Which are the lenders that exclude themselves from whole-of-market brokers?

beckstrous

I've tried to do a search but I can't find the original post - somewhere in this forum is a list of about four lenders that are not included in any "whole of market" broker search because they choose not to be. I know that the Yorkshire BS is one of these (and that they seem to have quite good rates), but could someone tell me what the others were?

Thanks

Beck

HelpWhereIcan

Britannia BS, HSBC, Egg, Cahoot and, in most cases, First Direct

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1101649966,86816#2

payless

Believe First Direct & Coop have taken on a small number of brokers, but not open to the intermediary market in general

Some lenders then sometimes have certain products that are for direct only, these include Halifax & C&G ( LLoydsTSB account holders), I have also seen Portman & WBBS doing same

Some brokers may try and include "non broker" products in their research, although normally expect to find it involves a fee - but as they say - there's no such thing as a free lunch. (independent's will offer the option to charghe a fee , then refund the commission earned - if any )

Remember Whole of Market is also a defination brokers can use even if using a panel ??

HelpWhereIcan

payless wrote:

Believe First Direct & Coop have taken on a small number of brokers, but not open to the intermediary market in general

Some lenders then sometimes have certain products that are for direct only, these include Halifax & C&G ( LLoydsTSB account holders), I have also seen Portman & WBBS doing same

Good point Payless. I have seen many in the 'trade press' bemoaning a trend amongst certain lenders to offer 'direct only products'. However, this has always happened and I have found that this can often be offset by 'exclusive' deals that are only available through certain brokers and believe that in many cases the 'direct only' products are easily improved upon by looking at what is available in the market. But, can't win them all.

payless

yes alot of direct deals and exclusives deals are often just "tweaked" from the core range so you gain one way, but lose another ( fee/ rate/ terms etc)

I guess most brokers join as many "clubs" as possible to gain access to these various deals.

The big players generally get more "exclusives" and sometimes they can be attractive, although I would hate to see they becoming "favour of the month products"

A lot of emphasis is given to rate, a good broker should be able to see past that and recommend accordingly

HelpWhereIcan

Couldn't agree more. Some 'exclusives' are not worth the paper they are written on. Because I tend to use a 'cost over period' calculation when sourcing for a client, I tend to find that many are not as attractive as they look.

However, those with free valuations or a reduced arrangement fee rather than a 'low' rate can work out well. ie if the rate is the same as one available direct but the fees are lower, all being equal, the customer is better off paying less fees to get the same interest rate deal that they may have sourced through Moneysupermarket. Afterall, that's what this site is about - saving money.

Sometimes, we as advisers can be the cheapest way for a customer to approach a lender. That's the reason I have no problem with a customer doing their own research. If I've done my job right, they will see why I have reccommended the lender etc I have and will shop on a like for like basis.

AndrewSmith

A valid point made by Payless further up.

A broker can be 'whole of market' but still only have access himself to a limited panel of lenders. In some cases this panel can be as few as 10-15 lenders.

Do not get too hung up on whether a broker is 'whole of market' or not, more important for you is knowing that he has access to every broker channel mortgage product available. Dn't be afraid to ask the question of the broker, and ask him to prove it if necessary. Can be easily proved as it will show which 'panel' is used on your printed copy of the brokers sourcing results.

Andy

beckstrous

Thanks very much everyone - most helpful!

dwsjarcmcd

Just to correct a point in the OP, the Yorkshire BS does not exclude themselves from whole of market searches. What happens is that they don't pay a procuration fee to brokers, therefore tend not to be included in sourcing systems searches. They do accept applications from brokers (mainly those who charge clients fees) and most of the business done via intermediaries is via their specialist lender, Accord Mortgages