Whole of market broker not the best deal?

toonfish

tinkerbelluk wrote:

dunstonh - Thanks for that. I did ask him when he gave the figures to us and he didn't say anything. He just said heres the best deal. I mentioned that I had seen plenty or mortgages with rates lower than 5.69% and he just said well I didn't!

I'm not being funny I just want to make sure that if he is independent why can I get better rates myself

He was also double the price on mortgage payment insurance and £5 more a month on life with the same company I had got a direct quote from.

My query is that if I can get cheap deals myself is he really searching the whole of the market?

You are right to ask questions, and if you are not satisfied with the answers then look elsewhere.

Not sure which life company you are using but they can have various premium rates even for different advisers

ConsuelaBananaHammock

You advisor will be searching the whole of the market for you I’m sure, as each person has different circumstances what may appear on the surface a better deal may be but they may not be the right lender for you. Your advisor will be taking into account your income your outgoings your previous credit record and all the different lenders will assess things in different ways as I have found myself. I just got knocked back from HSBC as they seemed to have calculated we couldn’t afford the payments which we quite easily can, and we also have the odd late payment on our credit records for some lenders this would be enough for them to turn you down, however for other lenders the odd late payment to a catalogue wont cause any issues. I’m no expert but its not as clear cut as you might first expect :rolleyes:

Sibelius

I recently remortgaged a buy to let as my discount had ended. I went through London and Country but when the paperwork came through the fees were more than originally quoted. I went back to my current lender (mortgage express) who gave me a better deal with a product fee of £599. However I didn't need to pay all the other fees like solicitors, valuation and exit fees for the mortgage I was leaving. The interst rate was also changed there and then on the phone. I also avoided all the hassle of the paperwork. So I stayed with ME. Have you approached your current lender to see if that could come out as a better deal overall? Good Luck.

dunstonh

dunstonh - Thanks for that. I did ask him when he gave the figures to us and he didn't say anything. He just said heres the best deal. I mentioned that I had seen plenty or mortgages with rates lower than 5.69% and he just said well I didn't!

Thats not good enough. He has to be able to justify what he is recommending. If he isnt willing to do that, then walk away. There are plenty of mortgage advisers who would be more than happy to see you and discuss things with you.

I'm not being funny I just want to make sure that if he is independent why can I get better rates myself

Check his initial disclosure document he gave you. "Key facts about our mortgage service". Two pages and on the first page it has tick boxes for the following:

We offer mortgages from the whole market.
We only offer mortgages from a limited number of lenders.

We only offer mortgages from a single lender.

Make sure the first one has the tick as that is the only one that is whole of market.

You would also have been given one for insurance. Key facts about our insurance services. This one is slightly different as there is no such thing as independent or whole of market with insurance. The first page should have tick boxes saying the following (wording can be slightly different):

We offer products from a range of insurers for Term Assurance, Critical Illness, Income Protection & Private Medical Insurance.

We can only offer products from a limited number of insurers for Buildings & Contents Insurance, Accident, Sickness & Unemployment cover.
We can only offer products from a single insurer

Make sure the first one is ticked for life assurance as that confirms the equivalent of whole of market for insurance. It is virtually impossible to be whole of market for home insurance and ASU under current rules so you would expect to see box 2 ticked for that. If box 3 is ticked for anything, then they are tied.

tinkerbelluk

Thanks all you have all been a MASSIVE help :beer:

I've taken on board all of your advice and I have sent the IFA a very detailed e-mail this morning explaining what I have found, I have also asked him if and why he feels that the products I have mentioned wouldn't meet my needs.

As I've said already, thanks for all of the help. You guys / girls are fab

AndyWallace

I'm not sure without having done the fact find but on first appearance I would say that the Abbey are likely to lend more than the other lenders you quote.

This could be the reason behind the Abbey reccommendation.

Andy.

tinkerbelluk

Just a quick update really - I've just received a e-mail back from the IFA not addressing any of the points raised, or letting me know why he thought the Abbey deal was the best one. But to top it off his final parting shot was "I wouldn't trust the internet for any financial stuff and there's too much at stake by not dealing with someone of his considerable experience!"

Thanks again guys, you were great in helping me come to the correct decission.