Getting a Mortgage Deal
Discussion
That is quite probably unlawful and not stand up to legal scruitiny for obvious reasons!
Why would you want to deal with them!? This may be the answer of the monkey of the phone, but if you really need to deal with them speak to management and tell them quite obviously you are not going to give them £5000 just to have the 'option' of taking up a deal with them and ask them to put in writing why it is they cannot give you the full T&Cs before you sign up!
To be frank though this smells like horse-poo and I would just deal with someone else!
Why would you want to deal with them!? This may be the answer of the monkey of the phone, but if you really need to deal with them speak to management and tell them quite obviously you are not going to give them £5000 just to have the 'option' of taking up a deal with them and ask them to put in writing why it is they cannot give you the full T&Cs before you sign up!
To be frank though this smells like horse-poo and I would just deal with someone else!
Come to think of it, when I applied for a mortgage through Intelligent Finance - so no scammers or jokers, they needed a £500 'valuation' fee.
I had already been agreed in principle by this point, and did it with the agreement that as long as the mortgage completed it would be refunded.
Come to think of it, as I though at the time this was extortionate for what took him half an hour, and was more like a fee to deter people from using their service as a free valuation, and maybe cover their costs for admin if you later decide to pull out.
However, this is a refundable on completion £500, not £5000, and I had the T&Cs though before committing.
I had already been agreed in principle by this point, and did it with the agreement that as long as the mortgage completed it would be refunded.
Come to think of it, as I though at the time this was extortionate for what took him half an hour, and was more like a fee to deter people from using their service as a free valuation, and maybe cover their costs for admin if you later decide to pull out.
However, this is a refundable on completion £500, not £5000, and I had the T&Cs though before committing.
beano500 said:
Has anyone ever come across a mortgagee that will allow you to apply for a new "deal" but not supply the terms and conditions until AFTER you have commited to a non-returnable arrangement fee.
It's a BTL and the fee is a crisp fiver short of a grand.
Seems a positively Dickensian practice to me, but when I had finished laughing down the 'phone at them, they assured me they were quite, 100%, positively serious!!
Where on earth did you get that from?? Makes no sense at all. Especially given the lender you have mentioned. Get thee to a decent broker, they can then tell you what your options are.It's a BTL and the fee is a crisp fiver short of a grand.
Seems a positively Dickensian practice to me, but when I had finished laughing down the 'phone at them, they assured me they were quite, 100%, positively serious!!
I can't name and shame but I wonder if I can mention place names linked to a hooved quadruped of a darker hue.....?
JustinP1 said:
Come to think of it, when I applied for a mortgage through Intelligent Finance - so no scammers or jokers, they needed a £500 'valuation' fee.
Thats different though, thats a val fee, which may be a rip off but the OP is being told that he has to pay an application fee upfront, without knowing that he's getting the best deal. Edited by scotal on Wednesday 30th January 10:58
Didnt get the cryptic clue as to who you are using, but if its a broker, we can always print T&C's from individual websites of the lenders. So it shouldnt be a problem for them to print it out and fax to you, especially if they want business.
If its not a broker, then get into a IFA, let them find the cheapest deal for you, and make sure they dont charge any broker fees.
If its not a broker, then get into a IFA, let them find the cheapest deal for you, and make sure they dont charge any broker fees.
JustinP1 said:
Come to think of it, when I applied for a mortgage through Intelligent Finance - so no scammers or jokers, they needed a £500 'valuation' fee.
I had already been agreed in principle by this point, and did it with the agreement that as long as the mortgage completed it would be refunded.
Come to think of it, as I though at the time this was extortionate for what took him half an hour, and was more like a fee to deter people from using their service as a free valuation, and maybe cover their costs for admin if you later decide to pull out.
However, this is a refundable on completion £500, not £5000, and I had the T&Cs though before committing.
isn't the fee £995, not £5000?I had already been agreed in principle by this point, and did it with the agreement that as long as the mortgage completed it would be refunded.
Come to think of it, as I though at the time this was extortionate for what took him half an hour, and was more like a fee to deter people from using their service as a free valuation, and maybe cover their costs for admin if you later decide to pull out.
However, this is a refundable on completion £500, not £5000, and I had the T&Cs though before committing.
dcw@pr" Target="_blank">class="forumQuoter">dcw@pr said:
JustinP1 said:
Come to think of it, when I applied for a mortgage through Intelligent Finance - so no scammers or jokers, they needed a £500 'valuation' fee.
I had already been agreed in principle by this point, and did it with the agreement that as long as the mortgage completed it would be refunded.
Come to think of it, as I though at the time this was extortionate for what took him half an hour, and was more like a fee to deter people from using their service as a free valuation, and maybe cover their costs for admin if you later decide to pull out.
However, this is a refundable on completion £500, not £5000, and I had the T&Cs though before committing.
isn't the fee £995, not £5000?I had already been agreed in principle by this point, and did it with the agreement that as long as the mortgage completed it would be refunded.
Come to think of it, as I though at the time this was extortionate for what took him half an hour, and was more like a fee to deter people from using their service as a free valuation, and maybe cover their costs for admin if you later decide to pull out.
However, this is a refundable on completion £500, not £5000, and I had the T&Cs though before committing.
There is no £5000 on my one, just the OP's!
dcw@pr" Target="_blank">class="forumQuoter">dcw@pr said:
JustinP1 said:
There is no £5000 on my one, just the OP's!
either you or I have misread the OP then...!'fiver short of a grand' into 'five grand'!
By co-incidence the arrangement fee on my mortgage is also £995. Confusing eh!
