Martins View On Using Mortgage Brokers...

marcovan

No. You have to offer the facility for the client to pay by fee if they choose. You dont have to be exclusively fee based.

If you said to him that you wanted to pay be fee, then he has to transact on fee basis as described in his initial disclosure documents that were given to you. If you said to him that you prefer commission, then that is fine.

Thanks for the quick reply. So if I said to him that I prefer commission would I be right in thinking that he would receive all the commission from the lender, and I do not need to pay any fee what so ever?

dunstonh

So if I said to him that I prefer commission would I be right in thinking that he would receive all the commission from the lender, and I do not need to pay any fee what so ever?

Almost correct. If your transaction is likely to result in a very small or non-existent commission, then he can charge a fee. However, you would be made aware of that right at the start, before it happens and you would be given the opportunity to withdraw his services before a charge becomes applicable. That doesnt happen often though.

marcovan

ok thanks dunstonh. I have arranged a meeting with him at my house next week so I will make sure at the start that this is clarified.

davsidipp

martin you forot to state that there is whole of market and then the real whole of market.this isdue to a loop hole when fsa took over.people can state whole of market but do not deal with all the market.buyers beware.

AndrewSmith

davsidipp wrote:

martin you forot to state that there is whole of market and then the real whole of market.this isdue to a loop hole when fsa took over.people can state whole of market but do not deal with all the market.buyers beware.

Correct, but Martin clearly states this in his Guide to Mortgages.

rayvon_2

Hi, first time posting so go easy on me. Just thought I'd add my fourpenneth to this debate. I,m a Mortgage Broker (Whole of Market) and I offer a choice of fees, commision or both. What people should understand is that sometimes I (and i'm sure other Brokers) use the flexability of naming my fee to sort the wheat from the chaff. You'd be amazed at the number of enquiries I get for £150,000+ 100% cases with earnings of around £14k. Similarly, I get asked for additional borrowing remortgages, with a shorter term, and lower monthly cost. No i'm not kidding.

Well thats of my chest. I've done this job now for the best part of 20 years and still enjoy coming to work. I feel I do a good job for my clients and live on refferals. That said i'm also aware of the bad apples out there who still trade within the letter, if not spirit, of legislation.

Keep your peckers up.

P.S can I add my email os website address? or would I get blackballed?

payless

Hi Rayvon,

you can add your website and email to your profile ( see user cp above)

a small signature is allowed ( no reference to website/ email / touting allowed ) although the format is likely to be standardised shortly

welcome to the boards

payless
( yes also a broker)

payless

Similarly, I get asked for additional borrowing remortgages, with a shorter term, and lower monthly cost. No i'm not kidding.

But surely in some cases you can help ?

silco30

AndrewSmith wrote:

Totally agree with you HWIC.

I am about to receive, for example, the local 'Buy With Confidence' accreditation given by the local Trading Standards Office. This is obtained by fulfilling a number of criteria, the main one being that they write to a random selection of existing clients to get both positive and negative feedback.

They then assess based on actual customer satisfaction whether you get the accreditiation or not.

Going back to the Industry Awards given to brokers or intermediaries. A number of such awards are actually sponsered by either a lender or a mortgage network/club. Therefore the 'award' is given, as said in previous posts, not on customer satisfaction but on business levels submitted etc.

Andy

Hi Andy,
I am after the best advice you can offer. My present deal with N/Rock
end on 1ST Oct. I am retired and find the minefield of advice so confusing
I need your assistance, I can forward all the info. you require if you can
forward contact number E/Mail or address.
Silko 30

silco30

Hi Andy,
I am after the best advice you can offer. My present deal with N/Rock
ends on 15th Oct. I am retired and find the minefield of advice and charges
so confusing I need your expert assistance, I can forward all the info. you
require if you contact number E/Mail or address.
Regards,
Silko30