Mortgage Advice

[Samdy Gray]

However I would point out its not what I do but I have given insurance contract/law advice to claims handlers who do work in that field.

Well, then I would point out that critical illness and income protection is "what I do" and any reputable insurer would never purposefully look to decline a valid claim.

Personally I wouldn't be without that cover. Heaven forbid not having it and then getting struck down with an illness which meant I could never work another day in my life.

[Nemo]

Decent insurers payout rates are well into the 90s, and they have to include all sorts of daft things in the declines column for those figures (people claiming on Policies that don't exist, downright lies etc)

I suggest that if you've seen a few bad cases GFM, you have an overly cynical view of the entire market.

[Simon Pieman]

My dad had cover and the mortgage got paid whilst he was ill and paid off when he died. So definitely something to think about

[Arriba]

my experience of financial advisors is that they are all in it for their own personal gain.
use your own common sense when dealing with them and see more than one.

[Bogus Dave]

A kid straight out of college is unlikely to be qualified to give you mortgage advice.

Be aware that if you're taking on a mortgage, you might want to look at life cover, critical illness cover and income protection too. If you go to an IFA they'll be able to sort the whole shebang, including the mortgage.

Well, somebody works for a financial services company...

[Bogus Dave]

my experience of financial advisors is that they are all in it for their own personal gain.
use your own common sense when dealing with them and see more than one.

Same advice for any salesmen of any proffesion

[4D]

Be aware that if you're taking on a mortgage, you might want to look at life cover, critical illness cover and income protection too. If you go to an IFA they'll be able to sort the whole shebang, including the mortgage.

Those are the 3 things that will be advised / offered when you apply. Check with your employer what you are covered for...i.e. you may have life cover and some sort of critical illnes/long term sick leave cover.

[nevillew]

Generally, if you're in a company pension scheme there is usually life cover as part of the package - It probably won't cover the full value of a mortgage though

[Gazza's Fat Mate]

Well, then I would point out that critical illness and income protection is "what I do" and any reputable insurer would never purposefully look to decline a valid claim.

Personally I wouldn't be without that cover. Heaven forbid not having it and then getting struck down with an illness which meant I could never work another day in my life.

I bow down clearly you have considerable insurance claims experince and knowledge of insusrance/contract law.

my experience of financial advisors is that they are all in it for their own personal gain.
use your own common sense when dealing with them and see more than one.

Couldn't agree more!

[Samdy Gray]

I bow down clearly you have considerable insurance claims experince and knowledge of insusrance/contract law.

Well, you were telling people that some forms of protection were not worthwhile by making statements that were untrue. I'm just trying to give a balanced view. Like Nemo already pointed out, over 90% of claims are paid.

[Bumblebee]

Hi Luci,

Rather than heading into a bank, where as stated before you will likely receive limited advise or offers, I would actually advice you to head into an estate agents and ask it they have their own broker or an affiliation with a specific IFA.  Many 'all of the market' brokers and IFA's link up with reputable estate agents and this link often allows them to provide free advice, of the kind you sound like you need, because they have a stream of leads generated for them to afford this luxury.

Some good questions to consider are:  Mortgages - Do they offer all of the market advice?  If not, bear in mind deals with companies such as First Direct will not be included in their search and may be better priced.  Insurance - Do they offer lifestyle insurance advice or solely mortgage life cover? An IFA worth his commission will be able to advise you what is best for YOU, not just what is best to satisfy your bank. Payment Protection - be cautious! You may feel that your job is secure and you dont need it, but unless you have a rich and generous spouse or family, I would suggest it's worth considering as you never know what may happen tomorrow thats out of your control, and so will most reputable IFA's.

[Luci]

Those are the 3 things that will be advised / offered when you apply. Check with your employer what you are covered for...i.e. you may have life cover and some sort of critical illnes/long term sick leave cover.

Cheers - I get a really good benefits package from my employer so def worth thinknig about - thanks!

[blah blah]

Like everyone else, I'd suggest talking to an IFA, but also do a bit of your own research. Once you've got an idea about what type of mortgage is right for you (ie repayment, fixed rate, discounted etc) have a browse on comparison websites as many mortgages are not available through IFAs, only direct applications - HSBC & First Direct are good examples but there are others too. Moneysupermarket.com and the like offer quite a good comparison of what you will end up paying and you may find better deals than an IFA can - if you're unsure, run the deal past your IFA, he may be reluctant to do it, but if it really is a better deal, he should be able to confirm it

[Phil_S]

Whenever I've seen a mortgage broker, asking them how their earn their fee is always one of the first questions I've asked.  Important to understand the broker's/adviser's incentives from the outset.

And isn't Phil_S in that line of work?

Yes I am,

If you want to PM me with an e-mail address I can e-mail you information that will help. The FSA website is a good source & I've put together extracts that I let my clients have when applicable.

I work from the "Whole of Market" & don't charge a fee. The searches I do can include lenders "direct deals" too.

[Phil_S]

my experience of financial advisors is that they are all in it for their own personal gain.
use your own common sense when dealing with them and see more than one.

This is true, the same as anyone in a job is doing that for their own gain