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Poor Advice

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24

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  • Meeper
    Meeper Posts: 1,394 Forumite
    It's not a shocking rate. It's a rate reflective of your circumstances and risk to the lender at the time. Unless, of course, someone held a gun to your head and made you sign paperwork for the "shocking" deal when you could have got one much cheaper. No? Thought not.
    I am an Independent Financial Adviser
    You should note that this site doesn't check my status as an Independent Financial Adviser, so you need to take my word for it. This signature is here as I follow MSE's Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • alexlyne
    alexlyne Posts: 740 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    alexlyne wrote: »
    FWIW, we got a mortgage in 2009. 6.4% it is and still has 3 years left... ho hum. If you find someone I can blame for this shocking rate (other than myself), then let me know!

    sorry, i was being a bit tongue-in-cheek. :o
  • somethingcorporate
    somethingcorporate Posts: 9,449 Forumite
    Oh come on, surely the OP deserves some compensation for their advisor not being able to predict the future.
    Thinking critically since 1996....
  • dunstonh
    dunstonh Posts: 119,640 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    edited 27 October 2011 at 12:57PM
    somethingcorporate wrote: »
    Oh come on, surely the OP deserves some compensation for their advisor not being able to predict the future.

    Actually, you are right. My mortgage adviser can and here he is in action

    back-to-the-future-25th-anniversary.jpg



    edit: picture can be a slow loader.... it runs under 88mph at times.
    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.
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    Excellent, another BTTF thread :)
    When this sucker hits 88 miles per hour, you're gonna see some serious sh*t
  • kingstreet
    kingstreet Posts: 39,256 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Heavy! :D.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • shackalak
    shackalak Posts: 111 Forumite
    I'm a Financial Consultant and fixed my mortgage 3 years ago at 5.69%. It was a good deal at the time. (I hate the word 'deal' - it makes it sound like a dodgy car sale!). I've worked in the industry for 25 years (although I don't give advice on mortgages any more) but as one of the others said I don't have a crystal ball and was happy to know what my payments would be for 3 years. In hinds sight, I would have been better to take a tracker rate but hinds sight is a wonderful thing and I've known interest rates to go up to as much as 15.3% in my working career (in 1989) before now. I've just come to the end of my fixed rate and my mortgage has now gone down by £160 - per month.

    If OP had chosen to come out of their product early, they would more than likely have had some hefty early repayment charges to pay which are generally a condition of taking a fixed rate. I really wouldn't blame the adviser here. They would have asked things like 'do you want certainty that your payments are not going to increase in the next 3 years' - you won't get that certainty with a tracker.
    I've worked in the Financial Services industry for the last 25 years. When posting on this forum I am not providing any financial advice or representing anyone but simply posting my own personal views. Always make sure you seek suitable Financial Advice from an authorised professional based on your own personal needs and objectives.
  • Morgage_Confused
    Morgage_Confused Posts: 397 Forumite
    Tenth Anniversary 100 Posts Combo Breaker
    just a simple flux capacitor would have saved you from 5.69% and perhaps landed you with 0.75% plus base.
  • KateBob
    KateBob Posts: 1,789 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Morgage_Confused wrote: »
    just a simple flux capacitor would have saved you from 5.69% and perhaps landed you with 0.75% plus base.

    Only if you used it with a Mr Fusion Home Energy Reactor.
    Kate short for Bob.

    Alphabet thread High Priestess of all things unsavoury

    Tesla was a genius.
  • worried_jim
    worried_jim Posts: 11,631 Forumite
    10,000 Posts Combo Breaker
    Morgage_Confused wrote: »
    just a simple flux capacitor would have saved you from 5.69% and perhaps landed you with 0.75% plus base.

    1.21 gigawatts.
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