Selecting a local broker - First Time Buyer

Dan_1976

You will find most brokers on here will turn your business away.

I did when I was one, plenty of people approached me but it is not a good way to get business.

Also I think the knowledge comment is a bit harsh. Most brokers should know the business inside out. You will find some non brokers that are very knowledgable.

Conrad

VIGILANT22 wrote: »

.giving a little bit of onfo then saying I can't disclose anymore on here!!..............

There are a number of reasons some of us brokers cannot go into depth on a public forum;

1) Having a quick snapshot of someones needs and desires is no substitute for a good in depth interview. To get all the info required from someone posting here would run into far too much text and even then a lot of 'soft' details would be missing that can only be gleaned via conversation. In many instances days of tooing and froing would be required. As you well know - one question can lead to another and another like a maze, and that supposed 'quick question' is anything but


2) Often peoples needs would indicate they need specialist help. Lets say from a small niche lender. The last thing such a lender would want is to be inundated with a load of random tire kickers. This would also then have an adverse impact on that small lenders ability to progress existing cases.

It would also be like chinese whispers with people calling these lenders with half baked info (we all mentally fact filter and 'hear what we want to hear'). A bit like patients going to Doctors with a load of internet 'advice' 95% of which will have been well and truly clouded through the chinese whispers / bar room expert effect that forums can engender.


3) Comments on here may be deemed by a user too be close too a specific recommendation and despite our little signature disclaimers, some people would still see fit to attempt a blame claim, if things went wrong - ie - some loosely based 'advice' was acted upon by an applicant and then said person was tunred down by the lender and lost money, they might kcik up a stink on this forum

4) Time - I do this as a little filler between real life applications as I like helping a little. I can honestly say I've accepted very little business in return and in any event MSE types love everything free, which is not what I'm about!:D I've had people PM wanting a 'quick question' answered but in fact would involve a huge amount of work to answer properly, but mention a fee and they usualy turn out to be just early days non serious enquiries.

dragilex

All I've got to say is I gave London and Country a fair chance and gave them a ring. The guy I spoke filled me with confidence over the 30min I spoke to him. I will definitely consider them when it comes to finally selecting a broker.

payless

remember to remind them of their "promise" to tell you about direct deals if they are better

Wutang_2

payless wrote: »

guess i'm missing the joke

No joke dude - its the only way to go

Conrad

dragilex wrote: »

All I've got to say is I gave London and Country a fair chance and gave them a ring. The guy I spoke filled me with confidence over the 30min I spoke to him. I will definitely consider them when it comes to finally selecting a broker.

And hopefuly they will be happy to progress your case each day once they realise you don't want thier life insurance.

dragilex

Conrad wrote: »

And hopefuly they will be happy to progress your case each day once they realise you don't want thier life insurance.

Is this a common issue?

This whole insurance as well as mortgages from the same person thing needs to be banned. So many seem to be on the band wagon and it just gets in the way when all you want to do is buy a house.

payless

dragilex wrote: »

Is this a common issue?

This whole insurance as well as mortgages from the same person thing needs to be banned. So many seem to be on the band wagon and it just gets in the way when all you want to do is buy a house.

I see why you say that BUT

Just remember no such thing as a free lunch :

Advice (mortgage) needs to be paid for -

a. by reporting back about deals that only pay the broker ( so not TRUE indepenedent)

OR

b. A fee

OR

c. Cost of work offset by commissions from other products ( whether formally or informally)

OR

d. Combination of some of the above

VIGILANT22

It would be very irresponsible of any adviser arranging a purchase for a client not to discuss how this was going to be protected/paid in the event of death/illness/redundancy etc It would also be putting themselves or their company at risk of a potential future complaint. If you found yourself in a situation where you could not pay the mortgage but never had been advised as to how you could have protected yourself against this, you would be jumping up and down.

You don't have to follow their advice however an adviser would document you had been offered advice and declined this/and or ask you to sign a disclaimer.

Conrad repeatedly posts re' advisers and insurances....however at his own admission on other posts he charges fees when arranging mortgages...!!.but I haven't read any fee free broker "having a go" at him...He has demonstrated he as a choice how he operates as do other advisers/companies...

So if you think insurance gets "in the way" when buying a house, I wonder if you would have the same opinion if you find yourself off work long term and you have no income to pay the mortgage...all those people who riddiculed insurance won't be around to pay your mortgage....

Dan_1976

VIGILANT we have had a pop at him, and him back at the fee free mob. You will find since Sept 2007 many brokers have realised that the fee free model is not the best idea in this current climate, and is probably on its way out. This forum and Conrad, have been about for a while.

My old profile was a good few years old but a change of email address meant I had to ditch it.