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  • FIRST POST
    • carlrac
    • By carlrac 1st Dec 06, 5:28 PM
    • 13Posts
    • 3Thanks
    carlrac
    Dont Be Put Off By Advice
    • #1
    • 1st Dec 06, 5:28 PM
    Dont Be Put Off By Advice 1st Dec 06 at 5:28 PM
    A couple of months back I logged a couple of different threads relating to my need to remortgage to clear outstanding debts,currently being dealt with via a dmp with the CCCS.I have 2 defaults & a credit score of 485 which is classed as very poor.I was advised by several people on this column that I would be lucky to find another lender willing to lend below a rate of 8% & lucky to even to find one to lend at all!:confused:
    Well,with nothing to lose but thinking I may be wasting my time,I tried London & Country & to my amazment they come back with a mortgage with the Abbey at a rate of 4.88% which we have now been formally offered,which I am over the moon with.
    So anyone in a similar boat dont take everything you read on here as gospel go to a broker to see how the land really lies.
Page 1
  • AndyWallace
    • #2
    • 1st Dec 06, 5:39 PM
    • #2
    • 1st Dec 06, 5:39 PM
    So anyone in a similar boat dont take everything you read on here as gospel go to a broker to see how the land really lies.
    by carlrac
    Absolutely. These boards mean little to either the person asking the question or an adviser making a statement. A lot of broker comments will be based upon memory, I mean, why should a broker research anything for the purpose of answering a question, when they are not being paid to research it?

    When you approach an adviser in their professional capacity they are under an obligation to give best advice. At this point the advice needs to be sound and suitable for the client seeking it.

    8% is steep though, even for serious adverse.

    Andy.
    • carlrac
    • By carlrac 1st Dec 06, 6:27 PM
    • 13 Posts
    • 3 Thanks
    carlrac
    • #3
    • 1st Dec 06, 6:27 PM
    • #3
    • 1st Dec 06, 6:27 PM
    If these boards mean little to either the person asking the question or the advisor making a statement what is the point of this board?I logged the thread hoping that someone with some knowledge of the mortgage market could tell me what I could expect with regards to remortgaging with another lender with the credit history I have(because I am completely clueless in these matters).But the replies I had were completely demoralising & proved to be completely wrong.
    • MortgageMamma
    • By MortgageMamma 1st Dec 06, 7:09 PM
    • 6,495 Posts
    • 3,231 Thanks
    MortgageMamma
    • #4
    • 1st Dec 06, 7:09 PM
    • #4
    • 1st Dec 06, 7:09 PM
    Hi Carlac

    orry I disagree with what Andy Wallace is saying. when I give generic guidance on the boards I say what I feel is best for a forum user with theiir wellbeing at heart. To others, this may only be an internet forum that they choose to post on for whatever reason but I have been here for a while now and helping moneysavers has become a part of my life . Its very rewarding to give something back.

    Do you still have the links to the threads you put on? if so put it on the board, it would be interesting to find out what was said - one point I would stress though is that the comments and information given by advisers who post on the forum are not actually ADVICE, and the reason they are not is because the advisors have not fully assessed your circumstances - as you will no doubt have experienced with L&C client fact finding is a lengthy process. This is why we all have the "this is not advice" disclaimer in our signatures.

    Well done on getting the mortgage with Abbey though, they are pretty good with stuff like that and assess on a case by case basis. I recently got a mortgage approved for someone who'd only been discharged from an IVA about two months. Glad you are sorted.

    MM
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • MortgageMamma
    • By MortgageMamma 1st Dec 06, 7:13 PM
    • 6,495 Posts
    • 3,231 Thanks
    MortgageMamma
    • #5
    • 1st Dec 06, 7:13 PM
    • #5
    • 1st Dec 06, 7:13 PM
    Glad you didnt mean me about the bad "advice" carlac - if you look at this thread I actually told you to go check with Abbey.

    http://forums.moneysavingexpert.com/showthread.html?t=289871

    Just to add as well, looking back at your posts, the person who said 8% doesnt have a signature stating he is an advisor - so I assume he is not one. Please be careful of listening to joe public about mortgages, whilst there are a few reasonably knowledgeable folk about, most of them don't know what they are talking about and simply relate to their own experiences. Not a bad thing - everyones entitled to their view but if they ain't qualified don't act on it!

    MM
    Last edited by MortgageMamma; 01-12-2006 at 7:19 PM.
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • dunstonh
    • By dunstonh 1st Dec 06, 8:50 PM
    • 98,581 Posts
    • 67,058 Thanks
    dunstonh
    • #6
    • 1st Dec 06, 8:50 PM
    • #6
    • 1st Dec 06, 8:50 PM
    There are some contributors to the board who are not advisers but do regularly post misinformation, tainted opinions or just incorrect data.

