scare tactics?

beecher

spirit wrote: »

Hi,

My existing lender is saying it's too early to quote until 90 days before it's due to expire (Feb 28th). I would prefer to stay with Nationwide if they have a good either fixed or tracker.

In that case I wonder if it is worth looking for a new deal just now, as I assume you wouldn't want to book it until you know what Nationwide are offering? Aren't you better waiting til the end of the month and going to Nationwide first?

herbiesjp

Jobless_Katie wrote: »

Just a quick one, and I'm not looking for a fight, but the commission on a mortgage placed by a broker can be in excess of £700 depending on the lender. Place a couple of mortgages a week and not a bad income!!!

Depending on the lender and the mortgage amount that is

You are not going to get £700 for a £80k mortgage!

Does all of that £700 you say go into the brokers pocket?

As Mike has said above, these comments do get tiresome - and when misrepresented like this are downright wrong

dunstonh

Just a quick one, and I'm not looking for a fight, but the commission on a mortgage placed by a broker can be in excess of £700 depending on the lender. Place a couple of mortgages a week and not a bad income!!!

I stopped doing mortgages as the remuneration wasnt worth the level of work undertaken. This figure of £700 is not realistic for most mortgages. My mortgage adviser typically gets £150-£350 gross on his cases. I say gross as that isnt what goes in his pocket.

moneysaver

dunstonh wrote: »

I stopped doing mortgages as the remuneration wasnt worth the level of work undertaken. This figure of £700 is not realistic for most mortgages.

But can it be achieved with some mortgages?



Moneysaver

dunstonh

But can it be achieved with some mortgages?

If you are in the right location with the right amount of borrowing then yes. A typical 0.3% commission would need around £230k mortgage. Lending in our area is typically under 100k with 50-80k very frequent as are mortgages with no commission paid.

spirit

thank you all for you input so far. I just don't want to be rushed into signing up for something.

koexelek

To be fair, a few clients have missed out on good deals recently through dithering

I told two clients of mine to act instantly on getting Nationwide trackers a few weeks back, rather than hanging on for better deals.
One took my advice and got the deal, the other one dithered and ended up paying 0.5% more.

Some people might thing I am trying to scare clients to get my commission, but the people who trust me know this is not the case.

For the record, I will get exactly the same commission on the two deals mentioned, so there is no hidden agenda there

minimike2

Jobless_Katie wrote: »

Just a quick one, and I'm not looking for a fight, but the commission on a mortgage placed by a broker can be in excess of £700 depending on the lender. Place a couple of mortgages a week and not a bad income!!!

No offence taken....Its not always like the public perceive it to be though. I can count on one hand how many mortgages I have done this year where the commission was over £500. My average earning from a mortgage after I have factored in all my costs, is about £120 (due to house prices and average mortgage sizes where i live). So its not all rosey, especially with the way things are at the moment.


Spirit - You said before you are with Nationwide, to be honest they are very good at offering retention deals, and retain about 85% of thier clients when thier deals end......if I were you I would be doing nothing at all until such a time as you have a renewal offer from Nationwide....you cannot make a decision on someone elses product before you have a comparison product from who you are with.

sarkin

Jobless_Katie wrote: »

Just a quick one, and I'm not looking for a fight, but the commission on a mortgage placed by a broker can be in excess of £700 depending on the lender. Place a couple of mortgages a week and not a bad income!!!

Hi Kate

I make more than that on a deal as I charge broker fees I also get commision from the solicitor.

Last Friday I had an enquiry from a guy in Surrey, Property value 1.75 million mortgage 1.2 million. So you can guess how much I made from that and now the really good bit for you as I am sure you want to make a lot of money from being a mortgage broker so this is what you need to do:

Sit and pass the 3 CeMap exams

Find a mortgage broker that will take you on with no expeerience

If you have no experience you will have to work for a bank or estate agent for a year.

gain experience 2 years.

Now you are ready to go it alone
So find a network that will take you as an AR with only 2-3 years experience

Then you need to build a client bank which will take at least 2 years before you can go back to your first client and remortgage them unless you advised 3, 5 or 10 year deal.

Your clients could get pinched from you by other brokers, so back to square one grass hopper.

All the time you are paying bills from day 1, I have a wife, 1 child and 1 on the way

And the down side

You constantly have the FSA watching over everything you do and money saving forums.

No business for December and no paid holidays, no sick pay

How did I get the contact in surrey when I live in Bournemouth, Well I designed and optimised my website for google so anyone in the country can find me at any time of the day or night. Just google "mortgage advisor" and there I am page1 or top of 2.

How long to get to page1, 2 years in the evenings when not visiting clients or catching up on paperwork

So to sumerise it will take you at least 5 years to get to hit the 700 quid as long as there is no credit crunch, brokers dont nick your clients and you dont go bust paying bills.

Or you could take the safe option and get a paid job that has no commision, paid holidays and sick pay.

spirit

thank you Minimike2 for your responses. I also appreciate and value your honesty. I really don't mean this to sound patronising and hope you don't read it that way. I am just really grateful to people giving up their time to answer my questions.

Your advice to wait until Nationwide are able to give me a renewal quote makes an awful lot of sense and so I shall be taking that on board.