What do you look for in a broker?

Careful_girl

Hi grumpy one, tis going well.:beer:
Oh No I have hijacked a thread! Quick i am running scared!!!!:eek:

kenshaz

jamesd wrote:

The consequences for a mistake can be higher, so some price premium for risk is justified on the bigger mortgages. They also cross-subsidise the smaller ones and that's a valid part of the product mix. For competitive reasons, it seems to make sense to offer a rebate. After all, the mortgage lenders often do in their mortgage interest rates.

Other things being equal, I see no reason not to favor a broker who offers the full service and also discounts.

If discounting by brokers did become popular I expect that lenders would offer stepped fee levels.

and below is an example of the savings

straightforward £150,000 mortgage, fee based advice would typically cost £500, while poor credit history advice could be £1,500. Yet process via London & Country and it's free, or go through MoneyBackMortgages and you could get a rebate of £260. This means a saving of £760 on straightforward advice alone, never mind the thousands on the mortgage itself.
please excuse me ,just read a sad post

payless

But that makes assumptions thats aren't always the case - assumes fee based is always either on top of or in excess of the ( possibly rebated) commission... there is nothing to stop an adviser working on a fee based ( with full rebate ) or commission (with partial rebate) offering a full advice service and still working out cheaper than those examples.

Arch-Angel

MortgageMamma wrote:

I can sympathise with your sentiments entirely, hence the reason I've limited the amount of time I spend here. A consumer is anyone or anything that requires a product or service irrespective of their occupation.

Stick at it MM - and you Andy. I suspect that your posts on here are welcomed by the majority.

kenshaz

payless wrote:

But that makes assumptions thats aren't always the case - assumes fee based is always either on top of or in excess of the ( possibly rebated) commission... there is nothing to stop an adviser working on a fee based ( with full rebate ) or commission (with partial rebate) offering a full advice service and still working out cheaper than those examples.

Many brokers charge both fees and take commission. However, to call themselves an ‘Independent Mortgage Broker’ they must offer an option to pay fees only, with any commission earned available to be rebated. Yet in practice this is bunkum as what tends to happen is this: they offer to allow you to pay either a “1% fee in full and they will rebate their 0.35% commission” or alternatively they’ll suggest you can just pay a “0.65% fee and keep all the commission” in other words, no difference.

AndrewSmith

Arch-Angel wrote:

Stick at it MM - and you Andy. I suspect that your posts on here are welcomed by the majority.

There are a number of regualr posters, all consumers, some of whom work in mortgages, who have been noteably absent from the forums of late for the same reasons as myself.

I really cannot see the motivation any more of committing free time to offering help when in return you get nothing but attacks or ridiculous insinuations of 'ulterior motive' when the insinuations are made by those who cannot offer anything more than pasting the threads / articles of others as a reply. Do people really find the truth from people who actually work in the industry day in day out so hard to believe?

Obviously people think it is more helpful to cut and paste paragraphs from articles on the site that most people have already read.

I appreciate your support Arch-Angel but I have better things to do with my spare time than be discriminated against because of my chosen profession or read the same links/articles being promoted regardless of the query in the thread.

nrsql

>> you get nothing but attacks or ridiculous insinuations of 'alterior motive'.
Shame!

AndrewSmith

nrsql wrote:

>> you get nothing but attacks or ridiculous insinuations of 'alterior motive'.
Shame!

Yes isnt it.

MortgageMamma

Yes sometimes it feels like you are being sacrificed on an alter by the antibroker worshippers

homer_j_3

Andy,

I fully sympathse with you and whilst I have continued to post, my contribution for the last few months has been somewhat quiet compared to earlier in the year.

I get fed up of people making a mockery of my qualifications and time spent in the industry trying to help people. I think this has transpired in some of my posts through the sheer frustrations that you have already made commentary on.

I will continue helping where I can but I too do not see how the consumer wins with the people who are most likely to be able to provide expert knowledge being challenged constantly.

I will continue to post though until people tell me that my help is no longer required but as you say, it will be when I get chance to spare some time.