The client receives $ 500 from a mortgage advisor after incomplete advice from the money

The client asked his advisor for € 17,425. He had, on the adviser 's advice, transferred his mortgage early in 2016 to a lower interest and paid interest late.

. to use his severance pay of € 40,000 to make lower monthly payments on his mortgage loan largely without repayment of about two tons. He paid 4.85% interest.

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Concerns Regarding Interest-Only Mortgage

The consultant had calculated two scenarios: interest rate reduction and penalty payment, or repayment of interest. 39, a considerable amount. Calculations have shown that penalty interest would be the most beneficial in the long run.

Complaint

A tax consultant questions the high rate of penalty interest paid by the client and advises him to file a complaint. The benefit to the client would only occur after 2027. If the client moved for that year and then paid off his loan, the scenario chosen would be negative.

However, the consultant says that if the client is mortgage would take with a relocation, there would be no financial disadvantage. Kifid participates widely in this reasoning.

The Advisor should better indicate to the client that his or her choice would be detrimental if he moved before 2027. The advisor must reimburse the client € 500 consulting fee of € 1,500, plus the costs of € 100 procedure.