Calling Financial Advisors

amnblog

Interesting ACG.

What if you start the work and find that the situation is not as outlined to you initially.

e.g. income, not as suggested/extra outgoings undisclosed/credit issues undisclosed/property does not value up

ACG

I get payslips/bank statements at the factfind.
I also wont start anything until I have seen at least 1 credit report (although ideally 2-3).
If the property does not value up thats not really the clients fault, I would transfer the work over to a new property if done fairly soon (as in not requiring anymore documents) otherwise I may ask for a slight top up to cover any extra work - but I review that on a case by case basis, thankfully I have never had to charge extra.

If there was a complete lie, I would just cancel the application give them their paperwork back and tell them to find someone else. Trust goes both ways - thankfully never happened. I do ask people to be completely honest, if an application gets declined because of a lie, my fee for the next application goes up to cover both of them so be honest and I will decide what is important, if in doubt tell me. But getting bank statements/credit reports usually avoids issues.

I had one last month where he had a default at an old address. He wasnt aware of it, it was not on his report... I took the hit on that as im not going to chase someone for an hour or 2 worth of my time. It was a genuine mistake and im hopeful that in the future I will still get the business as I got on well with him.

Each to their own but at the minute it works for me. In 2-3 years, there has only been 3 cases I have taken on where I have been unable to place them (one of those was the 2nd mortgage I ever did).

I didnt realise I was writing war an peace!

amnblog

Interesting - we find the work involved in checking everything before you can confidently submit a case is extensive.

Identifying what will be required.
Getting satisfactory evidence of everything.
Running through credit files and bank statements.
Checking criteria
Handling curve balls.

In our view, we cannot invest this time for free.

ACG

A lot of my business is adverse. Its more a case of can we get a mortgage rather than the best rate. So I tend to have an idea of who it will fit with after a brief chat.

Quick chat with a BDM, if they confirm it is ok, I then know I have a starting point and no matter what it can be placed. I will then do a full factfind get all of the documents and then do the research in full.

I only really invest about 20-30 minutes at the outset. That can save me a drive to the clients/the office, doing a full factfind, going through bank statements/payslips.

So long as I have the credit report(s) everything else I take at face value. If they have got it wrong then I will set their expectations accordingly - ie can they still borrow what they initially wanted or are we going to have to reduce it.

As much as I love seeing people, I would only do it if im relatively confident I can place it. Otherwise I may as well go to my local an see people there... I dont have to iron a shirt for that :-)

amnblog

We have hundreds of adverse enquiries every month ACG.

If we worked on them all for free we would be just shovelling our time away.

To each his own

ACG

That will be where we differ. If I had hundreds I would be sat rocking in a corner.

I do my charging structure on what I would want as a client.

So long as we are paying the bills thats all that matters.

ML420cdi

ACG gets my vote!....how far geographically do you cover?

ACG

I cover the UK.

givememoney

givememoney wrote: »

He is going to charge what is termed an Application Fee at start of process and another one on completion. The cost of these two items is £400.

Just for the record, my son was never charged an upfront fee, although it stated so on one sheet of paper.


All charges were paid on exchange I believe.