Mortgage deals and refinacing debt

towseriv

I am new to a job in a bank and I talk to customers all day about how they could best save cash. It amazes me how many have taken out a high finance second charge on thier house rather than go to a mortgage provider to see if they can help. More needs to be done to let people know that those people are the last resort not when you have 30% equity in your property.

JoeK_3

How nice to hear this from a bank employee.

Well done!

JoeK

MarkyMarkD

Very good point, towseriv. I think people are conned by all the TV advertising into thinking a second charge loan is the best way to go, when actually all it does is complicate their financial arrangements and make it harder when they DO want to remortgage. Apart from that, most second charge loans also have silly redemption penalties making them a very poor option for anyone who has the choice to avoid them.

MortgageMamma

towseriv wrote: »

I am new to a job in a bank and I talk to customers all day about how they could best save cash. It amazes me how many have taken out a high finance second charge on thier house rather than go to a mortgage provider to see if they can help. More needs to be done to let people know that those people are the last resort not when you have 30% equity in your property.

Thats nice to hear. Keep your principles and work hard and you will do very very well for yourself. Remember, every little bit of advice you give to a customer, every product you sell them impacts their futures massively, so its important to get it right. Believe in what you do and it will become mroe of a hobby than a job. It can be very enjoyable!

MM