Is a mortgage right for you?
Most people looking at taking out a new mortgage will have spent some time considering options, even before approaching us; be that to buy a new home, raise capital from within their present home or simply to find a cheaper deal than they currently have. They may even have reached the conclusion that it is the only way to achieve the desired result - but is it and, even so, is it the right thing to do?
Here at White Mortgages, we will always take time to understand a client’s needs and fully appreciate their situation before making any recommendations. To do this, we need our clients to be open and honest with us in every respect.
In response to an evolving market and in collaboration with our Regulator, the Financial Conduct Authority, we want to help protect our clients at a time when they may become vulnerable because of other pressures. It may not initially be patently obvious to us, and sometimes to our clients themselves, that they are in a vulnerable position:
Nowadays, criminals are becoming more elaborate in the ways they try and defraud people out of their money and, as a potential source of large amounts, mortgages are on the criminal’s radar.
Please do not be offended therefore if we ask why you are raising funds through a mortgage and remember the saying: If it looks too good to be true, it probably is.
Apart from any coercion by criminals, which thankfully represents only a small minority of mortgage cases across the UK, our clients could find themselves vulnerable in other ways too. In common with criminal activity though, it may not always be obvious as life events, health issues, short term financial pressures or simply a lack of understanding can conspire to put a client under pressure. With our client’s help and co-operation, we will explore all avenues in an effort to ensure you do the right thing.
Will we always arrange a mortgage for a client? No is the short answer, although from experience the number of occasions where a mortgage may not be the correct financial solution for our clients is likely to be extremely low. If, for example, you were thought to be the subject of a ‘scam’, we’re more likely to help you seek support from the appropriate authorities than aid the criminals in extracting money from your home. Likewise, if you were raising money to pay off debts but the underlying cause of the debts was still present, perhaps a major and ongoing gambling habit, it would be more prudent of us to look at options that potentially wouldn’t involve you ultimately losing your home.
The above is by no means an exhaustive list of issues that could render a client vulnerable to perhaps making the wrong financial decision. If you have any doubts whatsoever about your reason or need to take out a mortgage, please tell us.
You can discuss any concerns you may have with your adviser or, if you prefer, with our Compliance Manager by calling 01522 540777.