What do you look for in a broker?

homer_j_3

think you are imagining it to be honest - nowt but a day in the mortgage mse forum

kenshaz

No problem with UK007Bulldog's post,some very valid points,and an excellent input to the debate,and he/she is a broker ,with no email contact or website links,which confirms his/her intentions to be a consumer with expert knowledge.

Regulation has increased workload and his frustration is evident and understood, he/she came across very eloquently, remained objective and did not become personal.Yes an excellent from the heart example of free speech.

I particularly liked his/her point about suitability,and the fact that the best deal might not be right for certain people .I feel that analysis needs a person not a computer ,and the ability to match the mortgage with the person with the more complicated client issues is necessary.

herbiesjp

UK007BullDog wrote:

. We do not get any paybacks, however if we did it would be recorded and paid into an account and we would pay tax on that. How many handymen out there do that!?! Not many, going by the self certs I have done for self employed people. Everything has to be above board or one would lose the license to work in the Financial Services industry, or even go to jail or be fined.

Agree with your post there

That is why a lot of networks, I am hearing, do not like their ARs dealing with self cert clients who do "cash in hand"

MortgageMamma

I think UKbulldog is a girl - I might be wrong but I think we have spoken before via PM. Just thought I'd let you know!

I personally don't deal with self cert clients who do cash in hand. you would be suprised how many people come to me who are not even registered as self employed with the IR, and I've even had a few who copy dvd's and cd's illegally and sell them for a living - not registered with IR but wanting to declare the income for what it is!:eek: Needless to say, they are shown the door!

payless

UK007BullDog makes a lot of good points... my previous post about rebating / fees ( with full rebate ) being sometimes cheaper than some of the other routes regularly mentioned was in sole response to the "cheapness" angle...

We all know that cheapness is not always the best, especially if the service required is more involved ( provision of home appointments or offices & more complex cases) -
for those that like to quote Martin.. remember the first line of this site's "statement

MoneySaving is about cutting bills not cutting back.

and cheapness can lead to a cut back service

Arch-Angel

kenshaz wrote:

I particularly liked his/her point about suitability,and the fact that the best deal might not be right for certain people .I feel that analysis needs a person not a computer ,and the ability to match the mortgage with the person with the more complicated client issues is necessary.

I agree - but how does this point fit with your earlier one about using mortgage wizards on the internet to find the best deal? Or using cashback sites to make a few pounds?

There are places for all of these techniques IMO - as you rightly pointed out, some people will need to use a broker so that they can secure a good (and fair!) mortgage deal for themselves. Other people will simply need to re-mortgage to get a better deal than the SVR of their current lender - if their credit history is fine a search engine may well meet their needs.

In short - I don't know where you stand on this now. Either you feel that brokers do have their place in placing products, or brokers should be used to find the best deal before you then place it with a cashback website to save a few pounds...or is it simply a case of "horses for courses"?

simonbh7

I personally think that Arch-Angel summed it up quite well.

A lot of people who simply remortgage regularly to get a better rate ALREADY research the market and then go direct to the lender.They don't need a broker if their situation is straightforward and they have the intelligence to understand all the details of their chosen mortgage.

However, many people will prefer to take the advice of a broker as they are either, not confident in their own knowledge, or their situation is not straight forward and requires professional advice.

I feel that there is room in the market for both brokers and the moneybackmortgages of this world and I would expect that the majority of people who use that site would not go to a broker anyway.

Maybe I am being too simplistic but I feel that there will always be the need for advice from quality brokers.

silvercar

what would a broker feel in the following scenario:

A remortgage, excellent credit rating, low loan to value ratio, salary well able to afford mortgage on multiples and affordability, relatively large mortgage amount.

Client knows what deal they can get from existing mortgage company and has seen a few deals around that may be slightly better.

As a broker do you want to see if you can get a better deal for this client or do you feel it is wasting your time to even look.

I ask because I approached a broker with this scenario years ago (pre MSE) and he was insulted that I had approached him having done my homework first.

payless

silvercar wrote:

what would a broker feel in the following scenario:

A remortgage, excellent credit rating, low loan to value ratio, salary well able to afford mortgage on multiples and affordability, relatively large mortgage amount.

Client knows what deal they can get from existing mortgage company and has seen a few deals around that may be slightly better.

As a broker do you want to see if you can get a better deal for this client or do you feel it is wasting your time to even look.

I ask because I approached a broker with this scenario years ago (pre MSE) and he was insulted that I had approached him having done my homework first.

you describe my typical client, I would always want to add value to any transaction, so as well as confirming suitability ( yes some say I've found this great deal... only on discussion does it turn out not be be so suitable, in way of fees or conditions) would reserach for other deals that may suit ( client might have missed / exclusive), and compare the lot with existing lender products .- some people won't move lender unless there is a "good saving" to be made.

If going back to existing lender & if they will allow me to assist I willl.

If recommending the product that client originally approached me with- then thats great , as they have ( my professional) confirmation that deal is suited.

kenshaz

Arch-Angel wrote:

I agree - but how does this point fit with your earlier one about using mortgage wizards on the internet to find the best deal? Or using cashback sites to make a few pounds?

There are places for all of these techniques IMO - as you rightly pointed out, some people will need to use a broker so that they can secure a good (and fair!) mortgage deal for themselves. Other people will simply need to re-mortgage to get a better deal than the SVR of their current lender - if their credit history is fine a search engine may well meet their needs.

In short - I don't know where you stand on this now. Either you feel that brokers do have their place in placing products, or brokers should be used to find the best deal before you then place it with a cashback website to save a few pounds...or is it simply a case of "horses for courses"?

I believe that choice should be the overriding factor,if a mortgage is complex,and the lender feels unable to complete,then use an experienced broker.(would you use a travel agent to book your around the world trip or could you do it cheaper ) some would and some could,some couldn't and wouldn't .I feel that for those who are confident and sophisticated,use every money saving technique available,including the software wizards,use what is available at the time.

The main thrust of my argument is comparison,would you renew your car insurance on your renewal quote,some would and that is fine,but that is not in the spirit of this site.Would you have your bathroom suite replaced on one quote,again not in the spirit.
The Double glazing salesman spent two hours trying to persuade me that his product was for me ,should I have given him the contract,purely on the basis that he had committed time and should be rewarded by right.I then decide to purchase the windows from Wickes and get a local joiner to fit,saved thousands.But,the route I chose would not be suitable for all,perhaps they will get as good a job ,certainly not better ,because I was the project manager ,but it will cost.

Another example is the kitchen designer who spends time in your home,then you buy flat pack assemble yourself and again use a joiner,to complete (sorry meant fit)not for every-one,suppose you are correct horse for courses.

Another analogy Stoozing is not for every-one ,but for the disciplined ,with good credit records,it is very profitable.The banks do not like it because it costs and wastes their time,but it fits in with the spirit of this site

I am also open minded and a resource investigator,so I never close down always prepared to listen to debate,I am a floating voter,and never a fence sitter,and never take the side of my peers because it makes me popular.