Martins View On Using Mortgage Brokers...

HelpWhereIcan

dunstonh wrote:

I would put little weight in that award. The award floats between a limited number of high profile companies (like many of the "best" awards). The vast majority of financial services companies never get a look in. Its more of an award based on turnover of business than anything else. Hardly a good measure.

I would add my tuppence worth by letting people know that these awards are generally voted for by the lenders, and therefore, as dunstonh says, it will be the larger firms who place huge volumes of business that 'win'.

Having said that, no one gets as big as those firms by being rubbish - just that they are the only ones who get a look in with these kinds of awards.

Maybe Martin and MSE'rs would like to start off a new set of consumer (rather than lender) led awards which take into account the actual service and advice offered. The firms could be nominated by customers who have used them and then the nominated firms could have their processess etc explored with awards being given for a number of categories (eg best national broker, best small east yorkshire broker with red in their logo etc etc) based on the results of investigating their business against customer friendly criteria rather than the just volume of mortgages they place.

An estate agent local to me won 'estate agent of the year' in his first year of trading after he was nominated by his customers and the award panel visited him to see what services etc he offered and what customers thought of him. To me a much more valuable award than one given by an industry body that took nominations from within the industry.

Just my thoughts

AndrewSmith

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

payless

And it does depend which week we are in....

there are loads of these issued on what seems like a weekly basis

Financial Adviser (part of FT) just given it to Park Row -
based mainly on a case study this time

AndrewSmith

payless wrote:

And it does depend which week we are in....

there are loads of these issued on what seems like a weekly basis

Financial Adviser (part of FT) just given it to Park Row -
based mainly on a case study this time

Yes I saw that one.

Paul_Herring

:spam: reported

Mr_Warren_2

Help requested for my own mis-sold endowment please.

I have followed the recommendations from this site and wrote a nice letter to the Independent Financial Advisor people who had sold me my endowment back in 1992 (Legal & General endowment).

After six months of waiting game but kept informed of the situation at all time (could not get the right documents etc. and still have not managed to do so), the Independent Financial Advisor has written to me turning down my request for redress.

Reasons are that :

- “…as they are no documentary evidence to show the advisor gave me a guarantee that my policy would repay my mortgage in full and produce a surplus….”
- “……We refer to your comment I don’t believe the adviser explained there was a risk…….I don’t believe that my views on risks were given consideration”…..I am sorry but I cannot upheld your complaint solely on the basis of your recollections of what was said at the time……”
- “I should explain that the general legal position is that when a person signs a document or agrees to proceed on the basis of the document they have received, he or she is bound by their signature, whether or not the individual has read and understood the document”

Etc..very sorry but we will not help you.

Another same letter written to another Endowment provider worked (Allied Dumbar) and I have received since a cheque in compensation and the circumstances were the same (no documentary evidence, my recollection etc)

Your help and suggestions in this matter is very much appreciated.

Many thanks.

xanderd

Hi,

I am about to get advice on my first mortgage but am confused. Is it the case that you always have to pay something, at some point, with any broker? Is the 'fee' Martin is referring to a charge for advice alone, with a seperate charge for deal completion?

For example, we have an appointment with a whole of market broker, who offeres a free consultation, but upon completion of the deal they charge a commission of 1% of the mortage e.g. £1500 on a £150,000 mortgage.

Is this normal practice and good value? Or are there places where you can complete the deal for free and pay absolutely nothing throughout the process?

thanks in advance

alex

payless

Assuming broker will also get paid by lender...
Some don't charge a topup fee , others may charge ( either upfront or on completion or both) , some might even give you something back.... its upto you to decide if you think you are getting value for money.

IMHO 1% is on the higher end of the fee scale

xanderd

they said the 1% is a guide and can be adjusted to suit our circumstances.

But my real question is: Is there always a fee to be paid? Or could I go to a diferent broker and complete the deal for free?

payless

yes as I stated a good number of brokers will offer this service without the top up broker fee ( instead just relying on the lender's commission)