How to negotiate a remortgage discount?

dunstonh

simonbh7 wrote:

In your opinion

Not opinion. Fact.

They are brokers. Fact
The deals can be beaten. Fact
Their life assurance etc can be beaten. Fact.

simonbh7

dunstonh wrote:

Not opinion. Fact.

They are brokers. Fact
The deals can be beaten. Fact
Their life assurance etc can be beaten. Fact.

They are brokers. Fact.................Isn't that what I said?

The deals can be beaten. Fact......When I used them for 2 remortgages I checked not only on the internet sites but also with a couple of brokers I know and they could not beat them. FACT ( IN TOTAL I RECEIVED £837. FACT)

Their life assurance etc can be beaten. Fact.....I wouldn't know i'm not interested in life assurance as these were buy to lets. But can their life assurance be beaten by brokers or by another internet site?

toonfish

simonbh7 wrote:

In your opinion

factamundo my friend, no opinion about it

dunstonh

Their life assurance etc can be beaten. Fact.....I wouldn't know i'm not interested in life assurance as these were buy to lets. But can their life assurance be beaten by brokers or by another internet site?

I did a couple of sample quotes and was able to undercut them. If I can beat them, then that means at least 7500 IFA/mortgage advisers can as well as that is the number that get the same pricing I get.

When I used them for 2 remortgages I checked not only on the internet sites but also with a couple of brokers I know and they could not beat them. FACT ( IN TOTAL I RECEIVED £837. FACT)

So, your own research couldn't beat them. Cant argue with that. However, some of the best buys can be beaten.

Its not a case of knocking the site as they are just brokers like many of the others. However, they arent offering anything that anyone does. Remember, we have seen sites come and go. Some with great fanfares on arrival (mortgage bundles for example). They have vanished but the usual local broker remains.

MortgageMamma

simonbh7 wrote:

They are brokers. Fact.................Isn't that what I said?

The deals can be beaten. Fact......When I used them for 2 remortgages I checked not only on the internet sites but also with a couple of brokers I know and they could not beat them. FACT ( IN TOTAL I RECEIVED £837. FACT)

Their life assurance etc can be beaten. Fact.....I wouldn't know i'm not interested in life assurance as these were buy to lets. But can their life assurance be beaten by brokers or by another internet site?

You don;t say if your couple of brokers were truly whole of market (by that, I mean access to EVERY lender - as there is a loophole where brokers can say they are whole of market when they are just panelled.

What you need to realise is that there are literally thousands of brokerages out there, some directly authorised, some authorised through something called a mortgage network - which is basically a mini regulator amongst other things - these networks have exclusive deals with various lenders so for example

Pink Homeloans could have a 5.5% fixed with a 299 fee with Halifax
A directly authorised firm would not necessarily have access to this
An appointed rep of a network, for example network data - would not be able to access this deal because they belong to another network

So ultimately there WILL be better deals that moneybackmortgages and any other commission rebating sites will not be able to access - not only that but some lenders are considering reducing the procuration fee (commission) that is paid to a broker for a non advised sale. Commission currently ranges from 0.25% to 1% on sub prime deals, so its not a lot anyway - I fail to see how these moneyback sites can continue to offer such big rebates if that happens.

If you have a decent sized case, say £250000+ on a prime rate then there is no reason why you cannot approach a broker for a cashback on an advised sale. A lot of brokers would tell you to get stuffed, as they carry a lifetime of liability for the advice they give you (so in my opinion earn every penny) but there may be a few willing to do this.

millsy1980

simonbh7 wrote:

Their life assurance etc can be beaten. Fact.....I wouldn't know i'm not interested in life assurance as these were buy to lets. But can their life assurance be beaten by brokers or by another internet site?

This interests me as an adviser, because as I see it most people who do BTL's don't do it for a laugh, they do it it to make money and set up a nice retirement for themselves and perhaps a nice inheritance for their children. Therefore I find it very strange that people don't protect these investments, especially when the cost of that protection is paid for by the tenants and (if I am led to believe correctly) an offsetable cost for taxation.

This isn't a dig at simonbh7 by any means, as it is a common theme in the BTL market with clients, but one that does make me scratch my head a little. Just a thought, back to the original thread anyway.:o

No-Shenanigans

Sorry, have to be up early tommorrow so I can't expand. I don't agree with everything said by donstonh or MM. However, as the owner of the company, simonbh7 shouldn't pretend to post as a customer. It's against forum rules.

MortgageMamma

How do you know simonbh is the owner of the company?

simonbh7

No-Shenanigans wrote:

Sorry, have to be up early tommorrow so I can't expand. I don't agree with everything said by donstonh or MM. However, as the owner of the company, simonbh7 shouldn't pretend to post as a customer. It's against forum rules.

I wish I was the owner.

I am a graphic designer with several buy to lets.

I really like moneybackmortgages because I have used them twice and been very impressed with the service. I also think that they have been unfairly criticised by some brokers on here.

simonbh7

millsy1980 wrote:

This interests me as an adviser, because as I see it most people who do BTL's don't do it for a laugh, they do it it to make money and set up a nice retirement for themselves and perhaps a nice inheritance for their children. Therefore I find it very strange that people don't protect these investments, especially when the cost of that protection is paid for by the tenants and (if I am led to believe correctly) an offsetable cost for taxation.

This isn't a dig at simonbh7 by any means, as it is a common theme in the BTL market with clients, but one that does make me scratch my head a little. Just a thought, back to the original thread anyway.:o

Maybe I am wrong, but in the event of my death, my wife would continue to own the buy to lets. The rent covers the mortgage costs so I really do not see the need for life cover.