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Going against mortgage advisor advice
BristolExile
Posts: 35 Forumite
If a mortgage advisor at a bank advises you not to take a certain mortgage is the only way to get around this by applying by phone (until the end of the year) or online?
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Is the service being provided actually "advice and recommendation?" (see Initial Disclosure Document) as many banks and building societies provide an "information only" service, which involves them sticking three quotes in front of you and asking you to pick one.
If you want to use a branch, why not go to a different one?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Unless you are actually doing something they advise against then you can still apply through them, eg you wanted a tracker rather than a fixed rate, if they are saying it is completely unsuitable, then I would suspect it is outside of their criteria, so short of making a fraudulent application through another branch (which would be foolish as they would have a copy of your previous application to cross reference against) your options are limited.
Why are they advising you not to take it, as normally target driven branch based sales people rarely turn business away.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I haven't spoken to an advisor yet but my scenario is -
Moving house - current mortgage down to £145k and need to borrow £165k for new house. I would like to pay the ERC on current mortgage c.£5k and apply for a new mortgage for the whole £165k. As our current mortgage is on at 5.5% we should be able to save c.£150 a month. However if the advisor says i should port the £145k and borrow an extra £20k can I go against his/her decision?0 -
State what you want and why. If that disagrees with their recommendation they should be able to document appropriate warnings and continue with the application.0
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I haven't spoken to an advisor yet but my scenario is -
As most banks no longer have advisers then it may not be an issue.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
BristolExile wrote: »I haven't spoken to an advisor yet but my scenario is -
Moving house - current mortgage down to £145k and need to borrow £165k for new house. I would like to pay the ERC on current mortgage c.£5k and apply for a new mortgage for the whole £165k. As our current mortgage is on at 5.5% we should be able to save c.£150 a month. However if the advisor says i should port the £145k and borrow an extra £20k can I go against his/her decision?
There's little point in speculating what issues may arise. House purchase and sale is stressful enough without creating imaginary problems.0 -
I find it fun to postulate though Thrugelmir! ;-)0
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A friend who is training to be an advisor said this could happen but to get around it I would just need to process a telephone application (before the end of the year when the regulations change) or online.0
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BristolExile wrote: »I find it fun to postulate though Thrugelmir! ;-)
Come back in a few weeks time and let us how you are getting on.
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Don't worry. When we finally get an offer on our damn house you'll be the first to know!0
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