Retirement income from property?

Generali

fc123 wrote: »

You are going to be good at this...judging from the above.
I was thinking it could go a bit;

''I would like a morgtage...''
You think 'Kerching' but then they say
''Oh, but what to do you think of house prices now, general economic climate bla de bla? Should I wait for a while?''

Does the 'Kerching' thought then get buried?
From the above post, I figure you will give great balanced advice enabling you to keep being you plus bring in enough kerching for the family.;)

We've been told that we need to bring high ethical standards to our work and the thought process has to be, 'How can I help these people' not 'What can I sell to these people'.

For example, the best product we sell (and we are whole of market) is a kind of line of credit which has some very nice bells and whistles to help people pay down the mortgage faster. We have been told 3 salient facts:

- Make it very clear that there is no magic bullet - the only way to pay down your mortgage faster is to pay more off it. The structure we sell is just a highly efficient way to do that.
- If you suspect the buyer is a heavy drinker or gambler then don't sell them a line of credit mortgage.
- Don't let people hide kids on mortgage applications as you're not doing them any favours and you have a resposibility to the kids as well as to the applicant.

Generali

fc123 wrote: »

Wow, bank manager..can't wait to hear what that will be like if you get the job. Have we ever had a real bank manager post on this board before?

The Bank Manager thing would be great. It's a real Captain Manwaring kind of a job - being an upstanding member of the community and all that good stuff. Brilliant.

Dithering_Dad

fc123 wrote: »

You are going to be good at this...judging from the above.
I was thinking it could go a bit;

''I would like a morgtage...''
You think 'Kerching' but then they say
''Oh, but what to do you think of house prices now, general economic climate bla de bla? Should I wait for a while?''

Does the 'Kerching' thought then get buried?
From the above post, I figure you will give great balanced advice enabling you to keep being you plus bring in enough kerching for the family.;)

I don't understand the negative opinion against Gen becoming a mortgage advisor (or anyone else) here or in a post I've just read by Dopester. Mortgages are necessary if you want to make as large a purchase as buying a house - we can't all save up a 100% deposite while we live with mum & dad into our early 40's. :rolleyes:

Having established that most sensible people need mortgages, what is wrong with having a third party trawl through the miriad of mortgage deals (admittedly there are not so many now, but in the peak there were thousands of different products), especially if that third party can find a better deal than you can youself, even including their commission.

The advantage of a mortgage advisor is that they are negotiating on the behalf of several people, while you're negotiating on the behalf of one. Obviously mortgage companies are going to give better discounts to someone coming to them with 10 mortgage applications than someone with one application.

There are crooked mortgage advisors, just as there are crooked builders, financial advisors, plumbers, electicians, taxi drivers and any other service providers. There are also very honest people in these jobs. It's unfair to smear an entire industry just because some people who work in that industry are crooked.

Conrad

WHY BOTHER WITH A BROKER / COMMISSION CROW?

I am here for the complex cases that no amount of googling or forum fishing can replace.

This is the point; If you muck up your application and get a decline, that could jeapordise any subsequent attempts, so there is often a need to get it right first go.

I'll give you an example;

Home purchase
Advance required £431250
Price £575,000.
Wants to let out existing mortgaged property. Rent wont quite meet normal minimum yield criteria so cant alter to a traditional B2L and has little time to so do anyway.

Need to buy new one within 28 days (went to sealed bids so it isn't just a vendor trying it on) - but what if new lender wants written evidence that the existing lender has authorised that property can be let? Existing lender has an 8 week backlog of applicants wanting permission to let - the client cannot tollerate such a nail biting delay and will lose thier dream home (been waiting years for one here).

2008 Directors income has increased 3 fold on both 2006 and 2007 (big problem for many lenders).

Close to normal retirement age.

Tried to deal with own Bank, but got to see a computer says no type with no motivation nor interest to resolve this.

This is but one of a million different permutations of complex client.

I am not hear for simple straight forward appalicants - they absolutely can distill thier own needs and wants.

Conrad

BACK ON TOPIC, sorry I got a bit disconbobulated*

Commerical property is fairly risky, and the potential for long term voids is high. Many high streets fature shops empty for years.



