Is this normal for brokers?

_Andy_

Surely he must have had the mortgage roll / a/c number to do the product transfer?

Ian_Griffiths_Halifax

feisty1 wrote: »

But you still sought his free "opinion"/advice

I wouldn't say that. More like the OP gave the adviser an opportunity to beat a deal they had found already.

Ian_Griffiths_Halifax

_Andy_ wrote: »

Surely he must have had the mortgage roll / a/c number to do the product transfer?

Tru, but it doesn't give him permission to change the deal and put it under his name.

feisty1

[Ian Griffiths Halifax.........I would say that, maybe u'd care to read the comments again...........


quote=ashleyk;17934929]The point is that I already had a deal in place, so I would have stopped him. That's why I asked him not to call them. With everything having been so insecure with the banks of late I preferred to speak with them myself and establish some personal contact, especially since we bought our house in 2007 and don't have much equity due to falling prices. I really just wanted some technical information and since I had organised a few insurance products through this company I thought they could simply tell me as a courtesy.[/quote]

feisty1

Ian_Griffiths_Halifax wrote: »

Tru, but it doesn't give him permission to change the deal and put it under his name.

I agree with the above 100%, but I certainly don't agree with expecting free opinion/advice.

koexelek

beecher wrote: »

That's completely out of order, and daft too as you'll obviously now not recommend him to anyone you know. He must be desperate to do that for £500 - times must be hard! Is there someone you can complain to?

You think this is bad......

one of my clients rang me on behalf of one of his workmates the other day. The chap had arranged a mortgage through a so called whole of market, non fee charging broker.
The mortgage all went through Ok with First Active, but the next thing that happended was that the broker rang the client to say that First Active were not able him to pay the his fee, so he needed the client to :eek: .

My client rang to me to see if this was normal practice or not. I told him to tell his mate to ring First Active direct to see if they had paid the broker. Needless to say, they had..... the broker was just trying it on.

The client was furious, and is now taking it further.
He will also be coming to me for his next mortgage instead :cool:

If the credit crunch gets us rid of con men like this, it will at least have done some good.

_Andy_

Ian_Griffiths_Halifax wrote: »

Tru, but it doesn't give him permission to change the deal and put it under his name.

Totally agree, was just trying to clarify what info the OP had given to the broker.

beecher

koexelek wrote: »

The mortgage all went through Ok with First Active, but the next thing that happended was that the broker rang the client to say that First Active were not able him to pay the his fee, so he needed the client to :eek: .

My client rang to me to see if this was normal practice or not. I told him to tell his mate to ring First Active direct to see if they had paid the broker. Needless to say, they had..... the broker was just trying it on.

The client was furious, and is now taking it further.
He will also be coming to me for his next mortgage instead :cool:

If the credit crunch gets us rid of con men like this, it will at least have done some good.

That is really very shocking. Surely he should not be allowed to continue as an adviser? Aren't there strict regulations in place?

koexelek

beecher wrote: »

That is really very shocking. Surely he should not be allowed to continue as an adviser? Aren't there strict regulations in place?

There certainly are.

He would no doubt get struck off if the FSA found out about it, as it is out and out fraud

I'm always scared to death of doing anything wrong, as it is my livelihood, yet some brokers seem to be prepared to risk it all for around £300 on an individual case

Ian_Griffiths_Halifax

feisty1 wrote: »

I agree with the above 100%, but I certainly don't agree with expecting free opinion/advice.

Neither would I, but the broker knew what he had to work with from the start and should have taken that into account in his decision to take on the challenge.