Is my Financial Advisor too pushy ?

spiritus

I'd be really grateful for your opinions on this.

I have put an offer on a house and the estate agent have put me in touch with an independent (whole of market) financial advisor to help me with my mortgage.

The first meeting with the I.F.A revolved around my mortgage requirements and she made several comments that she will be devoting herself to my case and will work as long as it takes (including evenings) to help with the mortgage application and make things go smoothly. She then went onto say that she doesn't actually make much money from referring a mortgage application as once tax is taken out etc etc then it only barely covers her travelling expenses. I had to smile at this as she then went on to say that I should bear in mind that she isn't going to make much money from simply my mortgage application (I think she worded it more tactfully then I'm describing here) and that she makes her money from the provision of healthcare insurance and payment protection plans for my mortgage should I fall ill etc etc and that she would wants what's best for me in case I fall ill or lose my job.

Now I do not have any dependants or a spouse so at this moment in my life health insurance isn't on my list. Even a payment protection plan for the mortgage may not necessarily be for me. Should the worst happen then I can always rent the house out and move back in with my parents short term.

The mortgage application has progressed since then and once again she is asking me about insurance policies. She's offered to put me in touch with a solicitor she recommends and after asking for a quotation for my perusal I accepted her recommendation.

She also wants to take care of my buildings insurance and contents insurance. When I asked for a quote before going ahead with these she seemed a bit put out and told me we have to trust each other and that she will find me the most competitive offer on the market.

Perhaps in my naivety I expected an IFA to offer me advice on mortgages. I wasn't expecting the IFA to try and dictate the momentum of the whole house buying process by ringing me regularly to try and push things along and channel me in certain directions that must clearly be lucrative for them.

Am I wrong to feel uncomfortable with her trying to organise everything for me without me really knowing if I am getting the best deal ?

Should I feel obliged to take out some of these insurance policies as recompense for her work on my behalf ?

SquatNow

....Troll?

Jorgan_2

Do not feel obliged to take anything from the broker, shop around & see what other options you have.

The IFA should have told you what commission they are receiving for arranging the mortgage, check any paper work that you have been given.

pickles110564

SquatNow wrote: »

....Troll?

Yes I think you are:rotfl:

spiritus

SquatNow wrote: »

....Troll?

Troll ??? Can you please explain yourself ??

What reason do you think I have for trolling the forum by me posting this thread.

I have never had any experience with an IFA before and was curious if her behaviour was standard practice.

I'm really quite flabbergasted by your cynicism

spiritus

dolcevita wrote: »

First of all an IFA and a mortgage broker are two different animals.

I'm assuming here that you met a mortgage broker.

But either way, if you go to someone to arrange a mortgage and before you even find a deal you are being pestered to take out insurance then alarm bells should ring.


someone with your best interests at heart?

more like another lying thief if you ask me.


I would go elsewhere for my mortgage advice.

Thanks DolceVita.

But now you've got my spidey sense tingling ! She is defintely an IFA-I have the business card.

Doozergirl

Martin does specifically say not to purchase add-on products from your broker as they are unlikely to be competitive.

I you want these products (some of them may be a condition of your mortgage) then use comparison sites (see Martin's Insurance artcicle) and also visit ww.quidco.com to see if any of the best priced ones are offering you cashback. It's quite lucrative where insurance is concerned - you can often get £50 or more with each policy.

spiritus

Thanks guys.

My mortgage has already been sorted with her which is really all I ever wanted.

She's referred me to a solicitor she knows who has offered a competitive deal on conveyancing etc so I'm inclined to go with them also.

I draw the line on health insurance and P.P.I's.

I'm also a little irked at the way she's trying to drive the whole buying process through. I have a home buyer's report survey due next week so I don't want to officially appoint the solicitory until I see the results of the survey. The IFA said that is fine but it might be best to send the solicitor a post dated chq anyway just to make sure I'm near the "front of the queue".

I've also just realised that the letter from the solicitor I received this morning has no costs confirmed on there at all. The only time costs have been confirmed to me was in my IFA's email to me.

I'm inexperienced in dealing with IFA's but I'm not green and I'm beginning to get miffed with the way she's trying to lever herself between me and every other party.

TBeckett100

find an IFA who is more solvent! and works for a larger company. very unprofession and dare I say it - not treating customer fairly! HER PETROL BILL is not your business,

TBeckett100

she will get £100 for referring a conveyancer.

SouthCoast

The IFA said that is fine but it might be best to send the solicitor a post dated chq anyway just to make sure I'm near the "front of the queue".

What queue?

I know of conveyancers being made redundant as there is no work.

I would guess from the posts that your IFA is pretty desperate for some fee income.