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18-08-11, 02:04 PM
We also took an endowment mortgage in 1991 and were told it was the best thing since sliced bread and that whilst they were under an legal obligation to show us 6%, 9% and 12% returns, that in reality we could expect much higher.
The advisor was wrong.
Luckily we were compensated and were in the same posistion as if we hadn't take it out.
But hey don't listen to us. The guy with the vested interest knows best
18-08-11, 02:17 PM
It may be different now, but I wonder what you have to do to call yourself an IFA ?
A few of years ago I had a young customer who had a small cleaning company, a very smart young man who was very good at presentation. He was forever getting into financial trouble, thinking of great ways of getting out of trouble only to dig himself more into a hole.
Eventually his business went bust owing quite a lot of money.
I bumped into him a couple of months ago and asked how he was doing to be told that he was doing really well as an IFA :-/
God help his customers !!!
Saying that, as Bank Managers nowadays just want to flog you stuff I'm not sure who is really "independent" !
G
18-08-11, 08:45 PM
I guess the onus is on you to check how good your IFA is before using them. Bankers, IFAs, Solicitors, Teachers, Doctors - they're just titles awarded to people who have gained a qualification. Like drivers - just because you passed your test doesn't make you a good driver.
Do your research and don't get stung. If it seems too good to be true, it probably is. This isn't a 'too good to be true' deal, it's something lots of people do every day to get on the housing ladder. If you don't understand how it works, or think it's a con, that's fine. But unless you have been & spoken to a mortgage broker or good IFA, you probably haven't researched it thoroughly enough to make a judgement either way before writing it off as a bad idea.
18-08-11, 09:40 PM
I think buying your own home is a personal choice and if you want it bad enough you will find away.
There are millons of home owners out there so it is not unrelistic to join them, it is possible for anyone.
I worked damm hard and made it happen, when my friends were going to the coast or a having BBQ, i was working.
Now my mortage is managble and I am nearing the end, I am enjoying the fruits of my labour and very proud of what I have acheived.
Hard work, overtime, saving and dedication will see you to your goal.
19-08-11, 12:12 AM
'just' titles?????? >Originally Posted by Squashed_Fly
...not that we have to study for years and years and years to gain the 'title'?
Well, I tried to help, but I guess my 'title' doesn't count for much......
19-08-11, 01:11 AM
I've just sat for the past half hour reading through all this, makes very interesting reading, as I will be looking at buying a house in the new year.
It really is bloody complicated, I will go see an advisor to get it all explained to me and see what's what.
This whole year I have written off financially I have cut back LOTS instead of spending 200+ every weekend in town I rarely go out on weekends now and am saving lots, also started a new job beginning of this year training and next year my wages will be pretty good when I've done my NVQ's
As far as saving goes I've saved a fair chunk already along with other money I already had, hopefully should be in the position to have about £30k for a deposit, just out of interest can anyone advise if this will help me and make it a little easier to get a mortgage, obviously depends on earnings etc but with a good deposit it must be a little easier?
19-08-11, 07:16 AM
'just' titles?????? >
Well, I tried to help, but I guess my 'title' doesn't count for much......
[/quote]
Don't take it personally! You've taken that out of context and I noticed you didn't quote the rest of that post where I explained it... :
What I said is just because you've studied for a qualification, doesn't automatically make you good at your job. I know good doctors and bad ones, good teachers and bad ones. They all did the same degrees, and worked just as hard to get them.
Surely as a solicitor, you can appreciate that? Unless your telling me that you've never met a 'professional person' who you wonderd how they ever got qualified?
As per usual, this thread is steering a long way from the initial post where I was actually trying to share something I'd learn that may, or mat not, be of use to someone else in the same situation. Of which there are millions of young people. It's on the news every day!
19-08-11, 07:20 AM
It has...but then you mentioned a new scheme and got 5 pages of people with real life experience...some who work in the industry too..saying avoid it. Surely that's worth it's weight in gold?
19-08-11, 07:37 AM
SF - maybe I didn't elaborate enough on my earlier posts....believe it or not, I am trying to help you (and others reading this thread) with the knowledge and experience I have gained directly related to the topic you have posted about.
When you purchase a house you not only need advice from an IFA but also a lawyer. The laws & regulations that we have to abide by change regularly. I deal with IFA's all over the country of varying abilities, many based in the City who are very experienced. I am often approached by them, estate agents and clients about various 'schemes'. The scheme (if it is as the way you have described it) is one I have been asked to give my legal opinion on before. Quite often I advise the people that seek my advice that the scheme will not work and I explain in detail why from a legal perspective, and that is what I am qualified to do.
All I can go on is the information you have posted on your thread, however I could not read the thread without posting my comments as I think they are pretty valid and maybe a small amount of notice might be taken of them - but they have not even been acknowledged!!
Yes, financial advice is important when purchasing a house....but so is legal advice. Yes, your IFA might know solicitors who have no problems working with the scheme he is suggesting...however from experience I do not think it would work . That is my advice...you can listen and if you would like me to explain it further I would not mind at all, as I do want to help people on here. Not many people get my time and advice for free
19-08-11, 07:43 AM
Ryan, in my experience, this is the single most important and BEST thing you can do. The bigger your deposit, the less interest you will pay each month, and the quicker you will be able to pay it off and reap the benefits in the long term.
Edit: And yes, £30K will give you a great start on the housing ladder. Going without a few things now will make you one of the "have's" in years to come.
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