I`ve been stitched up on my mortgage!!!

John1993_2

Arijha wrote: »

if I wanted the house I had to have the insurance according to her, so yes, it was.

I think that the best thing for you to take away from this is a lesson that you need to do some research, and understand what you are dealing with, before entering into such large financial contracts as a mortgage.

All that you would seem to have "suffered" from here is having (and paying for) some coverage that you'd now not take out. It wasn't unreasonable for someone to sell these to you, so now you shoudl just look at what deal you want going forwards.

If you don't understand a deal that you are thinking of entering, then ask to have it explained to you, walk away, or take the risk that you end up with something other than you'd expected.

The adviser treated you as an adult, and your complaint seems to be that they should have treated you more as a child, and held your hand through the process more. That's not their job, any more than it's the job of the dealer at the Ford garage to tell you that you'd be better off with a Toyota

We learn through our mistakes, and this has been a useful learning experience for you, if you are able to look at it that way.

Arijha

John1993 wrote: »

I think that the best thing for you to take away from this is a lesson that you need to do some research, and understand what you are dealing with, before entering into such large financial contracts as a mortgage.

All that you would seem to have "suffered" from here is having (and paying for) some coverage that you'd now not take out. It wasn't unreasonable for someone to sell these to you, so now you shoudl just look at what deal you want going forwards.

If you don't understand a deal that you are thinking of entering, then ask to have it explained to you, walk away, or take the risk that you end up with something other than you'd expected.

The adviser treated you as an adult, and your complaint seems to be that they should have treated you more as a child, and held your hand through the process more. That's not their job, any more than it's the job of the dealer at the Ford garage to tell you that you'd be better off with a Toyota

We learn through our mistakes, and this has been a useful learning experience for you, if you are able to look at it that way.

Not at all, my complaint is she did not show me any other products and if u would see the facts you would agree with me. the mortgage adviser was surprised how she managed to get the deal on the mortgage so high and he works there! I thank everyone for the time.:)

ACG

You dont seem to be taking the replies you dont like into account. You seem to have made your decision and regardless of what others say your not prepared to reconsider.

An advisors job isnt to come back with loads of options, their job is to make a recommendation (both on the product and provider) and part of that recommendation is to protect against what would happen in certain eventualities - redundancy, ill health, death etc.

You are in a position to reject those if you wish. You will notice on your KFI document it does state you do not have to take any insurance out through the lender or the broker.

You may have possibly paid over the odds - but that does not mean you have been stitched up, it just means you paid for expensive cover... in the same way you can buy heinz beans or tescos own brand beans.

dunston raises a lot of good points in all of his posts and i would suggest you read through his posts again with an open mind. The brokers on here do not gain anything by you keeping or cancelling the policy we are genuinely all here to help in an unbiased way.

John1993_2

Arijha wrote: »

Not at all, my complaint is she did not show me any other products

Yes, she probably recommended the one that she thought was best. She may have realised that you weren't really able to understand financial products very well, so picked things for you, as was her job.

You seem to be wanting to eat your cake and have it here, expecting that she should involve you in decisions more, yet stating that you knew so little that she could easily push you into the "wrong" products.

Anyway, if you want to put in a compllaint, go for it, just make sure that you have your facts dead straight first, and, please, make sure that you don't use text speak.

Arijha

ACG wrote: »

You dont seem to be taking the replies you dont like into account. You seem to have made your decision and regardless of what others say your not prepared to reconsider.

An advisors job isnt to come back with loads of options, their job is to make a recommendation (both on the product and provider) and part of that recommendation is to protect against what would happen in certain eventualities - redundancy, ill health, death etc.

You are in a position to reject those if you wish. You will notice on your KFI document it does state you do not have to take any insurance out through the lender or the broker.

You may have possibly paid over the odds - but that does not mean you have been stitched up, it just means you paid for expensive cover... in the same way you can buy heinz beans or tescos own brand beans.

dunston raises a lot of good points in all of his posts and i would suggest you read through his posts again with an open mind. The brokers on here do not gain anything by you keeping or cancelling the policy we are genuinely all here to help in an unbiased way.

Thank you. I just wanted to see this from someone else`s prospective, and know I have. I am taking all your opinions into account, I wouldn`t bother starting a thread if I wasn`t. Most of you know more about this than me and make good points, and for that thank you!:)

ACG

I havnt read through all of the posts i am inbetween my own clients at the minute but from what i can see i dont think you have been stitched up i think the person did a thorough job and recommended everything to you and has probably been a bit on the pushy side - you being a first time buyer felt compelled to some degree and thats where the problem has stemmed from.

I dont think a complaint would get upheld, but i think you have learnt a lesson to understand what you are buying rather than being pushed into something.

If you would have had to make a claim on one of these policies i imagine you would be happy you had them as the money would have come in useful? In which case there is a need for them.

StuC75

Thats quite a strong allegation you are making there. Most advisors would provide you with a declaration as to how the service was being provide and what they could provide to you.

The Mortgage KFI (Key Facts) and Mortgage offer you received would have advised you of any conditions of the mortgage..

Arijha wrote: »

if I wanted the house I had to have the insurance according to her, so yes, it was.

Arijha

ACG wrote: »

I havnt read through all of the posts i am inbetween my own clients at the minute but from what i can see i dont think you have been stitched up i think the person did a thorough job and recommended everything to you and has probably been a bit on the pushy side - you being a first time buyer felt compelled to some degree and thats where the problem has stemmed from.

I dont think a complaint would get upheld, but i think you have learnt a lesson to understand what you are buying rather than being pushed into something.

If you would have had to make a claim on one of these policies i imagine you would be happy you had them as the money would have come in useful? In which case there is a need for them.

That is exactly it!!! I completely agree with you there funny thing is, I did make a claim on the house insurance and guess what? they did not pay up. I had a leaky roof and they came to investigate and for them to pay to fix anything there should be 7 tiles blown by a storm, therefore no payment. Like you say, I`ve learnt a lesson. When I buy another house I will go with open eyes. Thank you

amnblog

It is not practical to assess advice provided in 2009 against the backdrop of 2013. Your 5 year fixed rate was in all probability the best rate available to you at the time.

The insurance arrangements should have been discussed and recommendations put in writing.

The good news is that the whole sale will be documented and that enables the advising company to assess the quality of their advice if you later have a problem with that advice.

If that cannot answer your queries to your satisfaction your have recourse to the ombudsman.

dunstonh

Arijha wrote: »

Not at all, my complaint is she did not show me any other products and if u would see the facts you would agree with me. the mortgage adviser was surprised how she managed to get the deal on the mortgage so high and he works there! I thank everyone for the time.:)

Your adviser almost certainly was tied to the products and services of one insurer. Most estate agents are. It is a bit like going into an Apple shop and complaining they dont sell android phones.

If you wanted independent then you should have sought an IFA.