I might need someone to join me as a partner on a villa, which is on a unique development, I really must emphasise it is truly unique with no competition in the Med and specifically designed from outset with year round yield as the aim. Just to warn you I am risk averse in the extreme, so would want a written MOA signed to cover everything. This is not just another villa in the sun, I would never bother with such.


*no that's not a real word.

Generali

FWIW, I'm on commission only (yeah, it's not the best job in Australia). From the bank's POV, they pay if we provide a client who actually takes a mortgage with them so it saves them a load of marketing which has uncertain results.

From the client's POV, they get exactly the same mortgage with exactly the same costs as if they had gone directly to the bank.

It's been stressed to me that we are whole of market operators and we look to provide the best product for our clients because that means more referrals and also repeat business.

DD - TBH, I've not noticed people being negative to me about my new job, if anything the reverse. Perhaps I'm being thick skinned! fc123 I thought was asking for some clarification rather than being negative.

fc123 - If you were being negative then gah! (I don't think you were though ;-))))))

Dithering_Dad

Generali wrote: »

DD - TBH, I've not noticed people being negative to me about my new job, if anything the reverse. Perhaps I'm being thick skinned! fc123 I thought was asking for some clarification rather than being negative.

sorry mate, part of my post was a general moan about people putting down other people's jobs, such as mortgage advisor, estate agent and other property/financial related positions. There are decent people in all these occupations.

StevieJ

brit1234 wrote: »

The sensible option is to pay off the mortgage as fast as possible while rates are low. It is the best and most efficient investment for your future by a mile.

I don't think so! it depends on the mortgage rate you are paying and whether you can beat it elsewhere after tax.
But yes, either paying off or creating a seperate repayment fund for when rates increase is very sensible.

fc123

Dithering_Dad wrote: »

I don't understand the negative opinion against Gen becoming a mortgage advisor (or anyone else) here or in a post I've just read by Dopester. Mortgages are necessary if you want to make as large a purchase as buying a house - we can't all save up a 100% deposite while we live with mum & dad into our early 40's. :rolleyes:

Having established that most sensible people need mortgages, what is wrong with having a third party trawl through the miriad of mortgage deals (admittedly there are not so many now, but in the peak there were thousands of different products), especially if that third party can find a better deal than you can youself, even including their commission.

The advantage of a mortgage advisor is that they are negotiating on the behalf of several people, while you're negotiating on the behalf of one. Obviously mortgage companies are going to give better discounts to someone coming to them with 10 mortgage applications than someone with one application.

There are crooked mortgage advisors, just as there are crooked builders, financial advisors, plumbers, electicians, taxi drivers and any other service providers. There are also very honest people in these jobs. It's unfair to smear an entire industry just because some people who work in that industry are crooked.

F Me....the post was a bit of thinking aloud and written from my mind.

Perhaps it reads badly? Gen knows me in Internetland style and, if I was going to do a snidey remark (errr as if? !!!!!!?) then it would be written differently. It was just late night musing....like 'What if?''

DD This worthy tag you are trying to cultivate is getting on my T's a tiny bit and you make people fearful if they put their head above the parapet.

Well, my head is above it...so potshot away if you like.

fc123

Generali wrote: »

FWIW, I'm on commission only (yeah, it's not the best job in Australia). From the bank's POV, they pay if we provide a client who actually takes a mortgage with them so it saves them a load of marketing which has uncertain results.

From the client's POV, they get exactly the same mortgage with exactly the same costs as if they had gone directly to the bank.

It's been stressed to me that we are whole of market operators and we look to provide the best product for our clients because that means more referrals and also repeat business.

DD - TBH, I've not noticed people being negative to me about my new job, if anything the reverse. Perhaps I'm being thick skinned! fc123 I thought was asking for some clarification rather than being negative.

fc123 - If you were being negative then gah! (I don't think you were though ;-))))))

No absolutely not...we know each other in an InternetLand kind of way.;)

Perhaps I am next on the list of posters that DD would like to discredit and get rid of on the board.?....leaving it nice and clear so he can fill it up with his 'worthiness'. TBH, I couldn't give S*** but won't take it placidly.

I will PM you in a couple of days (got a deadline at the mo and I am just sneaking on here for a few mins) cos I have some gossip.:o