Mortgage Lenders - existing customer deals

[SandyDown]

I know several IFA's and believe me, they are spivs in suits who spin a line about "only we can get this deal". It's bull. They sell on commission, often a whopping sum of money. They get themselves the best deal.

Do you think companies don't want your money if you go direct?

Wake up, most so called "Independent" Financial Advisors are just Rec Cons with a couple of O Levels.

I'm wasting my breath here as usual.

Carry on.

Actually Intermediary Business through an IFA makes the majority of mortgages business, mortgage companies are willing to do a lot to keep their IFAs happy and steer them into selecting their deals to present to their clients. IFAs know that customers will shop around (I'd do) and would be able to challenge their deals !

[NoddY]

In this 21st century world of information at your fingertips, and comparison websites and financial magazines, do switched on people like contractors really need so called "financial advisers", who on the whole, are merely driven by commission on products sold, rather than best value, and are just more middle men to take a cut of your hard earned?

No wonder you guys are all tied to spivy agents for your next gig.

The middle classes have always acted as 'gatekeepers', not really producing anything of value, merely withholding and filtering information and charging access to it. Finance is no different. You're suggesting the demise of the middle class.

[chubba]

In this 21st century world of information at your fingertips, and comparison websites and financial magazines, do switched on people like contractors really need so called "financial advisers", who on the whole, are merely driven by commission on products sold, rather than best value, and are just more middle men to take a cut of your hard earned?

No wonder you guys are all tied to spivy agents for your next gig.

I recently contacted contractor money as almost in position to move. I am with the Portmal and they would only offer £140k mortgage based on contract values. The advisors from CM were able to bumpt it up to just over £200k so there is a reason for using them.

For using FAs in general - I am an IT Contractor and would rather spend time raising invoices, doing work, learning new skills and spending time with the family (not always in that order!) so why the hell would I want to waste precious time pouring over investment possibilities? I would not know enough about the subject to make a wise and informed decision and this is why I ask for advice. Same reason my accountant does my books for me, life is too short to be an expert on everything.

[OrangeHopper]

When our last Woolwich fixed rate expired I received a letter a month in advance offering me a lower rate than I was already paying and lower (very slightly) than the rate being offered to new customers. A simple tick-the-box-and-return-in-prepaid-envelope and another 5 years was in the bag.

Not sure things will be the same next time round now that the Woolwich is part of Barclays.

[wendigo100]

For using FAs in general - I am an IT Contractor and would rather spend time raising invoices, doing work, learning new skills and spending time with the family (not always in that order!) so why the hell would I want to waste precious time pouring over investment possibilities?

Because in 10 years time, when you realise you've been sold a pup that lined everyone's pockets except your own, you'll wish you had.

Same reason my accountant does my books for me.

The same reason?! What decisions is your accountant making on your behalf now that will affect your wealth in 10, 20 or more years down the line? All he is doing is presenting your numbers as required by corporate legislation!

I would not know enough about the subject to make a wise and informed decision and this is why I ask for advice. Life is too short to be an expert on everything.

You haven't got to be an expert. It does not take long to browse (for example) the key Motley Fool pages and come up with a reasonable plan that will outperform most things an IFA will try and sell you.

[shoes]

It does not take long to browse (for example) the key Motley Fool pages and come up with a reasonable plan that will outperform most things an IFA will try and sell you.

Here's what I did. I took a week between contract extensions and went to Greece. Before I left I bought 'what investment' magazine at the airport. I read some of it whilst lying on a sun lounger by the pool where I made some sensible decisions that were right for my circumstances. I put these into practice when I got back. They have proved to be good choices since.