Anyway... if the OP goes through a properly licenced broker, he shouldnt have the same problems, as at least he has another level of protection as the broker also has a duty of care and is regulated.
I am astonished they cannot or will not supply the T&Cs though, smells fishy to me or the OP has just been talking to the newly promoted office monkey...!
JustinP1 said:
dcw@pr" Target="_blank">class="forumQuoter">dcw@pr said:
JustinP1 said:
There is no £5000 on my one, just the OP's!
either you or I have misread the OP then...!'fiver short of a grand' into 'five grand'!
By co-incidence the arrangement fee on my mortgage is also £995. Confusing eh!
Anyway... if the OP goes through a properly licenced broker, he shouldnt have the same problems, as at least he has another level of protection as the broker also has a duty of care and is regulated.
I am astonished they cannot or will not supply the T&Cs though, smells fishy to me or the OP has just been talking to the newly promoted office monkey...!
Investment: Rgulated by the FSA.
Mortgage: Regulated by the FSA.
Investment Mortgage: Not regulated by the FSA.
Of course no compliance crew worth their salt are going to let a broker stiff clients on BTL, but the comeback is limited.
Well folks, thank you all. I have been wondering about my sanity, but you've fully restored it!
For the avoidance of doubt, yes the figure is £995.
What I neglected to tell you is that the discussion turned on what this £995 was for, and it was described as being "the fee required to go to the Bank of England to book the interest rate"....
I kid you not!!!!! And we're supposed to be in the year 2008!!!
And for those of you that don't know me, and hadn't looked, I do make my living by consulting with and contracting to Financial Services Firms who need skilled, knowledgeable and intelligent resource to assist them with FSA Compliance!
Yes it dawned on me that they could take the line that it's not a regulated product/activity - hence I wanted a quick sanity check that this is not likely to be commonplace as a practice. And yes, even though I may be well versed in all types of financial products I have been using, and will probably continue to use, people skilled in sourcing and arranging the right product for me.
And, NO, I am not going to be any more explicit about the LENDER and who they are - it is most certainly not a broking firm!
Just consideing my next move
For the avoidance of doubt, yes the figure is £995.
What I neglected to tell you is that the discussion turned on what this £995 was for, and it was described as being "the fee required to go to the Bank of England to book the interest rate"....
I kid you not!!!!! And we're supposed to be in the year 2008!!!
And for those of you that don't know me, and hadn't looked, I do make my living by consulting with and contracting to Financial Services Firms who need skilled, knowledgeable and intelligent resource to assist them with FSA Compliance!
Yes it dawned on me that they could take the line that it's not a regulated product/activity - hence I wanted a quick sanity check that this is not likely to be commonplace as a practice. And yes, even though I may be well versed in all types of financial products I have been using, and will probably continue to use, people skilled in sourcing and arranging the right product for me.
And, NO, I am not going to be any more explicit about the LENDER and who they are - it is most certainly not a broking firm!
Just consideing my next move
edb49 said:
JamieBeeston said:
Given the last 0.5% drop in rates in the US, giving a 3% base rate..
Whats to stop UK customers getting US mortgages, apart from FX?
Most people aren't sub-primey enough over here Whats to stop UK customers getting US mortgages, apart from FX?
Second person to come back with that to me today heheWe really have a high opinion of the yanks don't we
JamieBeeston said:
Given the last 0.5% drop in rates in the US, giving a 3% base rate..
Whats to stop UK customers getting US mortgages, apart from FX?
wWll can you find a US bank that will lend to you in USD, secured on a UK property. If not you are looking for a US Libor backed mortgage from a UK lender, and guess what, they offer you USlibor + a Whats to stop UK customers getting US mortgages, apart from FX?
ing great margin that means your interest rate is broadly the same as you get offered for GBP borrowing. Why?? FX risk. Back to square one.
scotal said:
JamieBeeston said:
Given the last 0.5% drop in rates in the US, giving a 3% base rate..
Whats to stop UK customers getting US mortgages, apart from FX?
wWll can you find a US bank that will lend to you in USD, secured on a UK property. If not you are looking for a US Libor backed mortgage from a UK lender, and guess what, they offer you USlibor + a Whats to stop UK customers getting US mortgages, apart from FX?
ing great margin that means your interest rate is broadly the same as you get offered for GBP borrowing. Why?? FX risk. Back to square one.
Seriously... I dont see why you couldnt.. it's not like we're some back world country, the US lender gets the same amount regardless of the FX rate.. the only wrinkle is the Value of the UK equity offset against the FX rate, but that could be overcome with lower LTVs..
just a thought
JamieBeeston said:
scotal said:
JamieBeeston said:
Given the last 0.5% drop in rates in the US, giving a 3% base rate..
Whats to stop UK customers getting US mortgages, apart from FX?
wWll can you find a US bank that will lend to you in USD, secured on a UK property. If not you are looking for a US Libor backed mortgage from a UK lender, and guess what, they offer you USlibor + a Whats to stop UK customers getting US mortgages, apart from FX?
ing great margin that means your interest rate is broadly the same as you get offered for GBP borrowing. Why?? FX risk. Back to square one.
Seriously... I dont see why you couldnt.. it's not like we're some back world country, the US lender gets the same amount regardless of the FX rate.. the only wrinkle is the Value of the UK equity offset against the FX rate, but that could be overcome with lower LTVs..
just a thought
In theoretical lending terms, wouldnt it be better securing the loan from a country where inflation is a touch nuts and thus the value of their currency devaluing all the time, meaning you'd be paying off more each month even without increasing your payments?
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