Martins View On Using Mortgage Brokers...

momsgill

I have just had a remortgage offer after using London and Country as mentioned in Martin's website. Absolutely excellent - got me a fab deal with only £45 to pay. Couldn't believe it in the current climate. I would highly recommend them.

paul_dobson

Could someone help me i was sold a together mortgage from Northern Rock by a private mortgage broker. I bought a property valued at £185,000 requiring a mortgage of £95,000 unfortunately he arranged the above mortgage £85,000 secured and £10,000 unsecured loan. Could someone tell me if i have been mis sold this mortgage.

TimSage

Hi,

It would be difficult to say whether you have been mis-sold this mortgage without seeing the various paperwork surrounding it. Advisors always have to complete a full factfind to build up a picture of your personal circumstances and requirements.

They also have to record these and produce a document to explain why they have recommended that particular product based on that factfind. If you dont have a copy, you should be able to request this from your advisor or advisor's company.

It may be that based on your circumstances at the time, it was actually perfectly acceptable advice (no one expected the recent events to take place).

Alternatively, it may be that the motives and reasons behid this particular arrangement may not have been entirely ethical. If you really are concerned about this, see if you have copies of the documentation I have mentioned or ask for a copy from the advisor.

I hope this helps you a little.

dunstonh

paul_dobson wrote: »

Could someone help me i was sold a together mortgage from Northern Rock by a private mortgage broker. I bought a property valued at £185,000 requiring a mortgage of £95,000 unfortunately he arranged the above mortgage £85,000 secured and £10,000 unsecured loan. Could someone tell me if i have been mis sold this mortgage.

If you cant remember why it was done like that then go back to the mortgage adviser and ask them to remind you.

Dellboy_3

i have just come to the end of the term of a fixed rate mortgage with the halifax .
Anyway in i pops to the local branch to be told that there valuation has dropped on my house by £40000 (since 3 years ago )so to move onto another fixed rate would be nearly £1500 for a 3 year deal .
Two days later my broker rings me up and says he has been looking for another fixed rate for me comes in at half a percent better with a £700 fee to the mortgage company (which also pay him his comision ) Great says i how much for the valuation if we are changing companies .
Answer nothing as its still with the Halifax...............
So half a percent for 3 years and £800 saving on the fees :j
i suppose i cant give his name but pm me if you need it

frankw5

nicstar3000 wrote: »

Just to warn every one not to go with click'n'go mortgages for mortgage advice, my partner and I have had a really bad after sales experience with them, at first they got us an agreement in principal which was great, a few months later the criteria had changed and they could only get us an agreement which needed 3% more deposit, they expect you to just pull money out of thin air, if you can't they threaten legal action, even a year on we got a better offer for life cover so we cancelled our policy with Scottish Provident, next thing we knew Peter Cowell was on the phone being unbeleivably rude threatning legal action again

I'd strongly recommend not to go any where near this company or Peter Cowell

Hope this helps!

Threatening legal action? For what? By the way Scottish Provident a re a good provider, your new provider may be cheaper but compare their exclusions etc..

frankw5

dunstonh wrote: »

As an independent mortgage broker you were effectively the most professional type of adviser. Being fee based, the consumer is buying the advice and you are rebating or offsetting any commission. Therefore removing any potential for bias and also being 100% whole of market and not just including those that pay commission.

Well, as an aspiring mortgage adviser, that is my goal. Charge a fee to get rid of time wasters and stop people disappearing off the face of the planet, and refunding the fee if a commission is paid out. The customer gets advice from all lenders and potentially gets their money back. A friend of mine recently re-arranged her mortgage with Nationwide. She paid a fee and got nothing back in return. She didn't seem to mind though

frankw5

smitch999 wrote: »

I just wanted to say thanks Martin for the advice on the site which pointed me in the direction of using London & Country for my mortgage brokers.

I was very happy with the friendly and efficient service I received, and even happier with the excellent rate and offset mortgage package I am completing on tomorrow.

Another happy customer! :j

I used to work there.

frankw5

momsgill wrote: »

I have just had a remortgage offer after using London and Country as mentioned in Martin's website. Absolutely excellent - got me a fab deal with only £45 to pay. Couldn't believe it in the current climate. I would highly recommend them.

Who did you pay the £45 to?

patman99

I used a broker some years ago, cost me £1,000, but I saved about £20 a month on my mortgage (I increased the mortgage by £6,000 at the time). When the special deal came to an end, I hunted-down a good deal all by myself, A couple of years later, I did the same again. However, a year ago, I used a broker attached to an estate agency. He found me a tracker mortgage at base+0.17%, just started paying when the interest rates dropped. Talk about timing.