mortgage arrears

Mr_helpful

MortgageMamma wrote: »

T

Its the easiest thing in the world to sit around quoting FSA terminology, but you are not stupid, you know as well as I do that its open to interpretation and some of the phrases and terminology used by the FSA is misleading and unclear to the consumer.

The FSA is there to protect the customer so I suggest you explain to them that the word independent is mis leading. I think that whole of market is also mis leading.
I dont think the OP is likely to be impressed with petty squabbling among brokers which is why I recommend the search engines

MortgageMamma

The FSA have had it presented to them by numerous professional bodies including the AMI that the terms are unclear and misleading and it falls on deaf ears. I know you well enough to know you actually agree with me on this one and are actually only disagreeing to make a point on the forum, which is fine, because I'm not going to be drawn further into this discussion nor deflect from the original posters question.

The OP really needs to take professional advice from a mortgage broker, who offers them the option to pay a fee if thats what they feel more comfortable doing, who has unrestricted access to every single mortgage lender in the UK. Thats what whole of market should mean and thats what a job public would think it means, and that is the ideal situation. However it is not common knowledge that whole of market actually does not mean whole of market does it? It actually means the broker in question may select a lender from a panel which is representative of the whole of market. There ca be less than ten lenders on that panel. Therefore I can quite rightly state that the term whole of market is completely misleading and confusing to a consumer and in my professional opinion the FSA are not doing their job properly to "protect the public and make them more financially aware" all they have simply done in their nonsenical definition of this term is deceive the public and leave them more vunerable than ever.

herbiesjp

MortgageMamma wrote: »

The point you are missing absolutebounder .

Hmm.. interesting!

MM is that a typo?

MortgageMamma

My mistake!

Mr_helpful

MortgageMamma wrote: »

Get yourself a good whole of market broker (this means they have access to all or most lenders)

MM

MortgageMamma
However it is not common knowledge that whole of market actually does not mean whole of market does it? It actually means the broker in question may select a lender from a panel which is representative of the whole of market. There ca be less than ten lenders on that panel. Therefore I can quite rightly state that the term whole of market is completely misleading and confusing to a consumer

This is probably why I dont grace these boards much. So much advice ends up as petty arguments over the size of brokers ego. The search engines provide access and choice to virtually anything a client could want to know.

MortgageMamma

1. A truestatement of what whole of market means - correct?

2. Advice to the applicant regarding the fact whole of market can mean true whole of market or panelled whole of market.

I cannot see what you are getting at there, this is not about my ego - as you know I'm confident and self assured enough not to need to prove points for the sake of it, be it about mortgages or anything else - my posts are about helping this person find their way, and hopefully clueing them up about the meanings of the industries confusing terminology.

payless

Mr_helpful wrote: »

. So much advice ends up as petty arguments over the size of brokers ego.

what about their alter egos

MortgageMamma

payless wrote: »

what about their alter egos

:rotfl:bosh.

Conrad

MM, I take a hollistic approach. Bankcrupcty is an option to be explored by the OP. You say one will be blighted for 6 years as a result!

This displays an incredible level of ignorance. A Bankcrupt I dealt with was accepted by SALT (Derbyshire BS - a highly cautious reputable lender) exactly 12 months after going bankcrupt). The deal was self cert 90% and 3 years fixed at 6.8%.

THE OUTCOME (afterall thats the only thing that counts) = he has a reasonable rate and peace of mind, and wont have to remo and find many thousands in fees and interim interest for 36 months AND HE HAS NO. THATS RIGHT NO other debt to worry him anymore as the bankcruptcy wiped them ALL out.

Can I suggest you start taking an interest in the the totality of matters financial. As I said to you a long time ago I dont inflict insurance sales on my clients as I wish to concentrate fully on finance - there's a lot to know you see.

lindens

maskean wrote: »

I have got my self into arrears again this has happened a couple of times but i have always got myself straight,(i have got a lot of debt at the minute it seems everytime i sort one debt out i fall in arrears with anotherr)i will be paying the arrears of this week i have just rung them and told me they have sent for court papers for repossesion the lady on the phone was very helpfull and said as long as i have it paid before the court date then it will be stopped,the question i have is the mortgage deal ends 1st november after being with them for 3 years mortgage started 240 now 466 ,i want to change mortgage lenders when i get the arrears cleared and then take some equity out of my house to pay of all my debts will other lenders take me and my partner on and will we be able to take the equity out,we both have bad credit rating as we got ourselves into trouble with bills but we are on the up have made arrangments with our creditors,will ther lenders take us on.michelle

Yes you could find someone to take you on but you will probably pay a sub prime interest rate which means higher mortgage payments.
You really should go over to the DEbtfreewannabee board, and read the first timers post at the top. If your debts are all over the place, then get yourself organised. The people over there are really helpful, they will not judge you as to why you have debts. Post up your list of ingoings/outgoings and they can help you save money in some areas which means you have more money to pay off your debts.
Make sure you always pay the mortgage and council tax first, if this then means missing a CC payment then so be it. You dont want to be homeless:eek:
Look forward to seeing you over on the DFW board;)