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vorlon24 · 10-03-2005, 18:44

I have had enquiries in the past where someone was earning £20k and wanted a mortgage for £160k.

That is stretching things a little too far.

When I recommend a mortgage, I make it clear what the repayments are going to be, what they will be when the offer period ends, and the effect of an increase in interest rates. This information is also provided on the Key Facts Illustration that has to be provided.

They are required to sign the letter to signify acceptance of my recommendation and agreement. If there is anything that they do not agree with, it gets changed (it hasn't happened yet, as I am a fantastic adviser!).

So it's not really me that drives the income multiple, it is my job to try and get the best deal for the amount of money they need. If they can't get the amount they need, I let them know before any more work is done.

(Oh, and the bit about the fantastic adviser. This was on a feedback questionnaire that one of my clients completed recently, so it must be true!!!)

10-03-2005, 18:44	#20
vorlon24 Senior Member+ Join Date: Nov 2004 Location: Tunbridge Wells Posts: 1,585 Liked: 0 times Rep Power: 44	Re: Renting Property in Accrington I have had enquiries in the past where someone was earning £20k and wanted a mortgage for £160k. That is stretching things a little too far. When I recommend a mortgage, I make it clear what the repayments are going to be, what they will be when the offer period ends, and the effect of an increase in interest rates. This information is also provided on the Key Facts Illustration that has to be provided. They are required to sign the letter to signify acceptance of my recommendation and agreement. If there is anything that they do not agree with, it gets changed (it hasn't happened yet, as I am a fantastic adviser!). So it's not really me that drives the income multiple, it is my job to try and get the best deal for the amount of money they need. If they can't get the amount they need, I let them know before any more work is done. (Oh, and the bit about the fantastic adviser. This was on a feedback questionnaire that one of my clients completed recently, so it must be true!!!) __________________ "The Hour of Scampering is usually around teatime, according to the Vorlon/Human Translation Dictionary."