Getting second opinions on mortgage advice?

florence4

GMS, Thanks. I didn't select 2 year fixed - these are what she has suggested. I can't see the point of 2 year fixed at the moment, since I reckon it's very unlikely the BoE rate will go up more than a tiny amount in the next two years... Can you suggest any BTL products that might give a longer fixed term?

ACG, it's easy to get wires crossed on here, isn't it?! That's pretty much what I'm thinking now, which is why I'm here looking for other recommendations...

Dan, yes, I agree

ACG

Mortgage Advice is a regulated field. Were not allowed to recommend/suggest/or in anyway lead you into a product without first doing a factfind (Which is something your original broker appears to have done?)

There are 5 and 10 year fixed rate products available but the rates are higher (more risk to the lender that rates will go up in that time). You also have to consider the fact that your tied in for that period - what happens if you want to sell up?

florence4

Ahh, I didn't know that ACG, thanks. That is presumably why the broker wouldn't give me any product details/company names, and simply headed the emailed info 'mortgage options' rather than anything more concrete...

GMS

Have you completed a full fact find with the broker? If you don't want a 2 year fixed then they should not be recommending one.

florence4

No, I haven't had any kind of fact find, GMS. All I have had is (a) a long frustrating convo with a L&C advisor who finally admitted he 'didn't understand' BTL, and who then arranged for a colleague to call me back - but they never did; (b) a promise of a call-back from an estate-agent's 'tied' broker, which also never happened; and (c) a 20 min phone convo with the broker who provided me with these illustrations.

To be honest, I am really surprised at how difficult it seems to be to get good advice! I'd have thought I was quite an attractive customer (- as someone who owns a home outright and is now potentially looking for two mortgage products, plus perhaps insurance)... But no-one seems to want to help me! :-s

ACG

lol, you seem to be copping for them all.

I would personally just do a google search. Chances are a small local broker will be glad of the custom. L&C advisors and estate agents ones get clients handed to them on a plate.

florence4

Haha, I suppose I should laugh... Otherwise I risk going bald from tearing my hair out! I was all trussed up and handed over on those platters ACG, and they just didn't seem to want me!

If there is anyone out there reading who can recommend a great broker/mortgage advisor, please let me know!

ACG

Where are you based? I used to be an account manager at a life office and looked after mortgage and financial advisors around the country. I might know someone where your based.

florence4

West Yorkshire. Within reach of Leeds/Bradford/Huddersfield and Manchester. Thanks.

florence4

Of course the irony is, the longer I struggle to find an advisor, the more likely I am to find out what I want all by myself, and then no longer need an advisor... The industry is really doing itself no favours making it so difficult to get advice... Or have I just been very unlucky?!