Interest only mortgages

The-Golden-Vision · May 3, 2013

http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/10032592/History-of-the-interest-only-mortgage-crisis.html

Anyone here got one?

Del · May 3, 2013

No mate

Bruce Wayne · May 3, 2013

Yes, I've got one on mine, but it's a buy-to-let, so probably more the norm. I regularly overpay though to steadily own a bit more of the place each month.

roydo · May 3, 2013

Yep. Over pay ATM, but got stuff in place to repay it one day. *prays*.

Bungle · May 3, 2013

I'm knocking out cheap Endowments if any of you need one? They'll pay way less than quoted at the end of the term and there'll definitely be a shortfall on your Mortgage, but then I'll just take your house.

Lads?

LADS???

roydo · May 3, 2013

Bungle said:
I'm knocking out cheap Endowments if any of you need one? They'll pay way less than quoted at the end of the term and there'll definitely be a shortfall on your Mortgage, but then I'll just take your house.

Lads?

LADS???

Fekkin scandle they were. I am in that game, and have never sold anyone one, ever. Cannot believe the insurance companies got away with flogging what was total eyewash in such quantities

Bungle · May 3, 2013

roydo said:
Fekkin scandle they were. I am in that game, and have never sold anyone one, ever. Cannot believe the insurance companies got away with flogging what was total eyewash in such quantities

We had loads of sales guys that flogged them late 80's early 90's, before my time, but still seeing complaints coming in now, not as often as say 10 years ago but still the odd one. Most are time barred now luckily for us.

roydo · May 3, 2013

Bungle said:
We had loads of sales guys that flogged them late 80's early 90's, before my time, but still seeing complaints coming in now, not as often as say 10 years ago but still the odd one. Most are time barred now luckily for us.

Who do you work for mate?

Bungle · May 3, 2013

roydo said:
Who do you work for mate?

I work for a firm of IFA's, not a well known company. All the guys that sold those policies upped and left after selling a load of dodgy life policies and leaving before the earnings period was up on the commission haha Bad times I'm told.

roydo · May 3, 2013

Bungle said:
I work for a firm of IFA's, not a well known company. All the guys that sold those policies upped and left after selling a load of dodgy life policies and leaving before the earnings period was up on the commission haha Bad times I'm told.

Common story back then, still goes on though, just UCIS/overseas property/etc etc now. Then we pick up the tab. IFA myself. Small but well established.

Bungle · May 3, 2013

roydo said:
Common story back then, still goes on though, just UCIS/overseas property/etc etc now. Then we pick up the tab. IFA myself. Small but well established.

Yeah I get to see the annual FSA fees go through, makes for pretty grim reading. I had to deal with a lot of the Lehman Brothers/Keydata/NDF etc. stuff, that gave them another reason to whack fees up. The FSCS even contacted us and a load of other firms to say they were taking us to court to pay them back for the claims they have compensated, pretty sure they backed down in the end but just an indication of how they try to screw IFA's over yet massive corporate organisations seem to get an almost free pass.

roydo · May 3, 2013

Bungle said:
Yeah I get to see the annual FSA fees go through, makes for pretty grim reading. I had to deal with a lot of the Lehman Brothers/Keydata/NDF etc. stuff, that gave them another reason to whack fees up. The FSCS even contacted us and a load of other firms to say they were taking us to court to pay them back for the claims they have compensated, pretty sure they backed down in the end but just an indication of how they try to screw IFA's over yet massive corporate organisations seem to get an almost free pass.

Makes you want to puke doesnt it? Luckily I just do client facing stuff, so the boss takes care of all the shoit, and, touch wood, we stick to mainstream stuff, and have an Investment Director who would steer us away from anything dodgy. You Liverpool based then?

Bungle · May 3, 2013

roydo said:
Makes you want to puke doesnt it? Luckily I just do client facing stuff, so the boss takes care of all the shoit, and, touch wood, we stick to mainstream stuff, and have an Investment Director who would steer us away from anything dodgy. You Liverpool based then?

Nah mate I'm down south, we've mostly moved away from advice now and the bulk of what we do is execution only and web based cheap life policies, no suing us for that stuff if we didn't tell you what to do.

roydo · May 3, 2013

Bungle said:
Nah mate I'm down south, we've mostly moved away from advice now and the bulk of what we do is execution only and web based cheap life policies, no suing us for that stuff if we didn't tell you what to do.

Me too; south that is. Trying to guess who you work for now! Weve been around for 30 years nearly, so cant really not do client facing unfortunately.

Bungle · May 3, 2013

roydo said:
Me too; south that is. Trying to guess who you work for now! Weve been around for 30 years nearly, so cant really not do client facing unfortunately.

I doubt you'd have heard of us mate, we're pretty small in the grand scheme of things, if you know who Cavendish Online are you might know us.