    A number of the advisers did get concerned enough to raise the issue with Martin and he reviewed the situation and posted his views on this thread: http://forums.moneysavingexpert.com/showthread.html?t=304878

    Whilst a number of us werent happy with the response (which is basically allowing misinformation to be posted and not removed/corrected when notified) it does state that if you act on information here its tough if that information turns out to be incorrect.

    There have been recent threads where individuals have taken a different stance to the advisers which if acted on could have cost the individual over £200k. Another saw someone utilise an inappropriate pension contract disregarding the advice of their own IFA. They ended up in a more expensive contract invested in funds with a past performance lower than what the IFA had recommended to them. All on the basis of well intentioned but inaccurate posts and ignoring what the advisers that contributed to the board had to say.

    Financial advisers (mortgage and investment) give you consumer protection when you deal with them directly. This board gives you none. Caveat emptor.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Ian W
    • By Ian W 1st Dec 06, 10:35 PM
    • 3,719 Posts
    • 2,080 Thanks
    Ian W
    • #7
    • 1st Dec 06, 10:35 PM
    Wooo!! - Hang on a cotton picking minute!!
    • #7
    • 1st Dec 06, 10:35 PM
    If the thread you're referring to is the one linked to by MortgageMamma [which seems likely given you posted it and that's what it's about] there are 8 responses to your query.

    No-one even mentions an 8% interest rate that I can see - though one does suggest an "extremely high" rate may be applied, but even that was tempered with advice about how to improve your credit rating, to the extent you thanked that poster.

    All of the other responses were extremely helpful and most suggested that you speak to a broker to get the best deal. As MM says she mentioned Abbey being the probable best bet and this was supported by another poster in a similar position to you - who Abbey had just accepted. One broker does say, correctly, that most high street lenders wouldn't take you on but even that is tempered by sound advice not to approach the lenders direct so as not to have their refusals damage your status even further.

    Why you thought - with nothing to lose but thinking I may be wasting my time - when you did approach a broker is beyond me? The VERY strong message of a significant majority of posters was - CONTACT A BROKER, why would they tell you that if it was a waste of time?

    TBH I think you were depressed about your situation when you posted [eg: I take it I am in avery bad position then with regards to remortgaging] and read things into posts that simply weren't there. Read the thread again and I think you'll see what I mean.

    D/h - whilst I respect your opinions on all things investment-wise, even if you can be a tad tetchy at times I don't think you'll find much in the way of misinformation, tainted opinions or just incorrect data if you look at what was posted.
  • Jewel
    • #8
    • 1st Dec 06, 11:14 PM
    • #8
    • 1st Dec 06, 11:14 PM
    I'm just a member of "joe public" and as far as I can see, this forum is designed to offer some "thoughts" and "opinions" in order to guide a person or steer them in a clear direction.

    I see this forum as a bunch of people having a discussion about a topic, in the same way as other forums. You make your own decision in the end, and you need to be sensible/mature/bright enough to see it that way! Of course we shouldn't see anything as 'set in stone', that would be ludicrous!
  • AndyWallace
    • #9
    • 2nd Dec 06, 6:39 AM
    • #9
    • 2nd Dec 06, 6:39 AM
    Absolutely. These boards mean little to either the person asking the question or an adviser making a statement. A lot of broker comments will be based upon memory, I mean, why should a broker research anything for the purpose of answering a question, when they are not being paid to research it?

    When you approach an adviser in their professional capacity they are under an obligation to give best advice. At this point the advice needs to be sound and suitable for the client seeking it.

    8% is steep though, even for serious adverse.

    Andy.
    by AndyWallace
    I stand by this but still agree partly with MM and the other advisers.

    The point I'm making is this, if you are posting on a forum you are effectively asking a number of contributors to gather their thoughts and see if the solution they come up with is consistent. If this is so, then you can make a decision and get on with it.

    Do you honestly believe that someone would go away and spend maybe up to an hour on your behalf through a threaded question? In your case the solution wasn't a simple one - one that required the attentive detail of specialist adviser, I would say.

    When you approached L&C you became a prospective client in need of sound advice, and this is what you got.

    Congratulations on your mortgage offer by the way.

    Andy
  • AndyWallace
    If these boards mean little to either the person asking the question or the advisor making a statement what is the point of this board?I logged the thread hoping that someone with some knowledge of the mortgage market could tell me what I could expect with regards to remortgaging with another lender with the credit history I have(because I am completely clueless in these matters).But the replies I had were completely demoralising & proved to be completely wrong.
    by carlrac
    I think the majority of threads indicated that the nationwide were quite stringent. This is not wrong information. MortgageMamma also indicated that the Abbey may be able to help, and they came up trumps - sounds like sound advice from an expert who knows what she's doing.

