Mercantile Equity - Mortgage Brokers. Anyone used them?

rca779

I am at present being constantly barraged with calls from Mercantile Equity with regards to remortgaging. I sent them a simple email asking whether their brokers charge fees and whether or not they are whole of market. I received the following reply

The consultations that we arrange are no obligation. There is no call out charge for the broker who is independent and whole of market. If you decided to act on the advice given and proceed with a mortgage that the advisor has found you, if any fees are incurred with that particular product they will all be explained to you at the initial meeting.

Doesn't really answer the broker fee question though?

So my question to this forum community is this:
Has anyone used Mercantile Equity?
How did you find them?
Would you recommend or advise to avoid at all costs?

Your thoughts please.

MortgagesInc

I've not heard of them - but from their website they appear to be a lead generation company, not brokers themselves. That means that it will be down to the actual proker who buys the lead as to whether or not you're charged - Mercantile themselves wouldn't be able to tell you.

herbiesjp

BUt did you ask them to contact you in the first instance?

rca779

I have just received another reply from them

Some of the independent mortgage advisors from our panel may charge a fee for any advice given. It does all depend on the mortgage product.

I can't be sure how they got my details in the first place, I guess there is a chance that I could well have filled in an online form. To be honest I am not too worried about the fact they are contacting me IF ( ) they are reputable. However I am now thinking that I won’t bother with them as they can’t give me a straight answer about fee’s. Probably not their fault because as pointed out above they are a lead generation company, but all the same I am sure I can do better finding a broker without them.

andrewbrydon

rca779 wrote: »

I have just received another reply from them




I can't be sure how they got my details in the first place, I guess there is a chance that I could well have filled in an online form. To be honest I am not too worried about the fact they are contacting me IF ( ) they are reputable. However I am now thinking that I won’t bother with them as they can’t give me a straight answer about fee’s. Probably not their fault because as pointed out above they are a lead generation company, but all the same I am sure I can do better finding a broker without them.

Mercantile Equity own a few websites and if you requested details for a mortgage the details are passed to them to "pre-qualifY" an appointment. Then they will pass your details on the a mortgage broker who will call to discuss your arrangements. They are genuine.

AndrewSmith

rca779 wrote: »

I can't be sure how they got my details in the first place, I guess there is a chance that I could well have filled in an online form. To be honest I am not too worried about the fact they are contacting me IF ( ) they are reputable. However I am now thinking that I won’t bother with them as they can’t give me a straight answer about fee’s. Probably not their fault because as pointed out above they are a lead generation company, but all the same I am sure I can do better finding a broker without them.

The main problem with such systems as this, moneysupermarket for example are exactly the same in as much as they sell your information via PAA leads, is that there are absolutely no quality checks carried out on the brokers to whom your details are passed.

They could be very good, but conversely they could also be newly qualified just starting (usually the way with people who buy leads) and could have a string of complaints for bad service or advice.

Use local resources to find your own broker, or ask friends / family for a recommendation.

Andrew

Rick62

It is also misleading to say that the broker arrangement fee depends upon the product chosen. Generally the brokers (who buy leads from them) will either charge a fee or not charge a fee irrespective of which particular product is chosen.

Dan_Collins_2

They offer brokers booked appointments not just leads. We tried them after being recommended to us last year. We found that 9 out of 10 had already found a mortgage by the time we got there. We had a row got a refund and dumped them.

minimike2

I use them on and off.

They are the largest lead generation company in the country, but generally they just act off the back of forms you fill in online giving your consent for a call. They dont cold call.

The broker fees question they cannot answer, as it depends on the broker that comes to see you on how they charge. This is something Mercantile have no control over as they simply place the appointment to a broker who has paid for it for your postcode area.

payless

I generally fell uncomfortabel with first time posters posting links - especially as in this case I would have thought a geniuine poster would be posting the adviser not the lead generation firm.

mimim_4

I used to work for Mercantile Equity, they are a genuine lead-generation company working out of a tiny office in Newcastle. They have a number of websites which give you the impression that you can get an online quote, but any enquiries or attempts to get a quote forwards your details on to a small team of advisors who then phone you to try to arrange an appointment with a mortgage broker who will come to your home. The reason you might be getting lots of calls is that they use an automated dialler which will keep trying your number if you don't answer.

They have agreements with hundreds of mortgage brokers all over the country who pay to be given leads from Mercantile. Some of these brokers charge fees and some don't (usually as the broker is paid by your new mortgage provider). Mercantile can't tell you in advance which brokers will charge. Having the broker out to your home doesn't mean you're under any obligation to apply for the mortgages offered.

They are whole of market and sometimes have access to special deals only available via the internet which Banks don't offer. I don't want to sound like I am promoting them however, as I found them deeply unprofessional and would not arrange a mortgage through them under any circumstances. I just wanted to reassure you that they are a genuine company and not cold-callers.