Unhappy with Broker - Please help - Urgent!

Conrad

MortgagesInc wrote: »

If he's a professional broker how is he risking his PI cover?? /quote]

We live in litigious times where even a bag of nuts has a disclaimer saying "Warning this bag contains nuts" and Nursery School Teachers get sued for applying sun cream to little tikes.

I see the old complacent financial services advisers are alive a well by your comment.

I was one of the first in the UK to set up an endowment compensation services company back in the mid nineties, and at the time most FAs thought me mad! Unfortunately I sold the company soon after, grrrrrr.

How anyone can claim to be professional, working 'for the chance' of earning a mortgage commission (in this case probably just a few hundred quid) is beyond me.

IMAGINE - 'Dear Architect, would you mind working for a commission? I might change my mind at the last minute once you have done all your work, you know how life is, my dog my die or something so I cant guarantee you will be paid a penny. I STILL WANT A PROFESSIONAL SERVICE AND YOU TO DISCHARGE MUCH RESEARCH, EFFORT, DOUBLE CHECKING, COMPLIANCE CHECKING THOUGH.

What would the Architect say do we think?

zappomatic

What Conrad describes sounds like the reality of business to me. Imagine if a shop allowed you in to look around and have things explained to you, and then tried to charge you when you left without buying anything. All that effort in setting up the shop, training staff and paying them to talk to you, all for the chance to make a couple of hundred pounts on a low margin, big ticket purchase.

RubyShoes

Im not sure if I understand some of these replies... Oh well!

Zappomatic - thank you for that link, I have just filled their enquiry form in. They sound like what I need!

I have just spoken to the broker again. Im not so concerned about the insurances now, as there is one I can take for £9.45 per month, which seems to meet what I need. Im still annoyed at what they have done though, which is why I have contacted a couple of other 'no fee' brokers.

The biggest problem now is that the adviser has messed up, and tried to cover his tracks!! Does he think I am completely stupid?? He has told me that the first illustration is not for shared ownership properties. I have made it MORE than clear all along the line that this is a shared ownership. He knew that, as he said to me at the start that there were only a few lenders who would do 100% shared ownership. So WhyTF send me an illustration and get me to sign for something that was not what I needed!

Im SO annoyed and angry. Ive most likely lost £250 thanks to this incompetent idiot. If I cant get a mortgage on similar terms elsewhere, then im screwed. I cant afford to pay the extra £110 a month right now ( at the end of the fixed rate - yes I can, but not now, hence why the fixed rate is needed).

All I asked them to do was send the documents in my correct name, and they tried to get away with not doing it. I had to request 3 times that they do this, and each time he tried to block it, insisting it made no difference (surname was a totally different name). And low and behold a new keyfacts illustration is sent with a totally different mortgage offer. I am so glad I insisted they resend the documents. :mad: :mad:

toonfish

So, if Conrad is correct, and this is the way the industry needs to go how is the original poster going to get any mortgage advice when they "can't afford a £295 fee"?

homer_j_3

Conrad

Your comments are becoming tiring - would you expect an architecht to do work for nothing potentially, would you want a doctor who is only paid to sell certain drugs - suprised you havent gone down the "would you expect a solicitor to do the conveyancing for free" route yet.

Please will you put a sock in it! Your model works for you and the fee free advisers model works for them. If your clients are happy to pay your fee, thats fine.

Coming on here suggesting that if you dont pay a fee for advice, you are asking for a plumber to work for nothing (thats another comaprison you have made I believe). Its a load of tosh, your advice is no better than anybody elses and if you can convince your clients that they will get a better service then fine but you cannot tar all non fee brokers the same way.

If its not you complaining about fee free brokers providing poor service and advice or MBM suggesting that brokers only look out for themselves, I often question what benefit the consumer now gets from these posts.

You fail to adhere to forum rules and come across that you live in the real world where others do not. I think its time to call a day on trying to bash the no fee brokers on here. You are entitled to your opinion as is everybody else but come on - give it a rest please.

For the OP - http://www.leedsbuildingsociety.co.uk/mortgages/latest_rates_firsttimebuyer.html THIS GIVES YOU THE RATES THAT ARE AVAILABLE FOR LEEDS FOR 100% SHARED OWNERSHIP. Not many other places will give you 100% of your share but if you can get 5% deposit, your options will widen right up.