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[MSE Dan]

Hi folks,

We've updated the Mortgage Advice article, including new techniques to help borrowers search as many deals as possible. Part of this included adding in two new companies, Mform and Mortgage Monitor.

http://www.moneysavingexpert.com/mor...gages-cashback

If you use either of these while searching for a mortgage deal, please let us know your feedback.

Cheers

Dan

[verbatim]

I just called Mortgage Monitor and they were good in advicing me regd my current lender and mortgage and also gave me a few figures if i needed to buy my second home on a repayment.

[Leon W]

Oh dear Oh dear.

Yet another company that thinks its above the rules that apply to every other broker I know.

Take a look at Mortgage Monitors website www.mortgagemonitor.co.uk . It clearly holds them out to be "independent" when in actual fact they are not.

They are whole of market brokers that receive a fee from the lender so they will not be recommending the likes of HSBC etc. To call themselves "independent" they HAVE to offer a fee paying service, which they don't.

If they cared to look in the FSAs MCOB handbook they will read this.........

6. What do you mean by 'independent'?

You must not hold yourself out (including advertising your firm) as acting independently in providing information or advice to customers unless you intend to:

• provide your service wholly or predominantly based on the whole market; and
• give the customer the choice of paying by fee for that service.

So if you advertise your firm as independent you must state your fee prominently. See also Question 5 about 'Stating information about your Fees'.
You can find more details on independence in our Handbook - Mortgages and Home Finance Conduct of Business Sourcebook, Chapter 3 at 4.3.7R.


So therefore Mortgage Monitors first point of interaction with prospective clients is, in fact, miss leading and goes against the FSA Treating Customers Fairly initiative.

Be it on your head when someone complains that they thought they were getting an "independent" service when they were not and MSE was carrying the "advice"

Regards

[tony9239]

I have to correct an error in Leon W's post regarding Mortgage Monitor where he claims they are not truly independent because they don't charge fees for advice and will not recommend customers to go direct to lenders like HSBC.
It's true they don't charge fees but they do advise clients if they could get a better deal directly with lenders and recommended 16 clients to do just that in August 2008 alone.
While this may not tally with the FSA handbook it is much the fairest way to treat customers and ties in with MSE's views on the matter.
As Martin says on this site: "my preference is don’t pay a fee if you don’t have to, thus you want to find a ‘whole of market’ fees-free broker. This means it makes its cash from commission but is regulated to search out a good deal from a wide range of lenders. You'll note at no point have I used the word 'independent', that's because with mortgage brokers that term's got some slightly strange regulation behind it."
I am not a mortgage advisor, but I do know the people at Mortgage Monitor who explained to me about the 16 clients sent directly to lenders in August.

[toonfish]

Originally Posted by tony9239

I have to correct an error in Leon W's post regarding Mortgage Monitor where he claims they are not truly independent because they don't charge fees for advice and will not recommend customers to go direct to lenders like HSBC.
It's true they don't charge fees but they do advise clients if they could get a better deal directly with lenders and recommended 16 clients to do just that in August 2008 alone.
While this may not tally with the FSA handbook it is much the fairest way to treat customers and ties in with MSE's views on the matter.
As Martin says on this site: "my preference is don’t pay a fee if you don’t have to, thus you want to find a ‘whole of market’ fees-free broker. This means it makes its cash from commission but is regulated to search out a good deal from a wide range of lenders. You'll note at no point have I used the word 'independent', that's because with mortgage brokers that term's got some slightly strange regulation behind it."
I am not a mortgage advisor, but I do know the people at Mortgage Monitor who explained to me about the 16 clients sent directly to lenders in August.

So MSE has taken a level above the FSA - I've seen it all now. Wonder ho wmuch this non-compliant company are making from being recommended by this site, and 2 brand new posters singing their praises. It stinks

[dunstonh]

If a company says they are independent then they should comply with the rules regarding using the term independent. Those rules are set by the FSA. Not MSE. The Q&A section makes it clear that they cannot be independent if you use the FSA classification. The only one that matters.

Can I ask, what this company does that most of the UK's other mortgage brokers don't do which makes them so worthy of being promoted by MSE? (seeing as their site makes a point being mentioned by MSE).

[FraudBuster]

While this may not tally with the FSA handbook

...............................................

[Leon W]

Tony

Sorry I've taken so long to reply to this topic.

I have to correct you I'm afraid, not you correcting me.

Any mortgage broker knows this particular rule inside out because it is the first thing you have to consider when promoting your services, so I do not believe for one minute that Mortgage Monitor are not not aware of this rule.

