You don't need to be an 'investor' to invest in Singletrack: 6 days left: 95% of target - Find out more
Am I right in thinking my last provider should have offered me a new deal without the need for advice etc?
All I wanted to do was set up a new deal, as my current one was due to finish, I wanted no extra borrowing and my circumstances were exactly the same. They said I couldn't do that without speaking to one of their "advisors"! However the next available appointment was 5 weeks later which would have meant 2 inflated payments as my current deal would have ran out and I'd be on the standard variable rate.
Have I imagined that or were they well within in their rights to make me wait?
No idea but I changed to a new deal with my existing provider online last week in about 10 min.
I did have to tick a box to say they hadn’t given me any advice but there was no suggestion that I HAD to take advice, from them or from others.
They are not making you wait just you were useless and didn’t act in time.
You knew when your fixed rate came to an end, you knew you went to the standard variable (expensive) rate and did nothing.
They are booked up for advisor slots for 5 weeks.
Options now are to book and wait, book a new mortgage online without advice and wait less time but still 2-3 week etc
I ended up remortgaging and doing it all myself anyway. It just really pissed me off as they were not interested at all in helping me avoid the extra interest charges.
They are not making you wait just you were useless and didn’t act in time
Ooo get you Mr organised, i actually phoned for advice about 4 months prior and was told to wait till nearer the time, at no point did they suggest it would be 5 weeks. I tried to remortgage online (prior to ringing up for the second time) using that very service without the advice but for some reason the computer said no.
It was the general lack of help that pissed me off, as I say circumstances were exactly the same, in fact I earnt more and I'm only borrowing about 40%ltv so hardly a big risk.
If you take out a new mortgage deal on the phone then it has to be an advised service (FCA rules).
It should only take 10-15 mins if your circumstances havent changed.
A bit unacceptable that you would have to wait 5 weeks for an appointment.
Which bank/mortgage company
Virgin.
How much did the bastards cost you out of interest? (no pun intended)
Online non advised execution only.
On phone or in Branch advise only.
Mortgage Adv. 24 years
When I last renewed they said they could not start the renewal/advice process until there was less than 1 month to go on current loan.
they did however give me a form with options and said if I did not want to take advice I would need to sign a waiver. Not really sure why as I don’t think getting advice gives me massive protection especially as there was only one option to choose from...
If you take out a new mortgage deal on the phone then it has to be an advised service (FCA rules).
Sorry mate this isn't true. You can do the execution only service over the phone which isn't advice but not all lenders offer it.
Op are you changing the term at all? If you are then it has to be advised as they'll want to make sure you can afford the changes you want to make. If you know what scheme you want and you're not changing the term than go back to them and say you don't need advice.
If you keep the appointment go through with it and as nice as you can during the appointment say you'd like to make a formal complaint as you've called them in sufficient time to change. Your complaint will be investigated and it's likely the people who investigate it will have the power to back date the start of your new deal to the date your present deal ended. But be nice, don't go in kicking off. It's likely they're just under staffed.
That’s the thing the FCA allow execution only in branch or on the phone direct with your lender .... but no lender let’s you do it because the process of giving advice....then that advice being rejected.... re-assessing the fact find client need and giving secondary advice for it to be rejected again and a client INSISTING on execution is simply a mare.
About 90 quid which was just the one month as I managed to get the other mortgage pushed through quickly.
Online non advised execution only.
On phone or in Branch advise only.
Sorry what does that mean? Should I have been able to do it online?
And just to clarify 8 switched provider as there was no way they were having another penny, i wanted exactly the same term just basically an extension/new deal on a fixed rate,
My advice would be to find a good local mortgage broker and use them.
Yep if Virgin offer it online - nearly all lenders do - it will be a non advice process. You agree an online declaration that no advice has been given.
Yep if Virgin offer it online – nearly all lenders do – it will be a non advice process. You agree an online declaration that no advice has been given.
So is it worth speaking to them or the ombudsmen, I appreciate it's not thousands but 90 quid is 90 quid.
I did my remortgage online with Lloyds whom I bank with, got an extra 0.25% off the rate (wow i know) and a refund of the first mortgage payment which to be fair was unbeatable. That did involve signing a waiver stating I'd refused/didn't need advice.
When you got your letter 3/4 months before your rate ended it would have stated - you can speak to us in a Branch, over the phone or complete a new rate online (if they offer an online service). If you phoned them about a new rate they would/ should of asked do you need advice?
The ombudsman is the final step once you've been through all internal complaints processes. You're a very long way from that.
You have no real grounds to complain, it's a bit shit, but they've not actually done anything wrong. They've not said "you have to wait 5 weeks" they've said "you'll need an appointment, we've not got one for 5 weeks", which is a big difference.
By all means complain to Virgin but I'm struggling to see you getting anything out of this.
Fair enough, I told them I didn't want any advice as I'd scoured the market and could see very little benefit in swapping companies so just wanted another deal with them which I'd done very easily previously but with extra borrowing.
No drama, as I say it's not loads of money but it was just their whole unhelpful tough shit attitude that wound me up.
Stick in a complaint. It does sound like crap service: you got in touch with plenty of time, you were told to contact them closer to the time. You did that, and were then told they then couldn't help you in time to avoid paying them £90 in unnecessary interest. Be polite, state the facts, state how much it has cost you. Very good chance they'll give you some or all of it as a good will gesture.
So is it worth speaking to them or the ombudsmen, I appreciate it’s not thousands but 90 quid is 90 quid.
On a cost/benefit analysis is it worth the few hours' hassle making a complaint will take, for £90? Not IMV but YMMV...
Virgin Money are hopelessy outdated. I opened one of their regular saver accounts recently as you can get 3%. Can't open it online so I had to wait three weeks for a branch appointment. The account has a passbook. It's like something off the ark 😀 .