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Hmmm, but if you apply direct to the lender then instead of the broker doing all the work on the case, dealing with you, completing the paperwork etc and spending a damn sight more than 2 hours on it, the lender has to pay staff to hold your hand through the process. They also have to pay for a branch network, advertising, call centres etc. If you apply direct then its not as if the lender suddenly has a free £800 that they are slipping into their back pockets. Its actually cheaper for many lenders to get business through brokers and intermediaries and pay the procuration fee than acquiring it directly.
Another point to remember, if you go direct to a lender and do not receive advice you have very limited protections. A broker who is clearly breaking out the champagne at the supposed £800 procuration fee, along with all the overheads mentioned above also has to pay substantial Professional Indemnity Insurance premiums to cover themselves. If the advice given and product recommended turns out to be unsuitable then it is not the lender that your recourse is to, its the broker and you have that protection that would not normally be there on a direct to lender application.The lender won't give you any commisssion or discount but is prepared to hand out £800 to a broker for a couple of hours work on a £150k mortgage.
I think I'll see what fixed fees the broker would charge.0 -
Fees_Free_Mortgage_Advice wrote: »If you know what you want then I know a broker that might refund some commission back wink wink.
FFMA
I love you almost as much as I love the Nightmare returns :kisses:note thsi thread was over 2 yrs old!I am an IFA (and boss o' t'swings idst)You should note that this site doesn't check my status as an IFA, 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.0 -
Oi you tart I thought you wanted to be my !!!!!HelpWhereIcan wrote: »I love you almost as much as I love the Nightmare returns :kisses:Think not of what goes before you. Beware that I might be behind you!0 -
What sort of a broker would ever admit to only having a 13% conversion rate to a client, obviously a wind upI 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.0 -
Anyone whos had leads from mortgage angels and he would be boasting.MortgageMamma wrote: »What sort of a broker would ever admit to only having a 13% conversion rate to a client, obviously a wind up
Note old wardlaw is member of mortgage angels and he cant get any business so he has to tout and PM these boardsI like to give people as many choices as possible to do what I want them to. (Milton H Erickson I think)0 -
Wardlaw your solicitor will be open now so I suggest you give him a call.Mr_helpful wrote: »Anyone whos had leads from mortgage angels and he would be boasting.
Note old wardlaw is member of mortgage angels and he cant get any business so he has to tout and PM these boards[FONT=Arial, Helvetica, sans-serif]To be happy you need to make someone happy.[/FONT]0 -
Please read Payless's post the OP was written back in 2005 before your new partnership .Mr_helpful wrote: »What deal were you looking at[FONT=Arial, Helvetica, sans-serif]To be happy you need to make someone happy.[/FONT]0 -
They used to do things like that back in 2005.MortgageMamma wrote: »What sort of a broker would ever admit to only having a 13% conversion rate to a client, obviously a wind up[FONT=Arial, Helvetica, sans-serif]To be happy you need to make someone happy.[/FONT]0 -
They used to do things like that back in 2005.
How would you know that?
I didnt have a 13% conversion rate when I was a trainee, let alone fully qualified, and there was nothing special about 2005 which would have made conversion rates any less than nowI am a Mortgage AdviserYou 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 should not be regarded as financial advice.0 -
I notice that the recent thread full of disagreements has been deleted ... perhaps lets not let this one go that way ..Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0
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