Bad broker or client?

Cute_'n'_Quirky

kenshaz wrote: »

The basis of the discussion is that advisers are and should be providing what the client wants to suit his needs,with the options being explained.I feel that Homer-J an experienced adviser recognizes that.

Whilst we have the non-adviser Cute 'n'Quirky stating

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The point being, , that whatever the client "demands", if that demand is not at all satisfactory from an affordability/security aspect then it must not be considered.

The original poster had no problems with affordability or security ,therefore give him/her what they want to suit their needs.

We all understand our own circumstances ,wishes and aspirations,no adviser is going to fully comprehend the inner most wishes of an individual ,so give them what they want and can afford and listen,an analogy would be the difference between a scarf and a made to measure suit.The individual has to try the suit on and when he has done,how would we feel if the tailor said ,''But Sir.I measured you and my information is exact ,the suit will fit you and I will hear no more about it,I am the professional.

I suggest that you go and have a read of the FSA Handbook - that should keep you quiet until next Christmas.

HelpWhereIcan

moremoney27 wrote: »

Hi, thanks for all the replies. As for questions I have been asking him, they have been along the lines of 'how much would that particular deal cost over 30 years instead of 25?'. 'have you had good experience with this lender?'

Absolutely nothing wrong with those questions and they are ones he should be able to answer almost straight away.

He may be trying to use a lender that only allows a maximim 25 year term (eg Amber, BM Solutions on their Mortgage Plus product) and is unable to explain to you why that is.

moremoney27 wrote: »

He seems to have a bee in his bonnet about what is best for me which I don't fully understand. From the start I have said I want a 30 yr deal with a 2 year fixed period. He has never once sent me anything like that. He just told me I could afford a 25 year deal so I should go for that and a 5 year fix is a better idea. He might have a point, but I am budgeting around other areas of my life and so on and so specifically want a 30 year deal, I am flexible on ideas of how long to fix for, but he hasn't given me a reason as to why my reasons for 2 years are so bad.

Again, cannot see his problem if he has not been providing you with what you asked for.

As long as he can show that he has advised you that you can afford a 25 year term and that there are strong reasons why you should be looking at a 5 year fix, there is nothing that allows him to force you to take something you don't want to.

There are lenders that pay a higher commission if an adviser arranges a longer term fixed rate rather than a shorter one - eg Northern Rock , C&G - and that would set major alarm bells ringing if that appeared to be his motivation.

At the same time, there are lenders (eg Accord, C&G, Northern Rock) who will lend you more on a 5 year fixed rate than they will on a shorter one. If that is the case with you, i am very surprised that he has not taken the 30 seconds to explain this to you.

moremoney27 wrote: »

I haven't been mentioning other deals and so on. But he recommended one deal to me so I went to the lenders website and read up on them and some of their statements seemed to contradict his advice so I thought I would ask, he seemed rathered annoyed at this. I want to include tax credits in income and he assured me I could with a particular lender, but on their website it said you couldn't, when I asked him he just said 'their form says state your total household income, so you can include it'.

As JoeK says, it sounds like he may be wanting to use a self cert lender/deal and it is therefore very important that you know EXACTLY what is going on and the income that is being declared on your behalf.

moremoney27 wrote: »

But I am afraid I didn't feel confident in that and I did ask him to source a different deal, which he did. I can appreciate he might feel annoyed at my doing that one, but I didn't want to enter into a deal with a lender with any fear of not following their rules and so on.

You do right and I have to say that my personal opinion is that you are officially not a pain in the !!!!.

Get a second opinion if you are unsure - you need to be happy with the advice your adviser gives you.

Yours seems to have made a unilateral decision about the deal and lender for you and may even be looking at self cert for you (hopefully not without telling you).

As Joe says, let us know the lender and deal you have been offered as well as the amount you need, what your incomes are and how much the house is worth and someone may be able to set your mind at rest.

MortgageMamma

My conclusion on all this is that the adviser has not done three things

1. Not fact finded the client thoroughly enough and not listened to their requirements

2. Has recommended the five year fixed due to the poor value of 2 year fixes - but not explained it properly to the client

3. Looks like he's pushing for a self cert so WFTC can be included. I dont understand why as plenty of full status lenders will do this.

4. Its good that he is making the client aware that it is possible to reduce the mortgage term but he should take clients wishes into account where the term is concerned

IMO whatever has happened here this is not good service and not good advice. The adviser is difficult to get hold of and is becoming impatient when the client asks what are very valid questions. Personally, I would not tolerate that, as I have high standards of the service I give and the service I expect back from companies.

Hopefully the OP will not have been credit checked and should be able to move on from the adviser without too much difficulty

homer_j_3

Cute_n_Quirky wrote: »

We were not given all the facts so we cannot assume what the Adviser is or is not doing!

As JoeK says, the OP has not added any information.

read my last paragraph - I say that. :wall:

kenshaz

Cute_n_Quirky wrote: »

I suggest that you go and have a read of the FSA Handbook - that should keep you quiet until next Christmas.

