If you are one of the many residents of the United Kingdom on the verge of giving up all hope of getting a mortgage due to the tremendous struggle we’re all facing, you will be understandably looking to get all the help you can muster during this dreaded credit crunch and recession period.
Mortgages on offer to first time buyers are unattractive and even they are being scrapped over by a huge amount of people due to the money “crisis” within Britain and the lenders being much more reluctant to do just that; lend.
So, because of this dog eat dog environment, it may bother you to learn that the advisers employed to help you get that dream first home are not being all that helpful.
A study by one of the UK’s most respected research and review businesses has reported that the general mortgage advisor on the high street is not giving you the sensible, honest advice that you are going to them for!
The results of this study has revealed that a shabby four out of fifty mortgage advisers that it secretly approached actually did what their job description (let alone the law) instructs them to do. The company had some undercover researchers (posed as a young couple looking for their first home) go to speak to a wide and varied range of lenders, including independent advisers and commissioned ones.
The results obtained where far from comforting, with the majority of advisers seemingly more interesting in flogging an insurance deal into the policy than finding the best mortgage for their clients. If it was not an insurance policy, it was a similar “bolt on” – most of which where apparently totally unsuitable or unnecessary to the actors “situation”.
Out of the over all fifty, a staggering forty one of the advisers did not provide all of the details that the regulations legally require. This includes giving them documents such as the Initial Disclosure Documents and a Key Facts Illustration. They also need to make sure you know when they are giving “information only” or advice.
It just goes to show, you simply can’t trust anybody on face value – even the so called “experts” in the market. So if you are looking for your mortgage, be sure that you shop around – even when it comes to advice!
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