Whats the largest mortage we could get?

infobank

[HTML]"infobank".

Why don't you just button it?[/HTML]

Very professional Mamma.

[HTML]The brokers are here to give free GENERIC advice, not as a free for all recommendation service.[/HTML]

Then tell the original enquirier who the 4.4 x lender is and "put your money where your mouth is". Its GENERIC information and not a product recommendation.

Homer:
stating what a particular lenders income multiple is not a recommendation.
Lets assume that having read the response JOe public goes to ABC bank and says " I want one of your mortgages because the broker on Moneyexpert recommended it"
ABC bank is going to hand over an Initial Disclosure Document, give generic and product specific information, and then either let the borrower make a choice of whats available form their range and arrange it for them (mortgage arranging) , or recommend a product and arrange it for them (mortgage advising)
It will be ABC bank that the FSA holds accountable for the "advice or aranging" and not the broker that stated a pure lenders multiple on an open forum.
Tangent Man is right when he says:
[HTML]Otherwise, this whole website would be breaching regulations left right and centre![/HTML]

I think from what I have read on this forum that many of the contributors use this site as a means of getting the enquirer to do business with them or a friend or employer of theirs, simply by implying that they have the knowledge to answer the question but wont do it until they get paid for it, which is not what I thought a help forum was all about.

homer_j_3

I understand why you think that I would do that but I haven't.

I know that it may be difficult for the non regulated people to understand regulation fully. They may understand it from a consumers point but from a commercial entity operating within regulation it becomes a little more complex than simply adding little statements to cover ourselves. Companies spend a lot of money on compliance departments to ensure that brokers/advisers remain fully compliant with these regulations. They do this because the cost can be astrinomical if we provide mis-advice.

What may seem common sense to most people might not be the correct way of doing things. Covering your back by a little sentence just doesnt cut it in the world of regulation.

To try and use an analogy - A Dr needs to understand what all of your symtons are to fully diagnose your problem. He would not say that you had meningitus(sp?) just because you had a rash if you see what I mean. He would not get away with giving a diagnosis by the medical council on this basis.

homer_j_3

infobank wrote:

[HTML]"infobank".

Homer:
stating what a particular lenders income multiple is not a recommendation.
Lets assume that having read the response JOe public goes to ABC bank and says " I want one of your mortgages because the broker on Moneyexpert recommended it"
ABC bank is going to hand over an Initial Disclosure Document, give generic and product specific information, and then either let the borrower make a choice of whats available form their range and arrange it for them (mortgage arranging) , or recommend a product and arrange it for them (mortgage advising)
It will be ABC bank that the FSA holds accountable for the "advice or aranging" and not the broker that stated a pure lenders multiple on an open forum.
Tangent Man is right when he says:
[HTML]Otherwise, this whole website would be breaching regulations left right and centre![/HTML]

I think from what I have read on this forum that many of the contributors use this site as a means of getting the enquirer to do business with them or a friend or employer of theirs, simply by implying that they have the knowledge to answer the question but wont do it until they get paid for it, which is not what I thought a help forum was all about.

Well I can tell you for a fact that I have not provided advice or had a client from here and I dont want to gain business this way. I come on here to provide help where I can and a lot of people appreciate that. Look at my thanks compared to yours..

You miss the point in what I am saying. We cannot show bias to anyone company unless we are providing recommendation and that bias only comes when we know all the facts and it is the most suitable product and provider for our client. This is stipulated by our terms of business and what we are authorised to do.

We are not authorised to give people information knowing full well that it may not be right for them and just because we are in a public forum, we should not have any morals because we know that its most likely that the comeback may be somewhere else...

MortgageMamma

this "debate" could go round in circles forever, so I for one am no longer going to respond to "infobank" as you really have no argument and it's a waste of my time.

You may think I am unprofessional for telling you to button it, but I really do not care for your opinion, and you are not a client of mine (thank christ) so I really do not feel compelled to act professionally towards you.

infobank

Not sure I would want to be a client of a mortgage adviser that cant even get the mortgage risk statement right.

"Your home is at risk if you do not keep up repayments on a mortgage or loan secured on it."
That was made illegal back in November 2005

By the way, saying in another post that a client could be a "classic self cert case" after he has already declared his income is perhaps encouraging mortgage fraud?

MortgageMamma

who are you referring to?

homer_j_3

infobank wrote:

Not sure I would want to be a client of a mortgage adviser that cant even get the mortgage risk statement right.

"Your home is at risk if you do not keep up repayments on a mortgage or loan secured on it."
That was made illegal back in November 2005

By the way, saying in another post that a client could be a "classic self cert case" after he has already declared his income is perhaps encouraging mortgage fraud?

Look mate, why start getting petty about it. We have justified our restrictions to you. We are qualified, you are not. We can get in trouble from FSA, you cannot.

At the end of the day. we come on here to offer help and assistance where we can and have made worthy contribution to a lot of posts on here. I also note there are some very savvy people on here that are not qualified who also bring value to the table.

There is no need to make a personal vendetta to try and undermine other people here.

With regards to the self cert comment. Why not post on the post you are referring to, so we can see the full facts of what was said. People who do self certs have to declare an income because the lenders still use income multiples to check affordability.

The normal reasons self certs are used are for the self employed where they cannot supply the 2 or 3 years worth of accounts required by normal lenders or those people whose incomes are not guaranteed and have a lot of their income made up of commisison etc. This may be the reason self cert was said as the best way forward but until I seen the post in full I am only speculating.

TangentMan

I agree with most of your post. I don't agree that in this situation it is regulation that is preventing you from stating a fact about a lender. It simply isn't advice and for all the words you peeps have used to explain why you can't disclose you could just as easily have added a short sentence explainng that the lender and products may not be right for the person in question.

homer_j wrote:

They may understand it from a consumers point but from a commercial entity operating within regulation it becomes a little more complex than simply adding little statements to cover ourselves.

You mean like:-

Please Note That I Am A Mortgage Advisor. Posts On This Forum Do Not Constitute Or Imply Advice And Are For Discussion Purposes Only Containing Generic Information.

Your Home May Be At Risk If You Do Not Keep Up Repayments On Your Mortgage.