mortgage adviser not offering as good deals as im can find

empress29

hi,

my mortgage adviser does not seem to be coming back with the same deals i can see what i search online e.g. moneysupermarket.

Is there a reason for his - as the advisor has all my details is their search more realistic?

_Andy_

Some lenders (eg HSBC) don't offer their products via brokers

kingstreet

Does your broker have information about you which would make his search more accurate?

For example, there's no point looking at standard products if you are buying on shared ownership.

Some lenders have different income multiples and attitude towards things like overtime and tax credits.

As Andy said, if you're using a whole market broker, you won't be offered deals which don't pay a commission to an intermediary. Independent brokers look at such deals, but you'd need to negotiate a fee for the advice on such products.

Dave_Ham

Hi there,

There are a variety of good reasons why he/she may be offering different deals

• As stated some lenders will not use brokers ie HSBC
• Your broker may have a limited choice of lenders
• Your broker will look at the criteria and not offer products that are not suitable for you - rather than showing you what you could have won a la Money Supermarket
• Your broker may not be interested or not any good (they are out there)

I would take option 1 or more likely 3, for example some of the top money supermarket lenders such as HSBC, ING etc. have very specific and inflexible criteria.

By all means give us some more information and examples and someone will give you more specific information...

Good luck

dunstonh

Is there a reason for his - as the advisor has all my details is their search more realistic?

How are you employing him?

whole of market will see him consider only commission paying deals (so no HSBC for example).
Independent will see him consider non-commission paying deals as you are paying the fee instead (so HSBC would be included). Independents would rebate the commission on a deal to you if it paid one or use it to offset the fee with any surplus coming to you or shortfall being made up by you.

Whilst independent is usually the most cost effective way to seek mortgage advice, the vast majority of the population dont understand it and thanks to sites like this, they think fees free but with commission is better.

mic200202

Very simply - what you see online is based on everything being 100% perfect for that particular product.The likes of HSBC may not lend you the amount you want,for the property you want (ie if its a new build lenders dont all lend the same %),based on you circumstances.When you think about it,if it was that simple,there wouldn't be any need for brokers - we could all just go online because its only the mortgage rates that separate the lenders right? WRONG..!! Each lender has different criteria behind the scenes that the online marketing won't show you.Your broker has probably just narrowed down the choices that are actually available to you rather than just showing you the entire market which usually isn't opne to everyone.HSBC, by the way turn down approx 8 out of 10 applications.

DannyboyMidlands

mic200202 wrote: »

Very simply - what you see online is based on everything being 100% perfect for that particular product.The likes of HSBC may not lend you the amount you want,for the property you want (ie if its a new build lenders dont all lend the same %),based on you circumstances.When you think about it,if it was that simple,there wouldn't be any need for brokers - we could all just go online because its only the mortgage rates that separate the lenders right? WRONG..!! Each lender has different criteria behind the scenes that the online marketing won't show you.Your broker has probably just narrowed down the choices that are actually available to you rather than just showing you the entire market which usually isn't opne to everyone.HSBC, by the way turn down approx 8 out of 10 applications.

Absolutely outrageous "advice".

It is perfectly likely that a HSBC/1st Direct type mortgage is available to the OP. They just don't give any commission to brokers.

If it is the best deal, I'd advise the OP to go direct to the lender in question. I did (with 1st Direct) and it was an increadibly smooth process. With a straightforward house purchase it's much easier to deal direct and not have stuff relayed through a third party.

betmunch

DannyboyMidlands wrote: »

Absolutely outrageous "advice".

What part of that was "outrageous"?

More importantly in this context, what part was "advice"?

DannyboyMidlands

betmunch wrote: »

What part of that was "outrageous"?

More importantly in this context, what part was "advice"?

Advice/opinion/discussion, who cares? mic200202 was blatantly trying to put the OP off a HSBC mortgage, refusing to accept that brokers are not always neccessary.

Not very professional in my opinion.

Finding and arranging a straightforward mortgage is childs play.

ACG

I think Dave Hams post sums it up pretty well.

There could be a number of different reasons why, its impossible to say why without knowing more info.

But i suspect it probably will be because some lenders do not deal with brokers. However it has been said HSBC are EXTREMELLY hard to get a mortgage with. If your credit file is very good, your not looking at pushing any barriers with regards to income multiples (ie less than say 3-4x your income) then you probably will get a better rate than going through an advisor - however you dont get the benefit of the advice or someone doing the bulk of the work for you.

If however your credit file is less than very good or you are looking at getting as much money as possible on your income(s) then chances are you wont get the "best" rates and would probably be better off going through an advisor.

It all comes down to your circumstances really.

Also at DannyBoy...it matters whether its advice or not, because if were seen to be giving anything more than generic advice on forums without doing a factfind it could result in us being banned from doing our job in the future.

betmunch

The FSA, for what they are worth care. That was not "advice" and no-one on here should be giving advice without doing a full fact find, which clearly no-one has done.

The perception within the industry is that HSBC chuck out cases for no good reason and reduce borrowing excessively. Read the stories on here for examples. HSBC were only used as an example anyway, the OP hasnt mentioned them.

I totally agree with you that arranging a straightforward mortgage is childs play, which leads me to believe the OP has either asked the broker to only consider commission paying deals (or hasnt picked an independent broker), or the broker has identified some issue which makes the OPs application not straightforward.

But I'm going off what I objected to, there was nothing "outrageous" and there was no "advice" given in Mic's post