What do you look for in a broker?

UK007BullDog

I just want to comment on the Self certing issue. My network has no problems regarding a self certing a handyman. What we do is we ask the client to fill out the form in his handwriting. We also have a document where the client confirms his income and signs it, we actually make him write out the sentences, so there is no way they can say they did not know. The same goes if clients refuse insurances. If he has a partner buying with him/her they have to sign too. The FSA is all about the consumer protection, and the networks are all about protecting themselves and the broker as the FSA does nothing to protect brokers from dishonest scheming clients.

As this is a TRUE self cert (especially if they cannot prove their income the regular way via a chartered accountant, or a tax return they did themselves) then what can we do if the client lies to us so we do the above to cover our backs. Also as long as lenders offer these products it will carry on.

I am an excellent broker with high ethics. I have lost so much business because of it its mind boggling. But I rather be able to look in the mirror and sleep well at nights, knowing I have done nothing wrong. I have had abuse over the phone, once in person where a potential client tried to grab and hit me because I refused to help (was way dodgy person), and many times where client "expected" me to help them get the necessary docs to prove their status.

As a woman I do not do house visits anymore. I do meet the clients at a public place. One experience left me so shocked that I absolutely refuse to go into peoples homes if the clients are not a couple living together, and I have spoken to the "wife" to make sure she will be there. I tell my colleague and husband where I am and also let the clients know that they know where I am.

Another thing I would like to point out that there are very many lenders out there which consumers never hear about. These only deal with brokers. So people doing a research on the Internet or high street might never ever hear of them. So your self researched best deal might not be that. 95% of the time I can find a better deal for the client and point things out to them they were not even considering or did not know about.

I would be intrigued to know how the ratio is on Self researched mortgages and their uptake compared to Broker advised mortgages and uptake and the clients happiness with the products chosen. I truly believe those having gone through a good broker and told the broker nothing but the truth regarding their lifestyle etc. that they are a lot happier with their mortgage. I come to this conclusion just reading all the help questions from people who some are quite desperate for help.

My last point: Would you rather not have proper advice from trained and certified brokers, than from people who know a lot of basic stuff but not the nitty - gritty of the whole mortgage malarkey?

nrsql

>> I have had abuse over the phone, once in person where a potential client tried to grab and hit me because I refused to help (was way dodgy person), and many times where client "expected" me to help them get the necessary docs to prove their status.

These are clients you wouldn't want I suspect.

I research myself then go to a broker to see what they can offer (maybe a couple). If they can match or beat what I have found I would go with a broker as I would expect them to help the process if nothing else.

kenshaz

My last point: Would you rather not have proper advice from trained and certified brokers, than from people who know a lot of basic stuff but not the nitty - gritty of the whole mortgage malarkey?

Yes I certainly would ,an analogy is the difference between a consultant specialist and your GP.The important factor is experience in a complex field ,GP's do a worthwhile job and they are fine with general conditions and diagnosis ,but the specialist is on a day to day basis coming in direct contact with the treatment of intricate and complicated medical conditions.They become experts in their field through experience.

Arch-Angel

UK007BullDog wrote:

Another thing I would like to point out that there are very many lenders out there which consumers never hear about. These only deal with brokers. So people doing a research on the Internet or high street might never ever hear of them. So your self researched best deal might not be that. 95% of the time I can find a better deal for the client and point things out to them they were not even considering or did not know about.

That's quite an interesting point - what kind of percentage are we talking about here? I commented earlier that the £250 or so cashback you can get by placing a mortgage yourself can easily be offset by finding a mortgage just 0.1-0.15% worse than the best deal availane - via a broker or not (assuming a £150K mortgage). Is there a typical - or ball-park - figure that people could realistically save by approaching a broker as opposed to the DIY approach?

It all comes back to the saving - renewing your car/house etc. insurance via search wizards and the like can generate the best (if not a near best) deal. Miss the best deal by 0.15% and you're not paying that much more out. Miss the best mortage deal by 0.15% and you're paying £15 a month extra on a £150K mortgage!