Martins View On Using Mortgage Brokers...

MSE_Martin

Just a quick note. If we are discussing Mortgage Brokers and the Forum - as opposed to mortgage broking in general - please can we keep it in one place

ie http://forums.moneysavingexpert.com/showthread.html?t=322581

Thanks

MortgageMamma

kenshaz wrote:

EdinInvestor--whilst I listen, the numbers are not comparable,relative to the population of this site and taking into account other skills they are high.I also frequent the boards you describe,so I am aware.

Not trying to create any negativity here Kenshaz, but, well how would you know this? from what source have you drawn this conclusion? It would be impossible to know such information as a forum user, only the site owner or perhaps the site staff would be priviledged to such information. Thanks for the politician comments by the way, I've often considered a career in politics, but I am way too honest to suceed in that field.

kenshaz

payless wrote:

Kenshaz- now actually this is a discussion I am willing to have .

I visited the site in the Summer of 2003 when it was fairly new - not actually realizing that there was a chat forum , let alone a mortgage board . I made a few posts as a guest ( you could then) and then signed up . I guss I am the person with the most posts on the board mortgage ( although I do go onto other MSE boards as well )

I found myself helping people with posts ( which I enjoyed - maybe vanity ?) and having discussions with a chap from L&C ... our thoughts were mainly on the same theme , although not sure he saw mortgages as a long term career . I had discussions over "whole of Market" ( pre FSA ) and sub prime/ fees etc. Between us helped many people and also saw off a fair few brokers who came on touting for business, but in general I was answering straightforward queries on a chat forum ( unlike Martin I would say it was a bit like an "ask the Expert" board)

I started to get direct enquiries by PM - which I dealt with - most were because people preferred to discuss off the forum . I added an email link , as the PM system is far from ideal.

Most queries did not involve any business . Some people asked me to act on their behalf - I did some business for a few MSE users, yes business is good ( I'm in business !)- every person who approached me was offered a rebate on commission ( and of course no fees) - so actually a lot of the cases were done at a loss ( after costing for time etc..), but as this was never seen as a main source of business , I was not looking at making mega bucks . That said I have formed long standing relationships with some , and I'm aware that even some that I did not do business with have recommended me or mentioned me on other financial forums.

Martin said how good it was to have someone on board, and he hoped I was gaining business from it. ( said he could see the mtg board was in safe hands)

He then became aware of my rebate to users ( I had never advertised it) but a users had mentioned it , and I found myself "mentioned " in an article . MSE became almost an addiction - I was posting early morning, throughout the day and at night - my "real" business actually suffered from it.

Enquiries grew, - (especially as L&C chap left the board) but then so did the number of other brokers , some honest, some which came and went, some seemed to be touting ( one of the main touting merchants actually likely gets more business from these boards than any of the regular posters- and I'm not talking L&C ) - others maybe came on the site with the wrong intention but views changed ?- overall it would appear that most have consumers interests as first priority ( but you can't take the sales out of salesperson) .

I decided that as well as wanting to drop the addiction , that it was unfair for these other brokers might spend time and assist , only to be told that "payless" gives a few quid back ... so I asked for the article to be changed .
( actually it was not done at this point)

Martin changed his article to include "cashback- no advice " brokers - I disagreed , as I feel that whilst it might suit some , the majority benefit from advice - plus most proper brokers would do a deal on no advice if asked ( in fact I'm aware I done advised cases with bigger cashbacks than available from those sites )

At this point Martin did action my further request to remove my " username" from his article.

Since then I have reduced my time on these boards, and dropped my signature
- yes sometimes I think some brokers seem to be touting - whether they do it on purpose or just because rules restrict them , but overall most users are getting good information , and from what I see could do a lot worse in a choice of broker than those that post here .

Whilst its Martin's site, I have seen the mortgage board as a bit of my baby , and am really upset that its been spoilt

Martin please read ,the post from Payless because it sums up the whole situation from a balanced perspective,this guy is a true gent and he has my respect for his honesty,he has acknowledged some of my worries and they do exist.

The problem I appear to have been having was whilst I recognized those like Payless,who are genuienely interested in the site,I also saw others whose intentions are of a monetary nature.I am a purist I believe that no one who posts ,should make money from this site .He has been so honest in his appraisal that I am forced to see his point of view.