    It appears to me that you had some kind of fobia about mortgage advisers. (Thread dated 30/10/2006) As you said: "I know I should talk to an adviser...." What was holding you back at that point?

    I'm glad you eventually spoke to someone who knew what they were doing, but just to add, there are lots of advisers on these boards, some may be good, some may be poor. As with L&C, some may be good and some may be poor - it just depends who you get which is why a personal recommendation is always the best option.

    Andy.
  • EdInvestor
    You have to laugh.

    The OP has done exactly what he was advised to do on this forum - see a broker with a view to possibly approaching the Abbey.

    And duly, he has got what he wanted, like so many others.

    Memory can play tricks on you at times, that's for sure.
  • herbiesjp
    carlrac

    I'm glad you decided to follow the exact advice given to you on the board.

    That is you did not go down the high street appying to all the lenders, and instead when to a fee free whole of market adviser. I'm sure you gave L&C more information that just a paragraph in order for them to base their recommendation on.

    Well done (despite what your post above says)

    I fear if you had gone it alone you could have harmed you credit file

    I will re-state my position, whether you agree with it or not doesn't really bother me.

    I personally, will not name lender names on the board. If a name is mentioned and I believe it could harm the OP I will normally give that warning.

    If posters are looking for a recomendation on the open board,I will refer to a suitably qualified professional as per my signature
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • kenshaz
    A couple of months back I logged a couple of different threads relating to my need to remortgage to clear outstanding debts,currently being dealt with via a dmp with the CCCS.I have 2 defaults & a credit score of 485 which is classed as very poor.I was advised by several people on this column that I would be lucky to find another lender willing to lend below a rate of 8% & lucky to even to find one to lend at all!:confused:
    Well,with nothing to lose but thinking I may be wasting my time,I tried London & Country & to my amazment they come back with a mortgage with the Abbey at a rate of 4.88% which we have now been formally offered,which I am over the moon with.
    So anyone in a similar boat dont take everything you read on here as gospel go to a broker to see how the land really lies.
    by carlrac
    All my critics should now be silenced .I am always happy to name London & Country,some are afraid of the competition.I have sat back and watched,observe how this clique now closes ranks.
    Last edited by kenshaz; 02-12-2006 at 11:21 AM.
    To be happy you need to make someone happy.

  • kenshaz
    The Mortgage Guide: Free Printed or PDF MoneySavingExpert Guide Covering first-time buyers, buy-to-lets, and mortgages for those who have had credit problems. This is a free printed 30 page step-by-step guide to getting the cheapest and best mortgage (also available as an instant PDF download)

    This forum is a talking shop,read Martin's article,and treat all posts as Joe Public regardless of their websites and links.
    To be happy you need to make someone happy.

  • kenshaz
    ’s an open forum! Anyone can post so always exercise caution when acting on info.
    To be happy you need to make someone happy.

    • Noz
    • By Noz 2nd Dec 06, 11:44 AM
    • 3,606 Posts
    • 3,404 Thanks
    Noz
    All my critics should now be silenced .I am always happy to name London & Country,some are afraid of the competition.I have sat back and watched,observe how this clique now closes ranks.
    by kenshaz
    Did you read the thread kenshaz?
  • kenshaz
    Did you read the thread kenshaz?
    by Noz
    This thread Yes. Some posters show resentment toward L&C,and are not happy with Martin's article in respect to them and see them as competition on this site,I believe in a balanced view as a non broker and when you promote that perception they join ranks and slam you down as has happened to this post stating their experiences.
    To be happy you need to make someone happy.

    • Noz
    • By Noz 2nd Dec 06, 12:11 PM
    • 3,606 Posts
    • 3,404 Thanks
    Noz
    then you'll understand why your comment that I quoted looks very out of place
  • kenshaz
    :confused: I suggest that you re-read the thread .ie poster very happy with L&C,given contra advice by regular posts previously ,not rocket science.Do you work for an institution in the financial sector?
    Last edited by kenshaz; 02-12-2006 at 12:31 PM.
    To be happy you need to make someone happy.

    • MortgageMamma
    • By MortgageMamma 2nd Dec 06, 12:34 PM
    • 6,495 Posts
    • 3,231 Thanks
    MortgageMamma
    Kenshaz, some people are happy with L&C's services, ultimately if they were not l & c would be out of business. some people are not happy with the service. Each to their own I say.

    I don't see them as competition as I operate completely differently, and neither do the other brokers on here. So here you go, hijacking a thread with your own bitter outpourings again. There has been no rank closing on this thread kenshaz, look back to my comments, and then find the posts carlrac is referring to and read them.
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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