AndyWallace

Dibdob wrote:

Blimey...been away from the forum for a few days, come back and cannot believe you are still arguing!!!
Doesnt help me anyway. The CCCS cannot help up as we do not have enough income coming in to split out. Basically until hubby gets more work, our outgoings are higher than our income. Cannot offer anything.
Now I really don't know what to do apart from keep paying mortgage and worry about credit cards (havent missed payment yet...but may not be able to pay next month..which worrys me as will go on credit reference and affect future potential for remortgaging?)
CCCS suggested we sell house, which we really do not want to do. We would NEVER get back onto the property ladder and when we first got house the mortgage was £880 month (interest only) and on both our salaries we coped fine. Since then due to mortgage increase 9% (due to go up again), and lack of hubbys work (currently applying for jobs) we are now struggling big time. CCCS also said that in view of the £18,000 debts we have, then we are unlikely to get a remortgage in June anyway (which I cannot believe?).
So any suggestions from here? (without rowing...and no I am not homosexual..I am a woman recently married!:p

You could just speak to a mortgage adviser directly.

Andy.

Rick62

It doesn't sound like the CCCS were very helpful. Without knowing your house mortgage and debt values and your incomes it is hard to say if and what sort of mortgage you could get. However what you are paying now is very high.

I would avoid IVA if you can, it would make it hard to get another mortgage and would immediately put you at the high adverse end.