Take extra care when using brokers at moment

Dan_Collins_2

I want in on this news mini! Spill the beans!!

Ian_Griffiths_Halifax

I want a PM, I want a PM

I was sat with a client last night when we made the phone call to take up a Halifax mortgage they had advised of previously by the Halifax.

It was a direct deal and it was to 97% LTV at 6.44% fixed for 5 years, with £500 Cash Back, refunded valuation and free conveyancing.

The only problem is that when you go on the Halifax web site, you can see the deals, but they don't give details of what the redemption penalty would be.

Also, she didn't offer any of the over 5 year fixed rates with different incentives and when you take into account the Higher Lending Charge which isn't mentioned, it isn't as attractive as it seems.

This was the fun part though. The advisor spent more time talking about Life and CIC cover which came out at £86 per month :eek: and B&C cover at £32 per month, than she did on the mortgage.

The clients are taking the £30 Life and CIC policy I have recommended and the same B&C policy though us.

Tiddler_2

OOOOH!!!

Don't forget likkle ol' me!!

Like a bit of gossip!!

It's quite obviously a way of getting people in front of their advisers to cross sell

NeilQuinn

<bursts into forum>

What have I missed?

MortgageMamma

not a lot so far

minimike2

Im bored of sending the PM. Someone else do it. LOL.

I have no update on it yet today, but may hear something tomorrow.

payless

cut out the advisers then offer products like this

5 yr stepped rate

4.99%31st August 2009
then
5.89%31st August 2011
then
6.79%31st August 2013

fees and ties apply

which I feel can easily be "mis -bought" on back of initial lower cost

payless

of course its all down to the consumer to understand, as the broker is not involved, and no advice from the inhouse adviser/ salesperson

2. Whose mortgages do we offer?
We can offer mortgages from the whole market.
We only offer mortgages from a limited number of lenders.
We only offer a limited range of the mortgages from XYZ plc.
3. Which service will we provide you with?
We will advise and make a recommendation for you after we have assessed your needs.
You will not receive advice or a recommendation from us. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to proceed.

Tiddler_2

Ian_Griffiths_Halifax wrote: »

I want a PM, I want a PM

I was sat with a client last night when we made the phone call to take up a Halifax mortgage they had advised of previously by the Halifax.

It was a direct deal and it was to 97% LTV at 6.44% fixed for 5 years, with £500 Cash Back, refunded valuation and free conveyancing.

The only problem is that when you go on the Halifax web site, you can see the deals, but they don't give details of what the redemption penalty would be.

Also, she didn't offer any of the over 5 year fixed rates with different incentives and when you take into account the Higher Lending Charge which isn't mentioned, it isn't as attractive as it seems.

This was the fun part though. The advisor spent more time talking about Life and CIC cover which came out at £86 per month :eek: and B&C cover at £32 per month, than she did on the mortgage.

The clients are taking the £30 Life and CIC policy I have recommended and the same B&C policy though us.

I'm not sure these days but the Halifax Total Mortgage Protection Plan, did used to include ASU aswell, and was level term life & cic.

One thing I have noticed by checking up on their FTB deals is that to get a mortgage over 90% LTV the customers have to take out a Halifax Current Account and have their salary(ies) paid into it

Ian_Griffiths_Halifax

Tiddler wrote: »

I'm not sure these days but the Halifax Total Mortgage Protection Plan, did used to include ASU aswell, and was level term life & cic.

One thing I have noticed by checking up on their FTB deals is that to get a mortgage over 90% LTV the customers have to take out a Halifax Current Account and have their salary(ies) paid into it

That's still the case now.

There was no mention of ASU and £56 difference for an ASU on an £82000 25 year Repayment Mortgage is a bit steep :rotfl: