mortgages4u

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PorterLA wrote: »

I have received a call from 01212 488569 called my mobile on 26th March 2008

The girl said she was calling from Baker Goodchild performing Marketing activity on behalf of Mortgages for you . She asked me to confirm my name and then ask if I owned a mortgage on my home and she quoted my home address. I did not answer. The girl told me that she got my number from the computer system and that the firm get details from Banks. I asked who gave her permission to call this number and she hung up!!

Being very concerned about Identity theft I looked them up on the internet

BakerGoodchild claim to be in Direct Mail business but when I spoke with a Director today, she told they do cold calling to generate lead for Mortgages for you

BakerGoodchild and Mortgages for you, appear to have the same address and the same staff, Director and Managing Director. Amazing

According to their website:-
Mortgages For You Limited is an Appointed Representative of Pink Home Loans. Pink Home Loans is a trading name of Advance Mortgage Funding which is authorised and regulated by the Financial Services Authority.
The FSA rules clearly state that cold calling is not allowed unless you are a customer or have agreed to be called, I am not a customer and nor did I agree to this.
Beware of this firm, it is very fishy arrangement
It will be very interesting to hear what the FSA will do about!!

Please please please report this shower to Pink and the FSA.

The rules ban cold calling for mortgages full stop. You cannot set up a seperate company that does not need authorisation and uise that to cold call. The FSA would be able to prosecute for carrying out regulated activity without authorisation.

That's why most of these places are off shore - Like the guy from malaysia who told me I must not know what I am doing as no one should be paying more than 5% and their loan officer could sort me out a deal of no more than 4.5%.

The UK based firms who call generally get around it by going through a 'lifestyle questionnaire' which happens to ask if you are a homeowner looking for mortgage advice as well as which newspaper you read.

They then say "Would you like us to introduce you to XYZ to see if they can save you money on your mortgage?" but will also have collected a load of unrelated info as well.

PorterLA

I am registered with the telephone preference service and they still called my mobile

The FSA have told me that Mortgages for you cannot contact people direct to cold call, but marketing firms can.


Mortgages For You owner and management have set up a business called Baker Goodchild to act as lead generation for them.



If the marketing firm were not owned by the same people then at least you know that any information they provide is Impartial and independant.

Morally and ethically it is very questionable, are they Treating Customers Fairly?

Leon_W

I have to agree homer.

As much as the practice is dubious, it is not against any law to be managing director (or whatever) on any number of companies that you see fit. Although cold calling specifically for mortgages is illegal, cold calling for "lifestyle questionairres" is not, and if, during the conversation consent is obtained to introduce to a mortgage broker then this is not in breach of the regulations. However, I would have thought that whoever was called should be made aware that the broker is a related company to the "lifestyle questionarre" company.

I'm sure Pink would be aware of the arrangement and monitoring it closely.

They also charge £1495 ! ouch !