Feeling disappointed with mortgage advisor

pootleflump

My mortgage advisor seemed to want me to choose a specific product before supplying me with a quote, and guided me towards a 5 year fixed rate.

I told him the max term I would like to take the mortgage over, yet when he came back with a quote, the term was for 2 years longer than I said. I replied, reminding him of my max term & 2 days have now passed without a reply.

I'm now getting a bit annoyed. The advisor will charge £500 for this service and I'm just not feeling happy with the service I'm getting. I definitely feel he should be giving me quotes on different products for comparison.

What do you think - am I expecting too much?

ACG

Find a new broker?
Our job is to ask you questions to narrow down the search. There are times I provide clients with a couple of options, but there are also times I show them the best deal - it depends on the client and the options.

If you told him you would be comefortable spending £x each month and the repayments are more, he may have extended the term? Or he may have needed to extend the term to get it to pass affordability. Admittedly in either case, he should be discussing this with you.

Have you called him and spoken to him? Your email could have ended up being missed/in spam/not delivered etc etc.

kingstreet

pootleflump wrote: »

My mortgage advisor seemed to want me to choose a specific product before supplying me with a quote, and guided me towards a 5 year fixed rate.

I told him the max term I would like to take the mortgage over, yet when he came back with a quote, the term was for 2 years longer than I said. I replied, reminding him of my max term & 2 days have now passed without a reply.

I'm now getting a bit annoyed. The advisor will charge £500 for this service and I'm just not feeling happy with the service I'm getting. I definitely feel he should be giving me quotes on different products for comparison.

What do you think - am I expecting too much?

What kind of mortgage?

If it's a BTL or a Precise Mortgages product, you may be limited to a five year fix due to affordability.

pootleflump

It's a normal residential mortgage but will have consent to let. No problem with affordability and rent is well above mortgage payment.

Thrugelmir

pootleflump wrote: »

It's a normal residential mortgage but will have consent to let. No problem with affordability and rent is well above mortgage payment.

Consent to let is not normally granted until at least 6 months has elapsed. CTL is at the discretion of the lender. Not a contractual term.

pootleflump

We're forces, and most lenders now give consent to let from day one for us.

kingstreet

pootleflump wrote: »

It's a normal residential mortgage but will have consent to let. No problem with affordability and rent is well above mortgage payment.

Sorry, that's not a 'normal' residential mortgage.

Some lenders may be happy to give immediate consent to let to service personnel, but this is a concession often requiring further checking.

Typically, a let is expected to see rent of at least 140% of mortgage interest assuming an interest rate of perhaps 5.5%pa.

Which lender is this?

pootleflump

Sorry, I don't understand exactly what you're saying, kingstreet.

I currently already have a normal residential mortgage as forces - it definitely doesn't have any concessions.

pootleflump

I haven't been told who the lender is, but rate is 1.74%. I'm currently with Santander on a rate of 1.24.

kingstreet

pootleflump wrote: »

Sorry, I don't understand exactly what you're saying, kingstreet.

I currently already have a normal residential mortgage as forces - it definitely doesn't have any concessions.

Lenders do not normally offer residential mortgages to those requiring immediate consent to let. It is a concession to services personnel to offer such a facility not available to other borrowers.

I suggested only that the underwriting process can be slightly different than for a 100% residential proposition.

On the substantive issue, you are going to have to decide to stick with the broker in question and ask why you are being offered something different to your requirements; or vote with your feet and go elsewhere...

getmore4less

pootleflump wrote: »

I haven't been told who the lender is, but rate is 1.74%. I'm currently with Santander on a rate of 1.24.

Does that Santander have CTL?

Did you check their retention products first?