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Mortgage application on the phone
chaoclive
Posts: 35 Forumite
Just a few quick questions that I'm confused by!
I've applied for new mortgage with Halifax. There are 2 options: with a product fee (payable in advance) or without. I'm keen to know how each one actually affects the payments/rates etc but the advisor has told me that he can't give me comparisons over the phone or via email as it's contradictory to regulations. All I want to know is if I take the product fee mortgage how much will I pay per month & what I would pay If I don't take the product fee mortgage.
Is this correct? Surely this is very prescriptive and I can't tell if I'm getting a good deal or not!
I've also asked about how much a term of 16 years would cost as opposed to a term of 17 years.
I'm really confused but I thought that they weren't meant to provide 'advice' and that I should be able to make an informed decision by myself, especially since I've had everything else agreed!
Confused CC
I've applied for new mortgage with Halifax. There are 2 options: with a product fee (payable in advance) or without. I'm keen to know how each one actually affects the payments/rates etc but the advisor has told me that he can't give me comparisons over the phone or via email as it's contradictory to regulations. All I want to know is if I take the product fee mortgage how much will I pay per month & what I would pay If I don't take the product fee mortgage.
Is this correct? Surely this is very prescriptive and I can't tell if I'm getting a good deal or not!
I've also asked about how much a term of 16 years would cost as opposed to a term of 17 years.
I'm really confused but I thought that they weren't meant to provide 'advice' and that I should be able to make an informed decision by myself, especially since I've had everything else agreed!
Confused CC
0
Comments
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Due to MMR, mortgages are granted by CeMAP qualified advisors who have to give you advice, unless you specifically select to proceed on an execution-only basis.Slummy mummy!0
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Plenty of online mortgage calculators if you wish to consider the options. I'm sure the call centre operatives have better things to do with their time. Than act as your lackey.0
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Put your details in here and you can compare the monthly costs. In general 'fee free' ones will cost you more per month than those with a fee upfront.
http://www.halifax.co.uk/mortgages/mortgage-calculator/calculator/0 -
Well he doesnt sound like a very good advisor!
All our advisors are required to provide a key facts illustration, and if the client decides to add the fees on , they are also provided with an equivalent illustration with no fees added so they can compare costs0
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