Mortgage brokers a question

dunstonh

I'm just pleased I am an investments adviser. That said my mortgage adviser is having a cracking period at the moment and I am about to take on a second one who is doing really well. Only thing consistent with those two is decades of experience (both ex IFAs who are calling it a day on the investment front due to the new higher qualification requirements that are coming in). They have clients who have dealt with them for 20 years or so and dont shop around and value the servicing. I think that gives them a distinct advantage over those that started in the last 5 years.

They also have the benefit or earning more from the investment side on the stuff they pass through me. Any new mortgage adviser really needs to get a business relationship going with an IFA to allow potential other earning opportunities.

Ian_Griffiths_Halifax

It seems like everybody has stopped advertising in my area. I'm virtually the only person advertising in Thomson Local in West Yorkshire and Lancashire and have a load more books about to come out. Many of the ads in previous years have been by one company who were simply a lead generation company. I'm glad they've decided to give up!

I won't buy leads in as they are rubbish. You tend to find that they are either dreamers or people who have been watching GMTV and think they'll get some free advice and then DIY.

I'm desperately looking for a Life Assurance Adviser as I can't cope with all the work, so if any of you guys who are leaving are in West Yorkshire and are happy to travel to see my clients (Covering Chesterfield to Newcastle and Hull to Liverpool) then send me a PM.

It does also help that I have around 30 clients a month who have deals coming to an end.

Ian_Griffiths_Halifax

Tiddler wrote: »

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

A couple of years back I tried to get a proposal to the Government via my local Chamber of Commerce who were useless and so it didn't go anywhere.

I said that it would help FTB's and the market in general, without the Government losing money, if they changed how Stamp Duty was collected/paid.

If they collect Stamp Duty on Selling a property rather than buying, then FTB's won't have to find the minimum £1250 Stamp Duty as it would by paid by the seller.

The Seller would be paying Stamp Duty on the Sale, but would be saving less than on the typical up-sizing Purchase.

Their Seller however would be paying the Stamp Duty etc etc etc.

Then you get to the end of the chain. Usually it's either:

A. A builder (it's built into the sale price anyway)
B. A deceased persons Estate (Not around to miss it)
C. Somebody Emigrating (their income tax, vat etc is lost for good on leaving the Country so why not get something from them before they go)
D. Somebody down sizing (the ones that lose out, but they generally have the equity)

It makes sense to me, but I'm only a Mortgage Broker and what's the betting that if they went down this route they would eventually introduce Tax on Selling AND on buying? :rolleyes:

minimike2

Ian_Griffiths_Halifax wrote: »

(Covering Chesterfield to Newcastle

Oi, get off my patch!




I will allow you as far north as Catterick, thats your lot!

Ian_Griffiths_Halifax

:money:

Cheers :rotfl:

I've got clients all over the Country but this is where the bulk of them are. roughly 120 mile radius of Halifax.

toonfish

we are down 50% on mortgages - now doing some property letting and building contracting as well as focusing more on pensions which I have virtually ignored for the last 10 years

minimike2

Pensions are paying well....I passed a pension transfer lead to my IFA....gross commission was over £5k.......even on a 20% comission split its a nice boost to replace lost mortgage business.

Ian_Griffiths_Halifax

minimike2 wrote: »

Pensions are paying well....I passed a pension transfer lead to my IFA....gross commission was over £5k.......even on a 20% comission split its a nice boost to replace lost mortgage business.

And no Clawback while doing the clients a service and a favour.

Rcraigs

Can any of you see the Market coming back with Mortgages? Surely everyone needs one?

Wutang_2

Rcraigs...seriously, leave it!! Business is down, lenders change rates and criteria mid-application, there is dual pricing and peoples credit is worsening (at a time when adverse lending is vanishing).

Working on behalf of a provider is an option but I would put this plan on hold for now as it is stressful and not-very-secure...I am out of it now and can at least sleep at night!!!