mortgage advisors(how do you tell good from bad)

davidla

jermyn wrote: »

up the blades!

Sadly for you that wasn't the case, almost though
David

jermyn

ouch!! alas! but true

garethj

Dan_1976 wrote: »

Look for horns, those bad brokers wear hats to hide them! LOL

Cheese does not always mean bad. Cheese with hard sell and insurance coming out of his ears is a put off.

I have a guy I worked with, he had extra cheese but his advice was solid. He also recommended insurance and put a lot on risk, but it was the right insurance for his client.

Recommendation is always the best way to find a broker, the closer the person to you and the more people that have used him/her the better.

If I was looking for a broker now, I would be looking for advice that looks at the short and the long term. way to much two year fixed mercheants out there. Also she must have blonde hair, blue eyes, tanned and a bikini!

In these times I reckon age/experiece may count for a lot. I currently have a young broker who I like and trust but I can't help feeling he is a little out of his depth in the current market.
If you can find someone who was operating in the last downturn, I think they would have a big advantage over brokers who, until very recently, were used to mortgages being handed out freely with no questions asked.

Dan_1976

garethj wrote: »

In these times I reckon age/experiece may count for a lot. I currently have a young broker who I like and trust but I can't help feeling he is a little out of his depth in the current market.
If you can find someone who was operating in the last downturn, I think they would have a big advantage over brokers who, until very recently, were used to mortgages being handed out freely with no questions asked.

I dont agree, I missed the last big down turn, I was at school. But I remember my Dad working his back side off to keep me and my little sister happy.

I missed the endowment problems and the huge commissions made from them. I spent most of my financial services life under regulation starting with the council of mortgage lenders. I had to get cemap after being in the industry a few years. I worked in the right places and came across people with issues resulting from the past.

I do think experiance helps, but I know plenty of "Bob, he helped our family for years" that dont give good advice.

Dan_1976

Cazza wrote: »

Don't remember ever seeing clients in a bikini, maybe that's where I went wrong! Damn!

A tan?!?! With blond hair and blue eyes, I do lobster red and white!

LOL

Well a pretty blonde can sell anything, to men that is, oh and some woman, it is 2009!

Nothing wrong with a little lobster red lol

dunstonh

garethj wrote: »

In these times I reckon age/experiece may count for a lot. I currently have a young broker who I like and trust but I can't help feeling he is a little out of his depth in the current market.
If you can find someone who was operating in the last downturn, I think they would have a big advantage over brokers who, until very recently, were used to mortgages being handed out freely with no questions asked.

If you were talking investments I would agree. However, not with mortgages. I was doing mortgages during the last market crash and recession and its nothing like how it is now.

TEDDYRUKSPIN

garethj wrote: »

In these times I reckon age/experiece may count for a lot. I currently have a young broker who I like and trust but I can't help feeling he is a little out of his depth in the current market.
If you can find someone who was operating in the last downturn, I think they would have a big advantage over brokers who, until very recently, were used to mortgages being handed out freely with no questions asked.

It will make no difference. Would'nt even matter. It really is who you know and not what you know these days. Networking is the key.

I knew about the recession coming due to many of the hierachy in the banks from RBS/Natwest and TSB (private banking/fund managers) and this was 2 and half years ago. They actually thought it would hit the whole world at 2010 and did'nt predict it would hit so early. Many of them sold their properties and portfolio's (their own) during that time. Some even paid off their debt. Even though they knew, a majority of them lost out due to them not knowing it would start as early as 2008!

But one thing many people must understand is:

A house is not an investment. It is a HOME!
An investment should be kept for more than 7 years, otherwise it is gambling!

Over the years too many people have lived on credit and the greedy banks just fed these pigs more and more! This is what has resulted in this economy!

What the government and financial sector have not told anyone is that they expect another two waves to hit the economy! One has already started and another will start at 2010!


Welcome to the real world. We are all in it for the ride! This recession is definitely worse than the IT bubble crash in 2002/2003 (asia recession) and the last recession in the late 1970's as well as the war times.

Cazza

TEDDYRUKSPIN wrote: »

A house is not an investment. It is a HOME!

And this is the biggest thing everyone seems to forget.

TEDDYRUKSPIN

Cazza wrote: »

And this is the biggest thing everyone seems to forget.

Exactly.... I remember the days (five years ago) when people would queue up to put down a reservation deposit on new builds. These people have all their properties on interest only with no investment vehicle and are now getting repossessed!

Now? Still idiots going out to cash in on properties (newbies i.e. not experienced) and still constantly having cars on loans. Surprisingly the majority of people with new cars or even flash cars, actually do not have money. Before I joined this industry along time ago, I thought these people were rich! The opposite is true!

Every client that comes in, I tell them that this is their home and should not be considered at all as an investment! If they think differently, I tell them to consider other options.

PS. The world has gone mad and now everyone is getting a wake up call!

Dan_1976

A little bit "the world ends on Tuesday" Teddy but I get what your saying.

The public are so eager for a quick fix, property prices went up in May or April the media report. I can see that we could have a false start or maybe ten over the next year.

Very soon more public and more importantly more companies will run out of a credit line. This will really push us.