We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

'Are banks killing the mortgage broker market forever?' blog discussion

Options
12346»

Comments

  • Izlay
    Options
    We are a specialist high value mortgage broker and deal with direct and broker only products; in fact proper whole of market. we charge a flat % fee for advice and recommendation payable on completion only and any commission we receive is offset - this is the only way to guarantee full market coverage
  • Wakey2008
    Wakey2008 Posts: 149 Forumite
    Options
    Izlay wrote: »
    We are a specialist high value mortgage broker and deal with direct and broker only products; in fact proper whole of market. we charge a flat % fee for advice and recommendation payable on completion only and any commission we receive is offset - this is the only way to guarantee full market coverage

    Are you touting for business? Is this an advert?
    I am a Mortgage Adviser and Freelance Journalist
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Wh05apk
    Wh05apk Posts: 2,938 Forumite
    First Post First Anniversary Combo Breaker
    Options
    Wakey2008 wrote: »
    Are you touting for business? Is this an advert?

    ...............and why have you not got the correct signature?
    I am a mortgage adviser.
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • frankie5angels
    Options
    I own a truly whole of market mortgage brokerage.

    The key for those concerned about dual pricing in the marker is to understand the following:

    It is actually not just dual pricing (2 pricing structures) but many.
    There are direct only deals (only available through the bank branch) but wait....there are also bank web deals not available through the branch! There are also broker only deals which are available from some brokers and not others! Confused yet?

    The list goes on. The only way to get the full picture is to speak with a broker who uses "The Homebuyer System" or similar. This system is updated with all available mortgage deals directly from the FSA.

    For example a client comes to visit us and we discuss their mortgage. Based on their circumstances we will complete a simple report with the best deals. This will include every conceivable mortgage deal available regardless of where the client needs to go to get it.

    We charge a fee for this service and our client knows they are getting the nest possible deal and importantly the correct advice. There is a tendancy within the bank branch network of mortgage advisers to promise clients the earth, moon and stars rather than to take a sensible view of the likely outcome of a mortgage application based on income, debt, credit scoring and property valuation - this can lead to wasted time and money.

    All of this would not be necessary if the FSA had taken a stand against dual pricing and made all deals available via brokers - which makes perfect sense - clients get the best advice, the market remains competitive and everything is much more transparent.

    Recently I was at a conference in which Santander, Europe's largest lender, were basically boasting that their customer satisfaction had risen from 15% to 21% this year! Any other business would have gone bankrupt with figures like that!

    My advice is to get advice. The mortgage market has never been more complex. The lenders have never been more reluctant to lend (remember its not all about credit scoring). It is common knowledge amongst brokers that certain bank and building societies coerce surveyors into low valutions so they don't have to give customers their best rates.

    I hope you find this helpful.
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 344.8K Banking & Borrowing
  • 250.6K Reduce Debt & Boost Income
  • 450.5K Spending & Discounts
  • 236.9K Work, Benefits & Business
  • 610.9K Mortgages, Homes & Bills
  • 173.9K Life & Family
  • 249.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards