Annoyed at mortgage arrangement fees, is it a rip off?

regularsaver1

Clam down, Keep your wig on !

Wig

regularsaver1 wrote:

The selling and advice on mortgage is regulated by the FSA - this in mandatory, not voluntary

And the football regulations are done by FIFA - cold salmon migrate across vast distances. The nearest star to our Sun is Alpha Centauri. Grass is a basal growing plant thus it can be mowed from the top regularly.

regularsaver1

I mean heavily regulated.

In a mortgage interview in a branch - you have to tell customers 30+ things (in a particular order) to be a compliant interview when observed. and thst is without issueing the mandatory documents that have to be discussed

They take it very seriously

as I'm sure everyone does

AndyWallace

there are laws in place already for directly sold mortgages.

these laws insist on transparency of fees and ensure consumer protection.

it is a requirement to issue a KFI when considering a regulated mortgage contract.

mortgage brokers can remove much of the leg work in the product selection process.

why shop around yourself when you can get all your answers in one place?

why book yourself into 200 different lenders and spend at least an hour with each one when a broker can access all the information in one go?

why go to lenders that will refuse you for a particular reason?

WAG, you are arguing a very petty point. there will always be mortgage brokers.

Andy.

Wig

My post was another way of saying what has that got to do with the price of fish?

regularsaver1

Because you said the regulation of mortgages was voluntary, when it is not!

it has a lot to do with it

Wig

AndyWallace wrote:

there are laws in place already for directly sold mortgages.

these laws insist on transparency of fees and ensure consumer protection.

it is a requirement to issue a KFI when considering a regulated mortgage contract.

mortgage brokers can remove much of the leg work in the product selection process.

why shop around yourself when you can get all your answers in one place?

why book yourself into 200 different lenders and spend at least an hour with each one when a broker can access all the information in one go?

why go to lenders that will refuse you for a particular reason?

WAG, you are arguing a very petty point. there will always be mortgage brokers.

Andy.

Handy,

Why spend an hour with 200 brokers when what I am calling for is forced compliance for lenders to lay out their rates in a formal clear and concise way so that they can be compared easily on a page in a magazine? So that the consumer can choose the type of mortgage he wants, then look at all the rates and choose the cheapest? Time taken 20 minutes.

Brokers can do what they want, I don't care what they do or don't do, die or survive it makes no difference to me.

regularsaver1

Most already do that - see some of the lenders websites

Wig

regularsaver1 wrote:

Because you said the regulation of mortgages was voluntary, when it is not!

it has a lot to do with it

I can't believe you appear to be serious, I think you are pulling my chain, but here goes....

I said that lenders should be forced through legislation to make their products simpler and easier to directly compare with each other.....They should be forced to do this because they have not done so voluntarily.

Obviously mortgages are regulated by the FSA, who said they were not? :rotfl:

Wig

regularsaver1 wrote:

Most already do that - see some of the lenders websites

They are not simple enough, with fees for joining, fees for leaving, fees for finishing. Fees for cats with one eye etc