Moving a mortgage but they changed the rules

Dave_Ham

Hi - always the way until you have the mortgage and then everything will move slowly!

Ensure they look at the porting option first though (as I am sure you would) as the PAML route may make everyones life easier.

Good luck

Conrad

It won't likely be as easy as people are saying.

For a start the underwriters are going to see you already applied through branch!

I suspect a change of lender will be the only route, but make sure the broker specialises in self employed and is not one of the army that have been on a course and call themselves a broker, with little experience behind them.

A really good broker doesn;t even try to sell you insurance. Uusually the mark of a non expert broker is that they are incredibly interested in selling you life insurance. A really good broker simply charges fees and has no interest in petty side sales.

Clients can perfectly well find decent cheaper life insurance on thier own with reputable insurers. Most brokers are tied to a small insurance panel, typcially L&G and Aviva, Scotish Provident and alike.

jamieloft

I haven't actually applied in branch just enquired about porting.

I have already secured a mortgage @ less than 4% it's just not the route I want to go down

Jamie

The_J

Conrad wrote: »

A really good broker doesn;t even try to sell you insurance. Uusually the mark of a non expert broker is that they are incredibly interested in selling you life insurance. A really good broker simply charges fees and has no interest in petty side sales.

What the hell? Buddy no no no, if you are arranging a mortgage with someone you have to discuss protection. No two ways about it, if you aren't the FSA are going to tear you a new one. Call it selling or call it educating, it has to be done.

Conrad

The_J wrote: »

What the hell? Buddy no no no, if you are arranging a mortgage with someone you have to discuss protection. No two ways about it, if you aren't the FSA are going to tear you a new one. Call it selling or call it educating, it has to be done.

No no no, all you HAVE to do is advise people they should consider all forms of protection such that they then can go off and so do.

Selling is quite different from that.

The FSA love my approach and the honesty and clarity of saying like a builder or Architect, 'I'm charging £xxx to do this', rather than a builder who infers it's all free and then tries to sell you window insurance'.

Selling insurance is for me a very lowly way to make money. It's not like your'e doing anything worthwhile like building something for all to see for generations.


Point out the obvious risks, and then grown adults can perfectly well arrange insurance just as they perfectly well arrange thier childs school and so on.

jamieloft

I already have enough life cover. I am currently contracting at a life company an in a previous life was a fully qualified FPC3 with the prudential

Conrad

Sorry to wrestle your thread off track a mo - The J - I've been in the business over 20 years. So many older brokers I know have died early deaths from stress. I'm sure it's this unrelenting nagging at the back of thier mind that todays post might contain another insurance lapse and commision clawback. It just wears them down, day by day, a nagging fatigue.

I've known many a cocky 'everythings booming' types claim those lapses dont happen to them, but time and again years later I find the opposite is true.

Years ago I decided to work more or less fees only. Best thing I ever did and people respect you for your honesty.
I don't deal with simple cases - such people can always get better direct deals anyway.

If your'e good at what you do people will pay you.

I do a bit of life, but only on request.

The_J

At least you're mentioning it Conrad.

I disagree though, I like to make sure I am on top of all my client's financial affairs because I have a unique overview I am best placed to advise them on the best policy to have. In my experience, when clients do their own thing they can often get rinsed by a salesman.

Insurance is boring but when your clients start dying on you then you'll soon see how important it is. I make no apology for that.

edit: I certainly wouldn't not do it because of the risk of it lapsing. Who cares about that? You've already got the money, just pay the difference back.

People who get stressed have weak minds and no perspective.

Dave_Ham

The_J wrote: »

At least you're mentioning it Conrad.

I disagree though, I like to make sure I am on top of all my client's financial affairs because I have a unique overview I am best placed to advise them on the best policy to have. In my experience, when clients do their own thing they can often get rinsed by a salesman.

Insurance is boring but when your clients start dying on you then you'll soon see how important it is. I make no apology for that.

edit: I certainly wouldn't not do it because of the risk of it lapsing. Who cares about that? You've already got the money, just pay the difference back.

People who get stressed have weak minds and no perspective.

J - honestly do not waste your time.. Read some of this other posts and you will see what I mean..

OP - Random debate sprung up and of no relevance to your situation. Clearly you have a good understanding and you really only want to know if something can be done to retain Woolwich rate or you are perfectly comfortably arranging your own mortgage directly on a next best basis.

I wish you well..

Conrad

The_J wrote: »

People who get stressed have weak minds and no perspective.

Stress is often quiet and unseen. Too many brokers work too long hours and targets and money consumes thier life. I used to be like them. Now I just chill, do 5 or 6 big cases per month, ahhh.

Never chase any new prospects, never sell, never ever go looking for business and would deffo avoid netwroking at all costs.

Love doing things my way with minimal stress.