Annoyed at mortgage arrangement fees, is it a rip off?

regularsaver1

Key facts illustrations are very easy to compare right? becuase you get the same document from where ever you go. So it is done already

I'm sorry but how is that hard to understand?

regularsaver1

Wig wrote:

They are not simple enough, with fees for joining, fees for leaving, fees for finishing. Fees for cats with one eye etc

What is complicated about that - as long as they are stated

Wig

AndyWallace wrote:

Or I'm having a blonde moment. Or maybe I'm tired after a long day.

I'll read through again tomorrow and maybe it will make more sense to me.

Thanks.

A man says "We need a law to stop hunting with dogs"

Another man says in response "If you do that we won't need solicitors any more"

What is the correlation?
Answer: There is none, the second man made no sense.

AndyWallace

Wig wrote:

Handy,

Why spend an hour with 200 brokers when what I am calling for is forced compliance for lenders to lay out their rates in a formal clear and concise way so that they can be compared easily on a page in a magazine? So that the consumer can choose the type of mortgage he wants, then look at all the rates and choose the cheapest? Time taken 20 minutes.

Brokers can do what they want, I don't care what they do or don't do, die or survive it makes no difference to me.

The lenders do publish their products and these are compiled monthly in over the counter magazines. You can also check the lenders' websites individually. It's not any lenders responsibility to ensure that all other lenders' products are listed with their own - why would they or indeed should they, do that?

The fact that it is not clear is because you don't have industry knowledge.

Shandy

Wig

regularsaver1 wrote:

What is complicated about that - as long as they are stated

The point is if you make it simpler they will be easily compared. Companies like to make things complex so it is not easy to compare, so they don't have to have price wars, mobile phone industry perfect example.

Wig

Sheila,

Simple is all I want, that doesn't mean, 100 different fees, bonus rates, lock in periods yadda yadda yadda

AndyWallace

Wig wrote:

A man says "We need a law to stop hunting with dogs"

Another man says in response "If you do that we won't need solicitors any more"

What is the correlation?
Answer: There is none, the second man made no sense.

But you said we need legislation to simplify mortgages. If you can't understand mortgages (evident) then you've no chance of ever understanding the legislation that simplifies mortgages.

Andy Wallace

regularsaver1

All lenders and banks literature has to be signed off for use by the FSA

most lenders have numbers on their leaflets/posters ect as a compliance number

so what is used at the moment, must be approved

Indispensable_Hobbes

regularsaver1 wrote:

Key facts illustrations are very easy to compare right? becuase you get the same document from where ever you go. So it is done already

I'm sorry but how is that hard to understand?

I was just about to say the same thing.

The whole point of a KFI is to make it easy to compare lenders.

Mortgages are complicated things these days. tracking, fixed, variable lalallalala there needs to be such documentation to protect the company as well as the customer.

I dont know how many times i hear at work "i didnt know about the early repayment charge" well you "read" the offer and signed it to say you agree with it. makes me giggle sometimes. people threatening to take their business elsewhere because the company wont waive ercs.

Wig

AndyWallace wrote:

But you said we need legislation to simplify mortgages. If you can't understand mortgages (evident) then you've no chance of ever understanding the legislation that simplifies mortgages.

Andy Wallace LL.B (Hons)

And the supervisor at Tescos on a Wednesday afternoon is allowed a ten minute break at 3pm.

Wig waggle CO2 BBC (Isle of Shona)