To tell this mortgage advisor to f*** off?

[BerryCheesecake]

My dn is buying a home and has a meeting with her mortgage advisor today. He KEEPS trying to sell her critical illness insurance, payment protection etc. she keeps saying no but he wouldn't give up so she eventually told him she has gone with a different company. (she hasn't). He has asked for all the details and he will 'prove to her how his is better' .

She has asked me to think of a company she could have gone with and then say I forgot to bring it with me.

Any ideas on 'who' I can say she has gone with? And how can I forcefully tell him to fuck off Stop pestering her with quotes?!

I think her quote is about £26 ish a month but she'll be stretched as it is so not sure she can afford it

This is such a massive issue. She is stretched to the point where £26 per month would present problems?

Don't you think she would be better off renting until she is financially more stable?

A single missed mortgage payment will haunt her for 6 years, she's making herself very vulnerable here.

Critical Illness - maybe look at that in due course

No, she needs to look at it now. CIC becomes exponentially more expensive the older you are. Add to that the fact that the more time goes by, the more likely you are to gain weight, or be diagnosed with a health issue, both of which will put the premiums up.

You have a point re the £26 Cake I would think maybe she could afford it but isnt prioritising it, OP we are all just guessing really. She needs to think of all these things relatively quickly. If she does not like this man and finds him pushy she is quite free to see someone else on these issues, or look into the costs herself online.

At least you have a good bit of info here to relay to her.

She should also check with her employer, some employers have deals with insurance companies, she may be able to get a group discount. She could also check online comparison sites to get an idea of average costs with other companies.

I don't know about the UK, but in Ireland, it is the law that if you are taking out a mortgage to buy your home, you have to take out life cover for the amount of the loan. This is then assigned to your lender, so if you die, the loan is repaid adirectly to the lender and they then don't have to chase your next of kin. It does mean that you can't just say you have the cover - you have to provide the policy schedule to the lender, and sign a deed of assignment saying that the payout from the policy has to go to the lender.

Lump sum critical illness cover isn't legally required for a mortgage - but is still really important. Particularly for a single person with only 1 income coming in - if she got really ill, at least her mortgage would be paid off. Her sick pay from work is good compared to the market, but what if she got a chronic condition and couldn't work at all for 3 years? I know at

Sometimes a lender, as a condition of a loan, will require that more cover is put in place than is required by law. Yes it makes it more expensive but if you ask anyone who has had to claim, they will all agree that it was worth it.

Oh, and if someone forgoes commission (i.e. as a favour to a friend/family) you are looking at a 5% to 15% reduction in premium usually.

In the interests of clarity I work in the insurance industry but not on the sales side.

She needs cover. She doesn't need cover with them. I'd tell her to ask if there's some requirement that she has to have her insurance with them, because that's how his behaviour is coming across?

Before she rushes in to buy CIC she should check her employment and pension terms. My private sector employer gives CIC as part of the company benefits as well as substantial Death in Service benefits which mean I haven't bothered with Life Assurance either.

We had a mortgage advisor who tried to sell us critical illness cover, redundancy cover and god knows what else. Came to over £300 per month and he still managed to keep a straight face as he asked if that was acceptable to us

We stuck with plain old life assurance and left it at that!

She needs to review what cover she has however the rules have changed recently about cross selling and mortgage advisors are now not allowed to sell you other products at the same time as advising you on a mortgage. All you need to do is point this out to him and say you will report him and he will soon back off.

Agree with Abbicob.

Thanks for all the advice. She has been to see him and we used onion's line on using a family friend. She has however decided she will get cover, she's just going to shop around to find out where from!

said ins. isn"t worth squat, the salesman which is what he is , gets massive monthly kickback from selling such crap , tell him to go do one !

Abbicob I'm afraid you've got that wrong. I'm a mortgage adviser and I can advise on and make a recommendation for anything I deem suitable and needed by the customer in respect of their mortgage, be that income protection, life assurance or critical illness cover. I know a lot of people see us advisers as just trying to flog any old policy to make money but it really isn't like that - not for decent advisers anyway! The guy the OP is talking about is exactly the kind of broker who gives us all a bad name - he should not be hounding the way he is!

