Using multiple brokers to obtain the best mortgage

kenshaz

payless wrote:

strangely , on this thread ( well certainly last few pages) I think he's the only one I have "thanked"

Sorry,I was generalizing,accept my apology:o

payless

kenshaz wrote:

TangentMan I believe the opposition have declared.

no need for this ....
if you have something to add thats worthwhile great, but surely this is just stirring, and will get the thread locked

dunstonh

Mortgage brokers are a necessity for some,in the same way that people require a travel agent to book a package holiday.But like package holidays, a decline will begin, as consumers become more conversant and software wizards more expert.The result will be less commission paid and reduced interest rates.

Maybe. However, I am not so sure. At this time, advisers pay for research software. My software cost comes in at nearly £500pm. Will the software providers make that information available free of charge when they can charge large sums for it? Ok, investment class business research and data costs a lot more but the point is still valid.

Perhaps what you will see is the advisers that dont pay the money for the software will be the ones that vanish. I know of a handful of advisers that dont use computers. They cannot be giving anywhere near best advice and the sooner they are out the better.

Im not so sure about cost either. The broker gets paid a tiny commission in reality. Often its similar in size to one month's interest payment on the mortgage. Is a 40 year mortgage (which is what many first time buyers are now going for) going to change much in cost because a broker isnt being paid that? Also remember that the providers like the brokers doing the work as its cheaper for them. There is no liability and less paperwork.

That said, I think the business models for advisers/firms which rely on upfront commission on cross-sales of various products need to change otherwise they wont survive. I moved over to the "new model" basis a few years back and its paid off big time. I now have more income coming in through renewals, retentions and trail than the average adviser earns in upfront commission in a year. It was hard work getting there but it paid off. It now allows for discounting and that brings costs down. Im not sure how mortgage advisers could do it though because the margins for a mortgage adviser dont allow much scope for discounting.

But, lets be totally and utterly realistic here. Your son's xmas present list is a sales target! Those people who work for larger companies have christmas lists too. Whilst you don't need to chase numbers to translate through someone else's matrices into a diluted bonus. You do have your lifestyle to support.

So does the heart surgeon performing life saving operations. It is easy to earn a living in this industry and provide good service and good value. Some do not and the sooner they are out the better it is for everyone.

When someone uses your services and you put hours and hours into the work only for them to go elsewhere, it is fustrating as hell and I think on this thread you are seeing the fustration appear rather than acceptance of reality.

kenshaz

Joe_Bloggs wrote:

Thoughts of thanks were deserved. I have restrained my thanks in all areas because of the perception that my thanks would be taken the wrong way. For example, a scycophantic tribute in an unfamiliar territory made by an explorer.
J_B.

I realise your problem ,sleeping with the enemy

AndrewSmith

kenshaz wrote:

Mortgage brokers are a necessity for some,in the same way that people require a travel agent to book a package holiday.But like package holidays, a decline will begin, as consumers become more conversant and software wizards more expert.The result will be less commission paid and reduced interest rates.

The commission payable by lenders has no bearing on the interest rates. It is far more profitable for lenders to accept broker business which is why it is on the increase.

Joe_Bloggs

I would have AndrewSmith on my side at all times. A straight bat and wicket keeper. Very good a handling tricky deliveries.
J_B.

kenshaz

dunstonh wrote:

Maybe. However, I am not so sure. At this time, advisers pay for research software. My software cost comes in at nearly £500pm. Will the software providers make that information available free of charge when they can charge large sums for it? Ok, investment class business research and data costs a lot more but the point is still valid.

Perhaps what you will see is the advisers that dont pay the money for the software will be the ones that vanish. I know of a handful of advisers that dont use computers. They cannot be giving anywhere near best advice and the sooner they are out the better.

Im not so sure about cost either. The broker gets paid a tiny commission in reality. Often its similar in size to one month's interest payment on the mortgage. Is a 40 year mortgage (which is what many first time buyers are now going for) going to change much in cost because a broker isnt being paid that? Also remember that the providers like the brokers doing the work as its cheaper for them. There is no liability and less paperwork.

That said, I think the business models for advisers/firms which rely on upfront commission on cross-sales of various products need to change otherwise they wont survive. I moved over to the "new model" basis a few years back and its paid off big time. I now have more income coming in through renewals, retentions and trail than the average adviser earns in upfront commission in a year. It was hard work getting there but it paid off. It now allows for discounting and that brings costs down. Im not sure how mortgage advisers could do it though because the margins for a mortgage adviser dont allow much scope for discounting.


So does the heart surgeon performing life saving operations. It is easy to earn a living in this industry and provide good service and good value. Some do not and the sooner they are out the better it is for everyone.

When someone uses your services and you put hours and hours into the work only for them to go elsewhere, it is fustrating as hell and I think on this thread you are seeing the fustration appear rather than acceptance of realism.

Well you have answered most of my questions in a very positive manner.
Frustration has shown itself in this thread,and an acceptance of realism,and a sense of humour ,without exhibiting anger would assist.

Joe_Bloggs

I would like to say that I feel nothing in this matter. I did indirectly refer to Kenshaz as a lady in the past. This is no direct insult but it may be uncomfortable and an indirect insult for which I say, I am sorry. This was entirely due to name mis-recognition amongst a site that has more names than anyone can remember.
J_B.

AndrewSmith

kenshaz wrote:

Well you have answered most of my questions in a very positive manner.
Frustration has shown itself in this thread,and an acceptance of realism,and a sense of humour ,without exhibiting anger would assist.

Kenshaz, you are the instigator of the frustration by continually posting polemic statements and then blaming everyone else when they attack you.

You seem to dismiss the positive replies to your posts (on the very rare occasion that you post something of value to the thread) and have already casued another thread to be closed with your continual outpourings.

You have made personal attacks at me and other posters which, when challenged, you could not defend.

kenshaz

tomstickland wrote:

How about using schizophrenic brokers? One broker with multiple mortgage personalities? Much more efficient.

Tom that was an excellent observation,very perceptive