My suggestion to you is that you develop your interpersonal skills and start listening rather than assume .A little knowledge without experience to back you up can be dangerous,and then perhaps you and not I will have the need of the FSA hand-book.

My analogy for you is a plumber who has been on an intensive course to learn how to become a plumber ,but has not actually done any plumbing ,he/she then proceeds to tell all the other plumbers on the building site how to plumb,or a pilot who has only been in a simulator.

I have witnessed you in confrontation with two very experienced brokers,so I suggest that a lesson that you can learn from this site is enter the industry carefully ,feel your way ,listen learn.The work that you are starting shortly ,are you going to tell the brokers how to do their job,hope not.Have some humility.

MortgageMamma

kenshaz wrote: »

My suggestion to you is that you develop your interpersonal skills and start listening rather than assume .

The same could be said of you, you have made incorrect assumptions about me

A little knowledge without experience to back you up can be dangerous

Yes Kenshaz it can, which is why when us brokers tell you about our regulation and financial promotion rules, you should listen and learn and then perhaps you will not make the same ill informed accusations again

,and then perhaps you and not I will have the need of the FSA hand-book.

It is obvious that C&Q will need the FSA handbook more than you but really you should have a read. You are so nit picky you would make a fantastic compliance officer. In london they earn around 100k a year.

My analogy for you is a plumber who has been on an intensive course to learn how to become a plumber ,but has not actually done any plumbing ,he/she then proceeds to tell all the other plumbers on the building site how to plumb,or a pilot who has only been in a simulator.

I have witnessed you in confrontation with two very experienced brokers,so I suggest that a lesson that you can learn from this site is enter the industry carefully ,feel your way ,listen learn.The work that you are starting shortly ,are you going to tell the brokers how to do their job,hope not.Have some humility.

Again, the same could be said of you!

By the way, I noticed abuse deleted your poll yesterday, and all the disruptive and nasty comments you made whilst you were following me around the families board. Seems they are getting wise to you. I've just reported you again for you snide remarks on the bad broker thread. And I will keep doing it as well. It won't be long before abuse get hacked off, as they will have to take someone on before long just to monitor you.

Which brings me to my final point. I've never seen you attack a male broker, you even left wardlaw alone despite blatant touting, do you just have an issue with FEMALE brokers or something? I am beginning to wonder.

kenshaz

MortgageMamma wrote: »

Again, the same could be said of you!

By the way, I noticed abuse deleted your poll yesterday, and all the disruptive and nasty comments you made whilst you were following me around the families board. Seems they are getting wise to you. I've just reported you again for you snide remarks on the bad broker thread. And I will keep doing it as well. It won't be long before abuse get hacked off, as they will have to take someone on before long just to monitor you.

Which brings me to my final point. I've never seen you attack a male broker, you even left wardlaw alone despite blatant touting, do you just have an issue with FEMALE brokers or something? I am beginning to wonder.

That certainly is a different response than the PM that you sent me.If I can I am going to let every -one I know have a copy.I am not sure how I can do it ,can I forward Pm's on.But I hope the moderators can see ,you actually congratulated me on my post ,and stated that it needed to be said.

moremoney27

Hi the lender he is now suggesting is Bristol & West. He told me I could only include tax credits in a self cert mortgage. As I work I have no other need for self cert. I just thought (as he had told me) that this was the only way I could have them considered by the lender.

Someone mentioned earlier that I haven't answered some questions. Sorry, I just didn't fancy posting all my financial ins and outs on a public forum, that is why.

Thankyou all for your comments, you have verified my feelings that I should perhaps be seeking another broker. I just needed some help to ascertain if I was being unreasonable before I made this move (obviously not wishing to go through it again if it was me asking too much). So Im off to read the thread of finding a broker and hopefully will have better luck next time. Thanks again.

JoeK_3

moremoney27 wrote: »

Hi the lender he is now suggesting is Bristol & West. He told me I could only include tax credits in a self cert mortgage. As I work I have no other need for self cert. I just thought (as he had told me) that this was the only way I could have them considered by the lender.

Someone mentioned earlier that I haven't answered some questions. Sorry, I just didn't fancy posting all my financial ins and outs on a public forum, that is why.

Thankyou all for your comments, you have verified my feelings that I should perhaps be seeking another broker. I just needed some help to ascertain if I was being unreasonable before I made this move (obviously not wishing to go through it again if it was me asking too much). So Im off to read the thread of finding a broker and hopefully will have better luck next time. Thanks again.

It was I that asked those questions

You must realise that certain things highlighted alert us more experienced advisers to other things that have not been posted and often we have to be able to read between the lines.

Just as I thought, it's a self cert mortgage.

I understand and thank you for confirming that.

All the best with the next one!

JoeK

homer_j_3

thanks for the update moremoney.

There are lenders who will consider your circumstances and take into consideration tax credits without having to self certify.

I think you are wise to go and seek a second opinion. I would suggest that you ask at the outset in addition to the usual questions if they would mind fully explaining everything. I know it sounds daft but sometimes its easy for brokers to assume that you know what they know which is not the case.