Mortgage advice

markses

Hello everyone,

This is my first post and I'm just looking for a bit of advice. My wife and I are in the process of applying for our first mortgage. The mortgage advisor, who was recommended by a workmate, is based quite a way from us and so far we have been in touch by e-mail. Everything seems to be going fine, he says he knows someone at the Woolwich and based on the info we have given we should be ok. He has now started requesting proof from us, he needs 13 weeks wage slips, 2 years p60's and we have already sent 6 months bank statements by email. My only issue is that throughout out our contact he has repeatedly tried to push a joint current account on us (done through him for some reason for which there would be a 'admin fee') yet has made no mention of his brokerage fee which I have requested twice, or when it would be payable.

My questions are:- is there any way of checking the advisors credentials? Is there any association he legally need to be in that I can check with?

We have blanked out our account details on the bank statements, but my wife is worried that he will be able to access info from out national insurance numbers on wage slips. Is this possible?

If anyone has any suggestions for us they would be greatly appreciated.

Thanks, Mark

more_money_for_me

The bank statements and p60's would be quite normal for a mortgage application. The fact that this "financial adviser" hasn't been clear about who they are and what they charge is neither normal or legal. I recently took financial advice and the first thing a good advisor does is make clear their remit. I would let them give you a quote, but ask another local FA to quote you as well. You are under no obligation to use the existing advisor.

G_M

markses wrote: »

..... he says he knows someone at the Woolwich :rotfl::rotfl:so is this his only contact? The Woolwich is the only option?

and based on the info we have given we should be ok. Has he searched 'whole of market' to find the best deal for you? What does 'OK' mean? What product is being offerred? Interest rate? Fixed rate? How long? Woolwich fees?

He has now started requesting proof from us, he needs 13 weeks wage slips, 2 years p60's and we have already sent 6 months bank statements by email.This is normal. My only issue is that throughout out our contact he has repeatedly tried to push a joint current account on us (done through him for some reason for which there would be a 'admin fee')very unprofessional. What else has/will he try to 'sell' you? yet has made no mention of his brokerage fee should have been the first thing he did. Warning!which I have requested twice, or when it would be payable.

My questions are:- is there any way of checking the advisors credentials? Is there any association he legally need to be in that I can check with?

FSA here.

We have blanked out our account details on the bank statements, but my wife is worried that he will be able to access info from out national insurance numbers on wage slips. Is this possible?Well if you blank out the details you defeat the object!

If anyone has any suggestions for us they would be greatly appreciated.

Thanks, Mark

1) Go into your local Woolwich and apply there!
2) Go in to a local FSA-regulated 'whole-of-market' mortgage advisor, and get a 2nd opinion

Any mortgage lender will need to see the documents you speak of, but if you have doubts about the advisor, don't use him!

markses

[QUOTEWe have blanked out our account details on the bank statements, but my wife is worried that he will be able to access info from out national insurance numbers on wage slips. Is this possible?Well if you blank out the details you defeat the object!
][/QUOTE]

I have only blanked out our account numbers and sort codes, why would they need these for proof of income? My question was, what kind of info can anyone get from having access to your NI number, if any?

Does he legally have to regulated with FSA? Strongly having a re-think about this person I think, thanks for the replies.

kingstreet

Are you sure he doesn't actually work for Woolwich?

The only people I've ever known flog current accounts were RBS and Woolwich employees.

G_M

markses wrote: »

[QUOTEWe have blanked out our account details on the bank statements, but my wife is worried that he will be able to access info from out national insurance numbers on wage slips. Is this possible?Well if you blank out the details you defeat the object!
]

I have only blanked out our account numbers and sort codes, why would they need these for proof of income? My question was, what kind of info can anyone get from having access to your NI number, if any?

Does he legally have to regulated with FSA? Strongly having a re-think about this person I think, thanks for the replies.[/QUOTE]

Every time you write a cheque to a stranger you give them your bank account number and sort code.
NI numbers are fairly easy to get too.

But yes, every bit of personal data adds to a fraudster's ability to commit ID fraud.

Yes, a financial advisor has to be regulated.

InkZ

He should provide you with an initial disclosure document before giving you any advice. This lists all fees etc. If he's not doing this, he's not doing it by the book.

Once he has made a recommendation he should be providing you with a document to tell you why he is recommending you that product.

ruggedtoast

For some mortgages you need to be a current account holder, thats all I cant think. The fact you are frightened your broker is going to rip off your identity is enough reason to walk away IMO.

hcb42

While some of the details might be questionable, when the Woolwich do a mortgage they also do this mortgage current account. It is over engineered and complicated as far as I am concerned, as it is not the normal current account....and they do these mortgage reserves from it. Perhaps he was referring to this....? we went through it recently, and we received a card for this account although we have no intention of using it and made that clear.

we do have a current account with B bank which we pay the mortgage from