I too referred a couple of my clients directly to lenders last month so can I now claim that I am independent on my website ??? Of course not. In this business you either "tally" with the FSA handbook or you are in breach of it, no grey areas. Mortgage Monitor are clearly one million percent (a Louis Walshism) wrong and it needs to be corrected. I am certainly not having one rule for one and another rule for somebody else, so I will continue to check the site, and if changes are not made I will make representations to people who will enforce a change.

Regards

[Dan_1976]

LOL This is why MSE should not push companies.

They have to offer a fee paying option to say they are independant. Has anybody seen the KFI of this company??

[Qual123]

KFI? or IDD or am i out of date again already?

If there is a link on this site for mortgage monitor does that maen MSE is making money by advertising a non-complient company? interesting? And there was me thinking that MSE had the consumer's best interests at heart!!

[sarkin]

Originally Posted by toonfish

So MSE has taken a level above the FSA - I've seen it all now. Wonder ho wmuch this non-compliant company are making from being recommended by this site, and 2 brand new posters singing their praises. It stinks

They a paid a big fat wedge of cash for a link direct to thier web site,which Martin rightfully trousered.

[Dan_1976]

LOL I meant IDD, I have been away for a few months and it all goes lol!

Sounds about right Sarkin. I am not sure if they have to mention fee paying options online.

I am sure Martin Lewis, consumer champ would not let a company use his site if they were missleading the consumer!

[MSE Martin]

Hi

First of all let me clarify someting.

There is NO commercial relationship between MSE and Mortgage Monitor. You can tell this as the link DOESN'T have a * by it. (I would've thought some of the regulars above would've noted this). Not that having an affiliate link changes the recommendations in any case.

The company was introduced in the article as it fulfilled the size and scale requirements to handle MSE traffic as well as being whole of market and fees free.

The whole point of having this feedback thread is to allow feedback to come (and I admit this should've been spotted earlier). The issue over independence and use of my image is something I will check out. If necessary I will report the breach to the FSA if it is a breach, but more importantly will make instant note to Mortgage Monitor and request why its doing so.

I do wish people would stop seeing conspiracy anywhere. The entire point of this thread is to feedback on companies we have no feedback on. I wish some of the regulars had simply PM'd me and we'd have sorted this out ages ago.

If we don't get this cleared up in a few days I will simply delete Mortgage Monitor from the guide.

Martin

[MSE Dan]

Hi folks,

Thanks for the feedback. If someone could let me know where Mortgage Monitor's site says it is independent, that would be great. I have searched around its site for this wording and have been unable to find it.

Thanks

Dan

[Leon W]

Hi Dan

The thread is pretty old, but I can inform you that not long after my posts above regarding the non compliant and miss-leading nature of Mortgage Monitors website, someone obviously took this onboard and made the necessary changes, removing all references to being independent.

So good on them really for acting swiftly.

Regards

[payless]

don't know who they are .. but I do wonder why they get a mention... they don't seem to offer anything special.

Anyway they could do with looking at their scrolling lender list - think a few of them have gone to the wall already

[mark88man]

I called them, they were very polite, gathered required information promptly. called me back when they said they would, and even identified I was possibly on the market a little early.

However, the rate they offered me C&G was not the best on the market which for a 10 yr fix, is currently Leeds (unless they know something I don't)

I will reserve judgement until next month when I should be in play a little more seriously

[Ian Griffiths Halifax]

I have looked over their website and they HAVE NOT removed all reference to being independent, however, they DO give the option of paying them a fee of 0.5% of the loan amount as an arrangement fee.

As long as their IDD confirms this, then they are not breaking any rules IMO.

[Steff]

All,
I wanted to provide some feedback after using Mortgage Monitor yesterday.

I was a little concerned that registering with them may include a credit check (mine is very good but wont stay that way with willy nilly checks) so I asked them to clarify - they dont do one initially by the way!

I received a very prompt, helpful reply from one of the advisors there who proceeded to look at my current mortgage deal and look at ways of finding a better mortgage deal for me. He was pleasant, polite and helpful.

The whole experience was prompt, helpful and extremely good in my opinion - despite the news not being that great for me unfortunately!

I would recommend anyone using them - you really have nothing to lose!

The main benefit for me was that I got the information I needed and wanted (negative though it was) within a couple of hours as opposed to seeing an IFA and my Mortgage Broker at my current bank - which could take an age to arrange.

Thanks Mortgage Monitor - hopefully when I am in a better position with my mortgage I will use your services again!
Steff

[koexelek]

Originally Posted by Steff

The whole experience was prompt, helpful and extremely good in my opinion - despite the news not being that great for me unfortunately!

This is what people want in the current climate.

No points trying to raise people's hopes if there aren't any... best to tell it as it is