Why the market is difficult and unfair

Mortgage_Mark_2

danielanthony wrote: »

I got told by two brokers that Halifax would not give me a mortgage.

Halifax gave me a mortgage.

Luckily I didn't listen to the brokers or we'd still be in our old house!

There's more to this than meets the eye, without a doubt.

Halifax are very, very, very black and white with criteria, however...

If it's a 'non Premier' case, i.e. mortgage of less than £300k, they don't perform the same level of diligence and as such some may 'slip through' their criteria.

Believe me, a broker will not tell you that Halifax won't lend if they will, Halifax are a broker's dream - I have a case right now for a purchase that was submitted on 27th October, valuation was instructed 28 mins later, and we had the offer yesterday afternoon (30th).

Three working days from app to offer. Why would you discount that?

amnblog

zarf2007 wrote: »

While I'm sure there are some worthy brokers out there, how can you really trust a profession that ultimately works from commission? I really think the term 'independent financial advisor' is a bit of a joke as many will only show you the deals they are most likely to earn more from (they are in business to make money after all).

Brokers tied to estate agents are even more biased to help themselves and the company they are tied to than the customer.....tbh in my opinion its the financial advisor industry that needs more stringent regulation to weed out the cowboys from those who are genuine.

As for the OPs case, as in any walk of life you always have people who thing they can become 'expert' in any area to save some money, usually they are the same idiots who sell houses with expert DIY work which save them hundreds and later costs them thousands.

My analogy to these scenarios is, I wouldnt become a doctor and self diagnose an illness, thats what people who are experienced and qualified in that specialist field are there for, therefore why would I suddenly be an expert broker/builder/plumber/decorator* (*delete as applicable) just to save a small amount of money.

Don't forget we mortgage brokers are regulated. Putting 'commission' first would soon put us out of business.

kingstreet

Mark - even post-MMR, branches often find a way to put away cases we've been told by our BDM they won't touch.

I don't know how they do it, but I have my suspicions...

tvfreek

I love Halifax, especially Premier, many a time submitted a case in the morning called following day to be advised no documents needed and valuation has been instructed. Triffic, less docs to certify!!

kingstreet

tvfreek wrote: »

Mortgage Brokers are not paid commission

Salesman are paid commission, as in PPI - that worked our rather well didn't it??

Brokers are paid a procuration fee - perhaps look up pro cura

Both the old IDD and our new terms of business specifically mention commission from the lender, so anyone looking in from outside would use the term commission quite reasonably, IMHO.

tvfreek

Kingstreet, yeah thanks FCA for once again misinforming an already uneducated populace in how we are paid.

Mortgage_Mark_2

tvfreek wrote: »

I love Halifax, especially Premier, many a time submitted a case in the morning called following day to be advised no documents needed and valuation has been instructed. Triffic, less docs to certify!!

Agree, 28 mins to val instruction, 3 working days to offer, on a completely new purchase. Incredible!

ACG

tvfreek wrote: »

Mortgage Brokers are not paid commission

Salesman are paid commission, as in PPI - that worked our rather well didn't it??

Brokers are paid a procuration fee - perhaps look up pro cura

Tomato/Tomato - that doesnt work when its being typed.
A proc fee is commission. Giving it a different name doesnt detract from what it is.

kingstreet

ACG wrote: »

Tomato/Tomato - that doesnt work when its being typed

Tomayto/tomahto peut-etre?