mortgage broker problems...

payless

I've done a 30 mile round trip to talk about deposit accounts .. but it was a referral ( well actually about 4th or 5th down a line of referals )

although yesterday I turned away a £1/2mill case as it did not scan right

the_son_of_Richard

Thank you so much for the all your advise

as to the picking holes, he pointed out that on one of our insurance quotes it states that i am a non smoker, when infact it does state that i am a smoker,
we told him our quote ticks more boxes on the critical illness part (axa) he argues that his one does (norich) i have it in black and white.
arguing his quote is based on 9.99%, ours is 8%.
also our quote didn't include the mortgage fee of £1600.
Aggghhhh....


i think we're going to try the high street lenders, if no joy, then perhaps we'll have to sit on it a while.

we are overwhelmed with all the advise recieved today and greatly appreciate.

Thank you

:beer:

dunstonh

we told him our quote ticks more boxes on the critical illness part (axa) he argues that his one does (norich) i have it in black and white.
arguing his quote is based on 9.99%, ours is 8%.

If he was independent he would be able to quote AXA and Norwich Union. So, focusing on one company alone sounds like he is either tied or multi-tied.

Ian_Griffiths_Halifax

It was his choice to not charge a fee, and if it was on the understanding that you were going to do any associated insurances though him, then he should have said so from the start. I like others on here, have done mortgages for clients AT A LOSS due to providing a service for clients who appreciate a good service and will be back in the future.

neverdespairgirl

dunstonh wrote: »

It does seem a shame as a correctly presented key facts about our charges would have made this clear (unless the OP changed their mind between being given the key facts and now). I dont know why some advisers hide from their fees. Being upfront and honest is always better received.

I agree. I'd always rather pay £200 I know about rather than £100 sneaked in through the back door.

HelpWhereIcan

the_son_of_Richard wrote: »

as to the picking holes, he pointed out that on one of our insurance quotes it states that i am a non smoker, when infact it does state that i am a smoker,

I would tend to believe that you are capable of reading smoker/non smoker - strange one that

the_son_of_Richard wrote: »

we told him our quote ticks more boxes on the critical illness part (axa) he argues that his one does (norich) i have it in black and white.

AXA - 34

Nu - 26

the_son_of_Richard wrote: »

arguing his quote is based on 9.99%, ours is 8%.

Actually a valid point for him to make. But more a reason to get a quote from AXA assuming at least 10% - I tend to use 12% as a minimum or use an insurer offering a mortgage repayment guarantee.

the_son_of_Richard wrote: »

also our quote didn't include the mortgage fee of £1600.

Again a valid point and you may be surprised at the difference this could make, not only to your premium, but also the cover - especially if you are going to assume 8%. The sum assured will be reducing quicker anyway, so it is a little mad to start with a level of cover that is lower than your actual balance.

I do not know enough about you or your needs to say for sure, but assuming that there is not a huge difference in cost between AXA & NU using the same rate of interest and sum assured, the AXA policy is probably the one I normally prefer to reccomend and - being a menu plan - more flexible so I would guess that he is either tied or multi-tied as dunstonh said.

the_son_of_Richard wrote: »

i think we're going to try the high street lenders, if no joy, then perhaps we'll have to sit on it a while.

Probably a better idea to try another whole of market broker as you don't want to get too many credit searches - they tend to 'matter' for up to 12 months although they get less important as they get older.

A half decent broker may be able to guess which lender your last one got an AIP with if you give him the details of the deal you were offered. Even better if you were given an Key Facts Illustration as that will have the lender name (or possibly the lender code if produced by one of the major sourcing systems).

Good Luck whatever you do.

dunstonh

Remembering that as an IFA I am an investments adviser and only do life assurance rarely (my mortgage adviser does the protection side so I see his cases going through). Neither NU or AXA tend to come up very often as best option at the moment. Although he has had more NU ones go through. That said, my network tends to have the best terms of any network with NU. That last bit in case those not in the profession are reading refers to the fact that adviser firms can negotiate different terms with the insurance companies. If you got 5 quotes from different advisers (assuming different networks or directly authorised) you would expect the same insurer to come out with 5 different prices. Not a lot in it usually but it can make the difference as often the quote comparisons are only different by pence at the top end.

However, as I mentioned higher up, his focus on NU and no-one else suggests a tied agent. An IFA or mortgage adviser would typically point out the positives and negatives of the options and go with the best one. There is no need to be stubborn and stick to a provider and try and promote them as best unless you only have that option available and are not whole of market/independent.

Research undertaken by Which? last year and this year highlighted the lack of quality of tied agents. The FSA have noted this as well and have proposed that tied agents will not be able to use the title "adviser" from next year and will not be able to present their products as advice.

herbiesjp

Just to echo all of the above really

I've said this on another thread, the other day.

But any broker worth anything, will not turn business away. It is another door opened, which could open up many more doors down the line (as others have stated above)

This individual seems to be very short sighted and does not care about you as a person, and building up a relationship, he just appears to be interested in making a quick buck! Even at risk of selling you a policy that does not cover you as well as another one!

I know times may be hard, but there is no excuse for that, and maybe if the FSA cannot get rid of all rogue brokers, maybe a side affect of the credit crunch is that rogue elements will be forced out of business!

You can defintely do better than the advsier you have found

Conrad

Its about time fee free brokers came clean in thier marketing / first appointments and made it clear they NEED to sell insurance.

I dont sell insurance, If clients want it I refer them to an IFA.

Son Of Richard

You have nothing to worry about. If the guy doesn't want to help further, just deal with the lender direct. It WILL turn out ok. Remember, he is regulated and has to TREAT CUSTOMERS FAIRLY - 'TCF' (the FSA's central plank is called TCF). He cant abondon you now. If he has a compliance department (all networks do) go to them direct and say you dont want to deal with the adviser.