MSE News: Homebuyers' understanding of mortgages to be reviewed by the regulator

getmore4less

amnblog wrote: »

The Regulator is very keen on Regulation, and in multiple layers.


They seem to have found an angle for a little more.


[STRIKE]Some[/STRIKE] ALL of the cost inevitably rests with the Consumer.

fixed that for you.

muhandis

As a recent borrower, I personally don't think that any additional regulation should be introduced to the mortgage process.

And imho, while the intermediary industry as a whole might have gained more business from lenders as a result of the increased regulatory burden, I doubt that it has been of any significant benefit to the profit margins of individual firms or brokers, given the huge amount of manual paperwork and client interaction involved in the whole process of taking out a mortgage with not much change in the proc fee.

amnblog

getmore4less wrote: »

fixed that for you.

I used the word 'some' as everyone in the chain shoulders some cost.


Mortgage Brokers are currently sharing the cost of putting right poor advice on self invested pension plans.


You couldn't make it up.

getmore4less

amnblog wrote: »

I used the word 'some' as everyone in the chain shoulders some cost.

no they don't, they take a cut it might get smaller, but ultimately the consumer at the bottom is paying

Mortgage Brokers are currently sharing the cost of putting right poor advice on self invested pension plans.


You couldn't make it up.

How much are you paying to do this work?

glosoli

Working directly for a lender, I spend typically around 6 hours per case, which compared to 2-3 years ago is up from around 3 hours.

amnblog

Are the customers paying higher fees to cover that cost, or is the Bank picking up the cost?