FEB 2015 – Longer term fixes
There are currently some phenomenal longer term fixed rates on offer, but something seems to prevent UK consumers from opting for these attractive options. In a world where advice is now the norm, understanding consumer needs and their attitude to risk is key. So in making recommendations any adviser has to be mindful of committing the consumer to a product that might leave them with limited flexibility to move, raise further funds or make additional repayments. This has been exacerbated by the reaction of some lenders who have made porting their product a lot more difficult. The prescriptive application of terms and conditions or applying affordability measures that are not required by the FCA has driven caution amongst some advisers. This is a natural reaction against the product rather than a more measured approach against certain lenders. There is a need for the more responsible lenders to apply pressure on their peers.This content is for members only.
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