Lifetime mortages - finding a good broker

Ally1205

Thanks, Holly; that's very helpful. The Solla member I contacted yesterday didn't clarify what his qualifications where, after I asked him. Furthermore, he says he is about to go on holiday... So I'm on the hunt again...

dunstonh

Ally1205 wrote: »

Thanks, Holly; that's very helpful. The Solla member I contacted yesterday didn't clarify what his qualifications where, after I asked him. Furthermore, he says he is about to go on holiday... So I'm on the hunt again...

Strange. I know all my IFA qualifications. I would struggle with my chartered institute of banking modules as they were over 20 years ago (ARGH) and I never have a need for them. However, with RDR upping qualification requirements (from 2013) I would be surprised to hear about an IFA that doesn't know his standards unless he is giving it up before then.

Ally1205

It may have been that, as he was going on holiday, and/or didn't want to help me with my particular issue, he didn't see any point in answering my question about his qualifications.

The next least-distant SOLLA member is nearly 40 miles away.

Thanks to DuntonH for the link to www.unbiased.co.uk. It returned two advisers in my own town who are purportedly suitable for this kind of advice.

Wh05apk

I think you highlight the problem with a lot of these "paid for" type search sites, I am sure there are a lot of good advisors near you, but for most of us, we will only register and pay for these type of sites if we are desperate for business, for most of us, we have an existing client bank, which keeps us going, along with a few referrals from them to introduce some new blood.

Good luck with your search, have you tried asking friends/neighbours etc? I think you will be surprised how many have used a good advisor, but unfortunately it tends to be one of those things people almost feel embarrased to talk about.

dunstonh

I think you highlight the problem with a lot of these "paid for" type search sites, I am sure there are a lot of good advisors near you, but for most of us, we will only register and pay for these type of sites if we are desperate for business, for most of us, we have an existing client bank, which keeps us going, along with a few referrals from them to introduce some new blood.

I agree. There are a number of so called trade associations or sponsored style bodies that require the adviser to pay for them to be on their site. I refuse to pay for anything other than a yellow pages entry and the unbiased entry (at sufferance). Most of the partner/director IFAs I know are much the same (and in my search, none of them appeared on SOLLa yet I know two of them at least do it).

holly_hobby

Wh05apk wrote: »

I think you highlight the problem with a lot of these "paid for" type search sites, I am sure there are a lot of good advisors near you, but for most of us, we will only register and pay for these type of sites if we are desperate for business.

Membership of SOLLA is not by open invitation, but exclusive to only those advisers who have successfully achieved LLAA accreditation.

Hope this helps

Holly

holly_hobby

Ally1205 wrote: »

It may have been that, as he was going on holiday, and/or didn't want to help me with my particular issue, he didn't see any point in answering my question about his qualifications.

The next least-distant SOLLA member is nearly 40 miles away.

Thanks to DuntonH for the link to www.unbiased.co.uk. It returned two advisers in my own town who are purportedly suitable for this kind of advice.

Thats positive and its a start ... see both of them for their recommendations on your particular situation and requirements - they may give similar or completely differing recommendations.

Consider everything carefully, ensure any recommended provider is a member of SHIP, and also has a no negative equity gte (as discussed in my initial post).

If do you want any thoughts on their advice or your situation as a whole, everyone here who is qualified will be more than happy to assist.

Hope this helps

Holly

Wh05apk

holly_hobby wrote: »

Membership of SOLLA is not by open invitation, but exclusive to only those advisers who have successfully achieved LLAA accreditation.

Hope this helps

Holly

Membership of Solla may not be by open invitation, but the LLAA acreditation is open to anyone qualified and prepared to pay.............therefore by definition then effectively so is Solla?

There seems to be an emphasis with Solla of Long term care provision, hence only open to IFA's, I am purely mortgage, but am still licensed for equity release, does that make me a bad advisor?..............................

holly_hobby

Wh05apk wrote: »

Membership of Solla may not be by open invitation, but the LLAA acreditation is open to anyone qualified and prepared to pay.............therefore by definition then effectively so is Solla?

.

