pianoman
Registered UsersChange your profile picture
-
Posts
1 -
Joined
-
Last visited
Reputation
1 Neutral-
I had a meeting with an IFA friend last night, who calmly told me that the recession had caused his own mortgage APR to fall from 6.5% to 1.5%, reducing his monthly payments from around £900 to £250. When I balked and told him I was stuck in a fixed rate at 6.75% for the next 18 months (the rest of my 2 year fixed term) he told me that he would never have recommended that 6 months ago, and that he, and all the other reputable IFAs around the world knew that rates would be dropping significantly, and would stay low for some time. My issue, and question for debate is this. While the banks are obviously a business and have to sell products that make themselves money, surely they have a responsibility to provide good advice. I appreciate you can never know for sure what is going to happen, but good IFAs are likely to be reliable, and if they all knew what would happen, the banks must have known. Over the term of my mortgage, this product will cost me around £14'500 than it should do. How can they get away with that? Is there any case for sueing them for giving poor advice?
Latest
Our Picks
Reclaim the right Ltd
reg.05783665
reg. office:-
262 Uxbridge Road, Hatch End
England
HA5 4HS
The Consumer Action Group
×
- Create New...
IPS spam blocked by CleanTalk.