Mortage adviser/estate agents

Jo1972_2

I have an appointment on Saturday (13/3/10) with a mortgage adviser who works with Bairstow Eves. Should I avoid these types of Mortgage Advisers and look for an independent one??

Sammy85_2

Always worth having a look to see what they can offer, but have a good look around aswell. Check out a couple of independant advisors and your own bank.

Doozergirl

They work from a panel of lenders. It won't hurt you to see what they have to offer, but a whole of market broker plus a look at the best buys direct from the high street banks will give you a clearer picture.

<sebb>

I did exactly the same thing with exactly the same agent! When I mentioned it to my friends/co-workers they all told me to steer clear so I cancelled the appointment.

I didnt go with a mortgage advisor in the end and did all the research myself. I'm fairly financially aware though and already knew exactly what I wanted. I think I found myself a pretty good deal. 1 day after receiving the formal mortgage offer, they upped the rate by 0.75% but I still got the old rate. I still cant find anything on the market for less than .6% more than I got.

However, subject to what other more experienced buyers might say, there might be no harm in looking so long as you dont commit yourself to anything.

<sebb>

Sorry for the double post but I just thought about something else. When I had my appointment I was asked to bring along payslips and the last P60. I was advised that the searches they would be doing would involve credit checks which "might" leave a footprint on my credit record. You might want to double check this when you go along, and be clear that at this stage you are just interested in generic information.

timmyt

always use independent, by definition!

VIGILANT22

timmyt wrote: »

always use independent, by definition!

Timmyt....I'm afrad you're wrong........

According to the rules set down by the Financial Services Authority (FSA), a broker is classified as independent when offering a fee-only service (avoiding any conflict of interests that may arise from the commission brokers earn from lenders) and when that broker represents the whole of the market.

The problem begins with networks; umbrella organisations which help smaller brokers to cope with a diverse market which - in the case of mortgages - spans xxx loans from xxx amount of lenders. Networks will often offer a more manageable 'panel' of lenders for its brokers to choose from: Sesame, a big network, offers them the option of covering the whole lenders on the market or working from a panel of approx 17. Legal & General runs a mortgage network with a panel of 20 lenders for about 100 broker firms. In both cases, the brokers using these services are allowed to be called 'independent'.

But does this really still count as independent advice? It does according to the FSA, which only needs to be satisfied that the broker or network is representing the whole of the market, not necessarily covering all of it.

It is a system that has its critics. 'The FSA has allowed companies to claim that they offer the entire mortgage market provided they can show their panel is representative - maybe with as little as xx lenders.

The fact is that it's down to semantics and the FSA's definition of independence.........in this case, the whole of the market doesn't mean what the person on the street thinks it means.

The broker does have a legal obligation to tell you. Ask if your broker is a member of a network or offers mortgages from a panel of lenders. If they say yes, you can be assured they cannot cover the entire UK market, albeit that they are allowed to say that they do.'

timmyt

always use independent, by definition!

if you think you are getting biased advice, walk away, just as your colleagues would feel

good luck OP

VIGILANT22

timmyt wrote: »

always use independent, by definition!

if you think you are getting biased advice, walk away, just as your colleagues would feel

good luck OP

.............wrong, wrong wrong!!

timmyt
Can't you read...I do wish you would stop posting misleading information!...

rosiejb10

Hello. I'm sorry but I'm unable to help you with your question. I'm hoping that you can help me . I'm trying to ask a question on here and I've been into 'help' and I'm told to click on 'new thread'. However, I've looked for this link until I'm almost cross eyed. Please can you tell me where I click to start a new thread and ask a question. Thank you .

Fire_Fox

New thread is in a dark blue oval at the top and the bottom of the first page of any board, or indeed any other page. Same position as the 'like it' button as you are viewing this post.