When you approach us to look into a mortgage, it is likely that you’ll have done a vast amount of research and know what you’re looking for, be that a new home, finding a cheaper deal than your present mortgage or raising funds within your present mortgage. You’ll more than likely have reached the conclusion that a mortgage is the best way to achieve your desired results but is it always the right thing to do?
In many cases, securing a mortgage is absolutely the right thing to do, but in some cases it might not be. Here at White Mortgages we will always take time to understand a client’s needs fully and appreciate their situation before making any recommendations. To do this we need you, our client, to be open and honest with us.
With cases of fraud specifically targeting mortgages having increased in the last 12 months, during the Coronavirus pandemic, we are working in partnership with our regulating body, the Financial Conduct Authority, to protect our clients at a time when they may become vulnerable because of other pressures. Nowadays, criminals are becoming more elaborate in the ways that they try to 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.
Apart from any coercion by criminals, which thankfully represent a minority of mortgage cases across the UK, our clients might find themselves vulnerable in other ways too. In a similar way to fraudulent activity, our clients may not always know that they are in a vulnerable position. For example, if they are experiencing challenging health issues or life events. With you, our client, we will explore all avenues in an effort to ensure you do the right thing for you at the time.
That leads us to the question of will we always arrange a mortgage for a client? No is the short answer, although this is very much the exception rather than the rule. Our advisers can recall very few instances where they did not arrange a mortgage due to a client’s vulnerability. If, for example, we were concerned that you were subject to a ‘scam’ we’re more likely to help you seek support from the appropriate authorities than aid criminals in extracting money from your home. Likewise, if you were raising money to pay off debts but the underlying cause of the debt was still present, perhaps an ongoing gambling addiction, it would be in your best interest for us to look at options that potentially wouldn’t result in you loosing your home.
Your best interests are at the heart of everything that we do here at White Mortgages, this is why we encourage these open and honest conversations. If you have any concerns at all, we hope that you feel comfortable enough with your adviser to discuss these, however if you’d like to talk to our Compliance Manager, Mark, in a confidential manner then please call 01522 540777.