Mortgage success

Landofwood

kingstreet wrote: »

If I can build on GMS's point about reputation, it's probably fair to say brokers could see themselves under increased regulatory scrutiny and face possible disciplinary action from lenders if their metrics indicate they are not fully ensuring an application meets a lender's criteria prior to submission.

Number of applications not achieving mortgage offer is now being used by lenders and by networks in assessing broker business quality and compliance.

To answer my own question from earlier, no, there is no place for speculative applications in a post-MMR world as these would indicate an incomplete approach to matching applicant to lender criteria.

Having to re-place a case with a new lender indicates the lack of a robust research and analysis section of the sales process, IMHO.

So you are disagreeing with Dave Ham's post at the top of this page?

Dave suggested a good broker will be able to secure a better rate.

You're suggesting that any whole of market broker will select the same rate.

woolythoughts

Well in our case, we went to a broker (found by PM on this site) as the chances of us finding anything ourselves was non existent. I even posted the bare facts on here and got a lot of negativity:

Wife - 38, 2 year 1 year post BR discharge, main earner self employed 80K without two years self assessment returns.

husband - 55, 2 year post IVA dropping off file, 47K basic but regular almost guaranteed overtime

Deposit - 40K almost all provided by Wife and gift from wife's mother purchase price circa 225K

Desire - maximise the mortgage term/lowest payments whilst buffer is rebuilt from wife's earnings after raising the deposit.

End result - 14 year mortgage at 2.75%

I have no idea if that was the cheapest or best we could have gotten but as we were facing an indefinite period of renting with no hope in sight, any mortgage we could afford we were happy with.

And more importantly, we didn't have to find the time to sort out the paperwork!

csgohan4

woolythoughts wrote: »

Well in our case, we went to a broker (found by PM on this site) as the chances of us finding anything ourselves was non existent. I even posted the bare facts on here and got a lot of negativity:

Wife - 38, 2 year 1 year post BR discharge, main earner self employed 80K without two years self assessment returns.

husband - 55, 2 year post IVA dropping off file, 47K basic but regular almost guaranteed overtime

Deposit - 40K almost all provided by Wife and gift from wife's mother purchase price circa 225K

Desire - maximise the mortgage term/lowest payments whilst buffer is rebuilt from wife's earnings after raising the deposit.

End result - 14 year mortgage at 2.75%

I have no idea if that was the cheapest or best we could have gotten but as we were facing an indefinite period of renting with no hope in sight, any mortgage we could afford we were happy with.

And more importantly, we didn't have to find the time to sort out the paperwork!

14 yr mortgage 2.75% that's a pretty good deal, remortgage?

kingstreet

Landofwood wrote: »

So you are disagreeing with Dave Ham's post at the top of this page?

Dave suggested a good broker will be able to secure a better rate.

You're suggesting that any whole of market broker will select the same rate.

I don't think I'm disagreeing with DH. I think I'm talking about something different.

It is possible two brokers will have different opinions on the best lender/deal for a given set of circumstances.

As an example, let's say Nationwide has an offer 0.2% worse than Accord and both would be prepared to lend to the applicant. Nationwide's turnaround times are better; standard rate lower and commitment to offering products to existing borrowers better.

Each option would be put to the borrower and they would have to choose which best suited them and their current and future circumstances.

The staring point is the same, the outcomes may be different.

In each case, we'd already established both lenders would be prepared to lend.

If you look at DH's post, he's discussing (I believe) specialist facilities which will come more readily to those who specialise in them. However, given two brokers with similar specialisms and expertise then yes, I'd expect them to come up with the same lender more often than not, given the same client circumstances.

As he said a smaller pool of potential lenders means a greater likelihood of the same lender being picked by competing brokers.

silvercar

saverbuyer wrote: »

Good to see the resident mortgage brokers picking up business using the PM function.

I have no problem with people PM-ing resident mortgage brokers.

I have a slight problem with mortgage brokers on here PM-ing individuals with "I can help" messages. Concerned that their postings on here are biased to pick up new business.

I have a big problem with lurkers using the forum to pick up business.

csgohan4

silvercar wrote: »

I have no problem with people PM-ing resident mortgage brokers.

I have a slight problem with mortgage brokers on here PM-ing individuals with "I can help" messages. Concerned that their postings on here are biased to pick up new business.

I have a big problem with lurkers using the forum to pick up business.

I am sure it happens, but how the mods supposed to moderate this if they are PM

silvercar

csgohan4 wrote: »

I am sure it happens, but how the mods supposed to moderate this if they are PM

Nothing the mods can do. People can warn in their postings to be aware that anyone claiming to be able to help you may or may not be a decent mortgage broker. In fact they may not even be a mortgage broker!

ACG

As brokers we should not be PMing people on the forum offering to help them, likewise we should not be touting for business. This is a forum to help not bring in business.

If anyone does do that, people are encouraged to report them to the powers that be - whether that be an active member on here or not.

woolythoughts

csgohan4 wrote: »

14 yr mortgage 2.75% that's a pretty good deal, remortgage?

Nope, first mortgage - well first this time around. Both of us have had mortgages in a previous life

kingstreet

ACG wrote: »

As brokers we should not be PMing people on the forum offering to help them, likewise we should not be touting for business. This is a forum to help not bring in business

Quite. I've amended my signature to deter people from sending PMs but it still happens and I have to explain we only work face to face in our area and we're specialist newbuild brokers.