Could our FA be annoyed about what we have done?

Bouncybubbles

Hi everyone

I had to start a debt management plan in May this year due to ever increasing debts etc. Anyway we were due to remortgage in October when our two year fixed comes to an end. Now obviously due to the DMP we had two options either stick with current providers or switch to one that will inevitably either decline us or offer us a high interest rate. However on phoning our current provides the other day we have managed to secure a 5 year fixed (this is what we wanted to get us past the DMP/defaults etc timeframe) at just 2.79% reducing our payments by £70/month. Now we have done all of this without informing our MA who we haven't heard from since he moaned about us not paying the life insurance which he also set up (we had paid it was due to change of bank account). Now will he be able to moan about us doing this? Or does our contract so to speak end once he had pointed us in the right direction initially nearly two years ago? I just didn't see the point in consulting him for the above reasons.

dgtazzman

You are under no obligation to use your financial adviser for whatever reason. HE WORKS FOR YOU and if you decide not to continue with him/her, that's the end of it. You have fulfilled all your obligations towards him/her when you paid the bill for the advice for the initial mortgage.

Don't worry about the FA, just worry about getting your finances sorted.

debtfreehorizon

Your mortgage, your choice

In an ideal world, it maybe would have been good to run it past MA, but if they offered you a deal you were more than happy with, then why not

Bouncybubbles

Thank you both

dgtazzman

Of course the FA would like you to use his/her services again, so they can (possibly) charge you again and get another commission from a lender. So yes, he/she might be annoyed, but nothing for you to be worried about.

gallygirl

I agree with the others - and congratulations in securing such a good deal, you must be very relieved to have such peace of mind for five years :T.

David_White

No doubt they would have liked to have done further business with you but considering your situation you've probably made a decent choice.

Bouncybubbles

had a reply from him today basically saying he wishes us all the best and most of his clients who are already with ***** he is advising to stay put as their rates are really good at the moment. So I am pleased he appears to agree with what we have done thank you all