Mortgage brokers a question

sarkin

I wanted to know how everyone else is coping, my network went bust last Friday and we are being farmed out to MBSL, I am looking at other networks.

My website is generating about 20 -25 enquiries a month of which none of them can be converted to business, either they dont have the income or equity, credit history is not A1 and the rate will be over 8% or its cheaper to stay wirth current lender on a tracker. Or they tick more than 1 box, so how is everyone else doing

minimike2

I havent written anything for two weeks, but i did 5 cases the week before that. I guess im completing about £2k a month net, which gross in my setup it about £4500 - so not great, but ticking over. Im finding dual pricing to be the worst problem. See plenty of people who just go and do stuff elsewhere.

Im branching out now - studying for lifetime mortgages, looking for pensions and investments to introduce to IFA and have just started as a holiday affilite...bolting that onto mortgage appointments.

Its not great overall, but it could be worse....im still in business at the end of the day....

luckyfool

Sarkin - was that Trustguard? My old Advantage BDM had literally just setup as a franchised Trustguard Packager, taken on offices staff etc and gone live. 2 weeks later they go down the tubes and he is back to square one. Talk about out of the frying pan and into the fire.

I'm writing reasonable volumes of business just now, I have certainly noticed it picking up in recent weeks. I also tend to find that the dual pricing is less of an issue either at the very low ltv's where lenders are competing heavily for business, or on the more complex cases where advice is really required to find the most suitable lender.

sarkin

Luckyfool no I am with or should I say was with Cotswold mortgage services ltd.

AndrewSmith

Not doing at all.

Have left the Mortgage Industry and cannot see me returning to it for a long while.

Was a tough decision after so long in it but needs must and am now working in a different part of the insurance industry which is getting busier by the week.

Cazza

Nope, not really noticed any change here either; our business levels fell through the floor from 1st May and we're doing about 1/3 of "normal" business. I leave the industry this Friday, to start a new job on Monday in the Public Sector.

Conrad

It's very tough Sarkin. Banking about £9500pm max at the moment with costs of £2100 pm inc all annual one off costs. Many are leaving the business so will probably be quite busy once the market impoves which will be from spring 2009 st the earliest, but could be beyond early 2010. Dont get any internet enquiries and I refuse to buy in leads.

Dont belong to a network but can access all the services and backup I need via Bankhall - they just take a tiny cut of proc fees in return (2%).
Would strongly advise against being a network AR as all sorts of ramifications when you sell up.

Rcraigs

Hi Guys, Changing the subject slightly, Im considering doing my Cemap courses and wondered whether you could share a little advice? Which is better the intensive course or home study plan, if so, what order would you recommend learning them in?

I have been developing for two years now and im hoping my knowledge in buytolet mortgages will put me in a good position as I am familiar with the logistics already.

Obviously, as I will be starting from scratch would you suggest that I should be approaching high street banks or whole market independant advisors for training?

In your opinion would you say there is plenty of scope once involved in mortgages or would you say business is slowing?

Sorry for all my questions. Just would like to get a good idea of what im getting myself into.

Thanks in advance for any advice.

Robert

payless

ticking over , the odd fee for advising direct deals ( some refunded if then do life biz), and the odd mortgage case thats is actually better via broker deals (inc some porting)

I have taken commisison on driop for a while, so a stream still coming, and revisiting a few older life cases.

Actually turned away a £0.5mill case last week as I didn't like the look of it- although sure it would go thro' i presented in a prticular way.

herbiesjp

Business levels are now definitely down

It started to hit me only about two months ago - but still business to be done.

Many times it is also a case of advisng clients to stay put for various reasons, but clients like the honesty, and come back for other aspects.

Loads of BTL enquiries that are just waiting to be placed - if at all!

Shame to see good people like the above leaving the industry, but it has got tough, and can't blame them and wish them all the best

Tiddler_2

Things are pretty dire for me - and to be honest I'm bricking it!! I've been earning about £800 a month net for the last couple of months for all the reasons already stated. I thought things were picking up over the last couple of weeks as a lot more enquiries coming through, but will probably lose 1 sign up to Halifax's dual pricing, one where they wanted a residential mortgage but wanted to let the property out which I walked away from.
Also as I'm a s/e adviser working within a company of 2, then my "boss" is taking more of the business as he has his owns bills and the companies bills to pay.

Fortunately we're not in a network - despite the positives they offer I'd be dubious in these times about whether I would get my commissions or not.

Time to revamp my CV me thinks!!

ps Does anyone really think that suspending stamp duty will really help, to bring confidence back into the market?