What do you expect from a mortgage broker?

dunstonh

Are you VAT registered Toonfish? I know we get a partial exemption but not being a tax expert I can never work out why some FS firms choose to VAT register

Some fees are chargeable to VAT, others are not. Some firms may not have any choice but be VAT registered.

MortgageMamma

I was just told if I was VAT registered and charged a fee had to charge VAT on the fee. is this what you have to do Toonfish? Do you include the VAT in the % or on top of it?

toonfish

MortgageMamma wrote: »

I was just told if I was VAT registered and charged a fee had to charge VAT on the fee. is this what you have to do Toonfish? Do you include the VAT in the % or on top of it?

add it on if I have to, but don't charge VAT for arranging a mortgage

MortgageMamma

still no consumer comments. perhaps I should look at another way of gaining public opinion

dunstonh

If you make a charge for advice and there is no product sale at the end of it, then VAT is chargeable. If a product is bought from that advice then VAT is not chargeable. Some servicing charges will have VAT levied, some wont.

Your network, if it is a good one, will have a list of things which are VAT chargeable.

JoeK_3

It's interesting to see such little interest from the consumers that this poll was originally aimed at.

Out of hundreds of visiting consumers daily, only 32 people have taken part so far and I suspect that must of the people that have voted are existing advisers.

Are consumers really interested or is it just people visiting this forum?

JoeK

toonfish

JoeK wrote: »

It's interesting to see such little interest from the consumers that this poll was originally aimed at.

Out of hundreds of visiting consumers daily, only 32 people have taken part so far and I suspect that must of the people that have voted are existing advisers.

Are consumers really interested or is it just people visiting this forum?

JoeK

most consumers want to know "how much can I borrow?" - "how much will it cost?" - that's it. I'd love to know how many KFI's, IDD's, terms of business and recommendation letters get read properly. Very few I suspect.

kenshaz

JoeK wrote: »

It's interesting to see such little interest from the consumers that this poll was originally aimed at.

Out of hundreds of visiting consumers daily, only 32 people have taken part so far and I suspect that must of the people that have voted are existing advisers.

Are consumers really interested or is it just people visiting this forum?

JoeK

The reason is that this forum lacks balance and often discourages the consumer from participation with inhouse jargon ,inhouse abbreviations all very relevant to those within the industry,an analogy would be going for a drink after work with a group of accountants.:eek:

Mortgages are a small part of peoples lives and they usually visit a particular thread in relation to a need.

I notice that MM participates on other threads unrelated to mortgages and financial advice ,healthy,I would like to see others following suit.I personally can enter into discussion on a wide range of subjects.

I have also noticed that some threads have devoted page after page to broker training ,once again fine for a minority ,but a real turn -off for the majority.

Make visitors feel welcome .

kenshaz

Jargon has several meanings[1]:
1. Nonsensical, incoherent, or meaningless talk.
2. A hybrid language or dialect; a pidgin.
3. The specialized or technical language of a trade, profession, or similar group. See Synonyms at dialect.
4. Speech or writing having unusual or pretentious vocabulary, convoluted phrasing, and vague meaning.

most consumers want to know "how much can I borrow?" - "how much will it cost?" - that's it. I'd love to know how many KFI's, IDD's, terms of business and recommendation letters get read properly. Very few I suspect.

KFI and IDD's fine for a broker ,but this is a consumer site ,if you wish to find a friend within the industry,go on Cherry.

Make it user friendly.

MortgageMamma

You do have a valid point there kenshaz, can I ask a question though. Despite the inhouse chat on here about fee's and charging structure and market access (all things that I think consumers SHOULD be interested in, hence wanting to raise awareness of options) Do you think consumers are not replying to this thread for any other reason other than its developed into mainly broker discussion?

E.g. - do you think they really care about market access and fee's? Or do you think some of them have tunnel vision and can only see the mortgage product they will get at the end rather than other important aspects such as level of service and support?

IMO you would think if a consumer appointed a broker to research the market, they would like to know how wide the net is cast, however, based upon my own practice only it is a question I am very seldom asked. I get asked if I am whole of market by the more savvy clients, but thats about as far as it ever gets