When I make a generalization why should I receive a cascade of protectism,that worries me,some taking it personally ,becoming emotional and posting abusive statements.


Payless has stated and I believe him that the face of the board has changed ,we do not want further erosion.I feel that it is a situation unique to this board and Payless has analyzed the situation from within.

kenshaz

MortgageMamma wrote:

Not trying to create any negativity here Kenshaz, but, well how would you know this? from what source have you drawn this conclusion? It would be impossible to know such information as a forum user, only the site owner or perhaps the site staff would be priviledged to such information. Thanks for the politician comments by the way, I've often considered a career in politics, but I am way too honest to suceed in that field.

I am interested in politics,suppose you have got to be,how else can changes be made,never wanted to be a mortgage broker,not even a mortgage broker basher,I was attracted to adrenalin creating professions.

MM really there are a lot of mortgage brokers believe me ,show me another thread that attracts estate agents in the same numbers and I will review you comment. But I will defend my corner against and will not accept personal comments ,do not use my name in posts in a negative manner or ,that is my only proviso

I still feel a little indignant,but I never hold grudges ask any of my friends ,smile and I forget all that has gone.

kenshaz

Sorry Martin.I got carried away

Reebok70

Hi, can anyone help us?? We currently have a mortgage with a high street lender and decided to buy another property (then sell ours after and put the capital made straight into the new mortgage). We are literally at the eleventh hour of the purchase and after having had one mortgage promise from the High Street Lender, we then went and sought advice from a broker who it seems has completely ruined our credit score by applying for loads of different mortgages. When we have gone back to the original High Street lender we are now told that our credit rating is too low as a result of all the searches. We are due to complete in approx 4 weeks. Can anyone PLEASE advise????

Ian_W

Reebok,
I'm sorry I can't help you other than suggest you post this again as a new thread where it will have far more prominence.

Go back to the list of the list of threads on the mortgage board and bottom left is a button marked NEW THREAD - hopefully that will get you more replies and quicker.

EDITED to add - I've just seen that you've actually done that so ignore the above.

evosy1978

hello all,

firstly i hope this is the right place to post.

As you are aware MSE always talks about one particular mortgage broker L&C, who are WoM and are Fees Free.

Could someone please clarify how they make there money, i do realise they must get a % from the lender. My issue is, - does this % vary from lender to lender and how do i know they are not just offering me a mortgage from a lender who pays them the highest.

thanks for your time.

dunstonh

My issue is, - does this % vary from lender to lender and how do i know they are not just offering me a mortgage from a lender who pays them the highest.

Yes it does vary. You should ask to see the research. A face to face mortgage adviser (or postal) is no different on that front either. Although with many you will see the research being done in front of you and can see the results as they appear.

Mr_helpful

The easiest answer is to look at what the FSA says about independence whole of market tied etc
4.3.9 G [FONT=TimesNewRoman,Italic]MCOB 4.3.7R(1)(b) means that a [FONT=TimesNewRoman,Italic]firm [/FONT]wishing to hold itself out as[/FONT]
independent will need to give a [FONT=TimesNewRoman,Italic]customer a purely [FONT=TimesNewRoman,Italic]fee[/FONT]-based option for[/FONT]
paying its [FONT=TimesNewRoman,Italic]fees. However, the [FONT=TimesNewRoman,Italic]firm [/FONT]may in addition provide the[/FONT]
[FONT=TimesNewRoman,Italic]customer with other payment options, such as a combination of [FONT=TimesNewRoman,Italic]fees[/FONT][/FONT]
[FONT=TimesNewRoman,Italic]This means to be independent the broker must select from the whole of the market and must offer you the opyion of pure fee based advice ie any proc fee received is rebated to the customer. He can have other paynent options but must offer the pure fees option.[/FONT]
[FONT=TimesNewRoman,Italic]The simple thing is to check his initial deception document and ask how much you are being ripped off in fees[/FONT]
[FONT=TimesNewRoman,Italic]I dont charge broker fees[/FONT][FONT=TimesNewRoman,Italic]
[/FONT]