No your assumption is quite wrong - but (and please take this without intention of offence), you have already stated that although you are an Equity Release Adviser, you are not familiar with either SOLLA or the Later Life Adviser Accreditation scheme (assessments commencing under FSSC (now FSP) in 2008) - so its only natural that you are also not conversant with the requirements of LLAA.

As already discussed at length in my ealier post, LLAA accrediation is achieved by voluntary detailed examination and assessment of the adviser by an LLAA accredited auditor.

To apply for the accreditation process, you must hold the Cert In Equity Release as a basic minimum - so it certainly does not exclude mortgage advisers holding the Cert In Equity Release. Neither does simply having obtained the qualification, grant you automatic accrediation to LLAA. Neither is membership of SOLLA mandatory if you hold the LLAA - but to become a member of SOLLA it is a mandatory requirement that you have achieved such accrditation.

SOLLA was highlighted for the OPs ref as a simple search engine to locate a LLAA adviser (for the reasons given).

Wh05apk wrote: »

I am purely mortgage, but am still licensed for equity release, does that make me a bad advisor?..............................

Not at all, and is not what I said, so please accept my apologies if you felt I inferred authorised Mge Advisers, could not be competent in the area - if you re-read my replies you'll see I actually said the opposite - so please do not take my posts as anything personal to you - which they aren't.

As already stated not all authorised Eq Release advisers chose to be independently assessed for LLAA accrediation for whatever reason - which in itself does not automatically mean they are not proficient in their role, just that they have elected not to be independently assessed under LLAA competencies.

I'm sure you agree in your own primary role as a mortgage adviser, that obtaining the entry examinations for the given certificate, are the foundation to becoming a FS adviser (mortgage or otherwise), its the individuals further experience, continuous personal develpment, on going currentmarket/product knowledge and awareness, and being able to adequately apply ones knowledge to various client situations presented, that actually develops the individual into a proficient financial professional.

As a Mge/Equity Adviser I assume that any long term care, tax, IHT and trust issues recognised (or arising from Client request), as part of the Eq Release review and recommendation, are referred to a seperate practitioner - which is absolutely fine, but may be a bit dis-jointed for the Client depending on their view.

You must understand that I am not banging the drum of SOLLA (or any society for that matter ), nor am I saying that unless you are LLAA the advice can't be relied upon.

What I am an advocate for is anything that helps build consumer confidence/protection in FS - which I believe is essential in an area of advice that has seen some pretty horrific stories. At a time of life that leaves the client (or their estate) little or no chance of reparing any mess ( notwitstanding any subsequent complaint process - which of course the idea is to try and avoid inappropriate advice in the first place).

LLAA simply acting in this case as a benchmark of measurement for the consumer - which I don't believe could ever be considered a negative factor. Indeed I believe anything that helps consumer protection and confidence is paramount (not just in this FS area but all), as evidenced in the RDR and a view I am sure all professional advisers hold.

Hope this helps

Holly

Ally1205

One local IFA replied to my enquiry about his qualifications, saying:
"I can confirm that I hold the Financial Planning Certificate, Diploma in Financial Advice, CeMAP, ER1 and HR1 papers and so I am qualified to advise on equity release"

That looks like what Holly specified as suitable qualifications. Is it? He said he was "unsure of the requirements under the current regime".

The foot of his email states:
XXXXX Planning Ltd is authorised and regulated by the Financial Services Authority. Registered in England company no. XXXXXXXX.

Regarding payment for the adviser's services, am I right in guessing that I'm more likely to end up with a good-value plan/scheme if I pay the adviser/broker directly, for his service, rather than agree that he should seek remuneration via commissions paid by the plan/scheme provider? If so, is it generally considered acceptable to pay the adviser *after* the first loan is received from the lender, in the case of a lifetime mortgage?

Is it generally easy/possible for an unemloyed person (age 58) with no existing mortgage, and a house valued at £200,000) to get a lifetime mortgage? What is the typical competetive interest rate? Is it feasable to have an arrangement where a maximum loan is agreed, but you can borrow from that amount, bit by bit, as needed (rather than getting it all at once)?

Thanks..