Do wholesale lender rate sheets exist in the UK?

mickael28

Hello,

I've seen a few rate sheets in the USA and there are quite a few articles on the net about the same, e.g. http://www.wikihow.com/Read-a-Rate-Sheet, however I've never seen one in the UK and I've not been able to find any information about it.

Do these sheets exist in the UK? If we go with a mortgage broker here, will we be able to ask them for a copy of the same? or does it work in a different way over here? Basically, we want to make sure that the rate we're quoted is the correct one on that day...

Many thanks in advance for any help/tip...

Thrugelmir

Mainstream lenders don't transact business on this basis in the UK.

mickael28

Thrugelmir wrote: »

Mainstream lenders don't transact business on this basis in the UK.

Thanks for the quick answer. I've now read about the UK process and I've understood it more.

Do you know if we would be offered different possibilities to choose from to avoid problems such as:

"Suspect brokers - Who says the broker you'll use will actually be any good? They might for example push a weak product at the expense of a better one because the weaker one pays them the most commission. Obviously this does not always happen but it has been known. "


Wondering if there's any specific question we could do just to make sure they're working on our interest and not their own... :S

chrisfurbs

use a reputable broker that says they will be good

chrisfurbs

most mortgage lenders pay 0.35% as a proc fee so either pay upfront to get an independent view or be a tight c**t and go with fee free advice

Thrugelmir

mickael28 wrote: »

Wondering if there's any specific question we could do just to make sure they're working on our interest and not their own... :S

If you are uncomfortable using a broker , i.e. trust issues etc. Then do the leg work yourself. Easy enough. Just requires plenty of time.

Some lenders are direct sale only. So are unlikely to be recommended by a broker.

kingstreet

Quite frankly, the checks and controls on the advice process mean it's very difficult to find a reason to justify why a higher rate product has been recommended.

For example, if I select the third best rate on a sourcing report I have to justify why the first two products were not recommended, or were unsuitable, or unavailable.

Frankly, the difference in commission rates on mainstream prime products is minimal with the likes of Halifax, Abbey, Woolwich, NatWest, Nationwide all around the 0.3% to 0.35% mark.

As I am often wont to say on here, it isn't worth your career to get an extra 0.05% and the loss of goodwill from being unable to ask that client for recommendations and referrals costs you a lot more.

michaels

Or even better do the leg work yourself and then find a broker who is willing to discount part of their commission to get the business



I am not a Mortgage Adviser.

_Andy_

chrisfurbs wrote: »

use a reputable broker that says they will be good

Yep, that seems a good way of choosing.

Client: "are you good?"
Broker: "yes"
Client: "great, let's go ahead"

mickael28

Thanks guys, I suppose that doing the leg work and having an idea of what's out there will help to understand what they're offering and ask them if there's a big difference between what we've seen and what they recommend.

The main purpose to be using a mortgage broker would be to make the paperwork easier as a contractor, I think trying to get a mortgage by yourself can be quite a hassle in this situation.

chrisfurbs

_Andy_ wrote: »

Yep, that seems a good way of choosing.

Client: "are you good?"
Broker: "yes"
Client: "great, let's go ahead"

That is how you would determine if a company is reputable is it? why even post that drivel