mortgage adviser not offering as good deals as im can find

kingstreet

It does spark a good question or two.

I've always been of the opinion (as a borrower now) that you have a go and apply for the best rate you can find, however that is available.

So, if you want a two year tracker and HSBC has the best deal, that's what you apply for. You avoid purchasing any "ancillaries" the lender's loss-leading rates are designed to pull in, so you don't have a fit of generosity and buy everything under the sun from them, thinking somehow a good mortgage equals the best insurance products, premiums etc.

If you get that mortgage, great.

If you apply for the best deal and don't get it, you then have to have a strategy. Do you simply go for the next on the list? We've seen a few rejected by HSBC who toddle of to Post Office and get the same treatment.

I think this is the point a broker can find you a fall-back position. You get the broker to find you the best deal he can and get it agreed in principle. You can then see if there are any other direct to lender deals that may be open to you at a better rate than the fall-back.

At two, maybe three credit searches, you then have to draw the line for fear of affecting your ability to get a mortgage by having too many too quickly.

Dave_Ham

DannyBoy - Bad Monday by any chance?

Your initial e-mail was only ever going to be inflamatory at worst and offensive at best. Given a large % of the contributors were Mortgage Brokers, stating it is childs play was always going to be interesting. I did laugh though so thanks; selecting one lender and then applying the logic "well I went to them and it was easy - will obviously apply to all"

Without taking off topic hugely, what about the lenders that don't pay or feed into Money Supermarket some using intermediaries and some not??

Ultimately, ask your broker the question; how can I find better deals online than you are offering.

I am guessing the response will either be:

1. Having looked at their criteria, you will not meet it because (and you can verify)
2. They don't pay me commission for introducing (There's the door)
3. Ooops I did not spot that one (See quick exit)

Bet you are pleased you posted this originally...

DannyboyMidlands

betmunch wrote: »

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

I'm sticking with outrageous.

The advice/opinion (whatever) given was that mortgages are dead complicated, you really need a broker and if they don't offer you HSBC products it's most likely because the product is "not available to you". Oh and by the way, HSBC will turn you down anyway. All a load of quite specific BS.

Conrad

Straight forward applicants do not need brokers and they will usualy find cheaper direct only deals.

It is childs play, and no more complex than searching for a holiday, in fact, in some ways easier and safer.

It's not just HSBC they wont assist you with, there's also;

1) Co - op
2) First Direct
3) Yorkshire BS
4) Chelsea BS
5) Post Office
6) ING
7) Santander


and plenty more.

Lets be frank, the reason brokers don't offer those deals is because they cannot and also because there's no commision, and most people would see no value in paying a fee to someone only for them to do a search they themselves could do online.

Brokers are there for the messy complex cases.

Some clients cannot stand the searching and application process and so may also prefer a broker.

DannyboyMidlands

Dave_Ham wrote: »

DannyBoy - Bad Monday by any chance?

Your initial e-mail was only ever going to be inflamatory at worst and offensive at best. Given a large % of the contributors were Mortgage Brokers, stating it is childs play was always going to be interesting. I did laugh though so thanks; selecting one lender and then applying the logic "well I went to them and it was easy - will obviously apply to all"

Without taking off topic hugely, what about the lenders that don't pay or feed into Money Supermarket some using intermediaries and some not??

Ultimately, ask your broker the question; how can I find better deals online than you are offering.

I am guessing the response will either be:

1. Having looked at their criteria, you will not meet it because (and you can verify)
2. They don't pay me commission for introducing (There's the door)
3. Ooops I did not spot that one (See quick exit)

Bet you are pleased you posted this originally...

If anybody wishes to take offence then they are most welcome. I stand by what I said, arranging a straightforward mortgage is childs play. It just is.

I would always use a variety of sources of information rather than moneysupermarket and I would have no qualms about using a broker for a complicated case. I'm not running down brokers in general, just mic200202 for that specific post.

HSBC/1st Direct were selcted earlier in the thread as an example of a lender that will most likely turn people down. Just pointing out that wasn't the case with me. Or, unless its just me on their books, any of their other borrowers either.

Conrad

HSBC just announced a target to lend more than ever by way of mortgages this year.

Plenty more direct only deals will beat brokers offers.

This is a MONEY SAVING site right, not a business production surrogate?

Dave_Ham

Understand - maybe I am a bit more traditional and see the whole process of client management as a bit more than just arranging the finance from a lender.

Especially given our wonderful country's home buying processes..

Over and out

ruggedtoast

You have to take moneysupermarket with a bit of a pinch of salt. I found it a reassuring blunt tool to tell me that there were lenders prepared to lend me what I wanted within my rough financial parameters; but my broker (London and Country) did a much better job at finding me a suitable good value product, which didnt appear on the price comparison searches I did.

Thrugelmir

DannyboyMidlands wrote: »

If anybody wishes to take offence then they are most welcome. I stand by what I said, arranging a straightforward mortgage is childs play. It just is.

Maybe to you and those of us that have a sound financial grounding. Unfortunately many people don't. Mortgage lending became very lax in the early 00's. Something which Joe public doesn't understand the full implications of. Now that the game is changing.

Very easy for a lender to be top of a given rate table. However the amount of funding allocated to a given product may not extend to more than several hundred mortgages within a given time scale. Coupled with a very specific lending criteria in terms of the borrower that the lender is looking to attract. Its not as easy as you suggest.

ACG

Also, i may be wrong but moneysupermarket doesnt show whats available to brokers only does it? for example it does show the 100% mortgage thats on offer?