My job is to make customers aware of what protection is available and arrange it if they want it. If not, if they have been clearly informed about a product and they don't want it, that's fine too. But to echo what another poster said - if £26 a month is seen as a stretch on income, then how on earth will your DN cope if she loses her job and has to pay a heck of a lot more for the monthly mortgage payments?

It is all very well saying "ah but I would get £xxx from my job if I was off ill" but company policies change - what you get now might not be the case in 6 months/2 years etc. Also, what if you change job and your new employer doesn't offer any benefits other than SSP?

Sorry for such a long post, I just feel the need to defend my profession! I am passionate about life/critical illness cover amd pay a lot for mine, £150 a month. It's a pain and I could do without it but if I was unable to work and claimed on the benefits the it would be worth every penny!

I said most of you were nice (disclaimer!)

There are a lot of decent advisers around, just we only normally hear about the rapscallions!

I am in a good job with the public sector - have been for 17 years ...until this Gov(e) changed all the rules and now I am facing redundancy - i thank god I took out comprehensive cover for this ...glad she is doing the same and that she told him to feck off x

You're right whospickles, it's always the bad 'uns we hear about and that's fair enough - customers trust us to give them the best advice possible and anyone wh takes advantage of that should be publicly named and shamed!

Just one other bit of advice about critical illness cover - it is absolutely worth shopping around and do not go with the cheapest you find without checking how many specified critical illnesses are covered, and how "severe" is has to be before you claim. I guarantee you, you can do a search online and find seemingly identical policies with monthly premiums from £10-100. The cheaper ones will have the bare minimum illnesses covered and will only pay out in really rare and unusual circumstances. If to do take cover, it really is a case of you get what you pay for.

Sorry OP, am getting off my soap box now. Get your DN to tell her adviser that she does not wish to take cover and that she will put in a complaint about the distress and inconvenience he is causing her if he does now accept her decision. Then give me his details and I'll beat him up

Haha. You see I knew a mortgage adviser was sure to come along!

Thats true gordy no one is safe really at the moment.

My mortgage bank tried this, went as far as to ask how I wud feel leavin my mum to deal with my payin my mortgage if I died!!!!!

When I realised for my 11 pound a month she got 247 I soon saw why...

I didn't take it

I'm a doctor and would never recommend anyone to take out critical illness insurance. I have seen it paid out on a handful of occasions and refused on many, many, many more for various spurious reasons. I don't have it, but put the money we would otherwise spend on it into savings.

Critical Illness Cover is a tricky one. In theory it's great, in practice very few policies will pay.

I used an IFA for my mortgage, had to give her a lump sum on completion of the mortgage, but honestly, was the best money i ever spent. Usually, the rule is with mortgage advisors is that if you don't need to pay them, they're getting good commission elsewhere. Which means they might not be that unbiased with advice.

You need to tell her to grow up, and grow a pair! If she can't deal with saying NO, is she really mature enough to be buying a house? Why on EARTH are you making up detailed lies about other products?
Tell her, to say "no thank you" and "I have said no, if you keep on, I'll go elsewhere".

Oh thats a bit harsh cabrinha some people are just shit at saying no!

Income protection is probably not necessary as long term sickness is covered by our DNs employer. However she should check the details of her employment and be clear exactly what she gets and for how long. Can she survive on half pay and pay her mortgage and bills on half pay for 6months? I suspect not. Critical illness will not be a condition on the loan but is also worth considering.
If your DN is young and healthy now the premiums will be lower and they can be guaranteed to remain unchanged until the end of the mortgage. I do not agree with the adviser being so pushy he is clearly commission driven. Just say no and take advice elsewhere.

Also your DN should consider that she might not always be in this employment and might have to proud his cover her self if she were to leave or be made redundant. But as I said before seek advice from someone else and not your mortgage adviser.