Money4uMortgages.com

barbersfort

Hi All,

I had originally posted this query under a separate thread, but didn't get a ressponse. Just wondering if anyone has used this company, http://www.Money4uMortgages.com? If so, are they any good etc? They seem to be similar to Money Back Mortgages and Mortgage Genie, which are mentioned in one of Martin's articles. I saw an article on them in a local magazine and am keen on giving it a go.

Dan_Collins_2

It would be ok as long as your not after any advice. You are doing all the work they just process the application.

MBM

I looked into them/you as they/you are abviously direct competition to us. Looks like you/they are run from a house in South London. I would get them/you to check the figures on your/their refund calculator as the figures do not look correct. I think you/them have not taken off the amount that has to be paid to the respective mortgage clubs.

payless

I've sure I have seen contact name listed on the FSA site on here before , this with a new user mentioning does make me question.


looks a fairly new start up.. surprised that they would have been advertised so soon after authorisation.

Of course once you get into the cut throat business of " no advice " route someone is sure to undercut someone else.. which for some consumers might be good .. but I've previously expressed my concerns if volume numbers of consumers go this route

MBM - of course if any firm takes the "club deduction" hit from their own share thats up to them.. in fact a true independent who rebates all commission ( as charges a fee) should rebate the full declared gross commission

MBM

Payless, it is not up to a firm whether or not they take the deduction from a mortgage club. For those on this board who are not mortgage brokers the majority of brokers use what is called a "mortgage club" these are companies such a L&G and premier mortgage services. They negotiate higher commission charges from lenders and exclusive deals. For this they take a cut of the commission, for example if you took out a £100k mortgage with Abbey through Premier, Abbey would pay £360 commission of which they pay £10 to Premier. The other £350 is paid to the broker. Therefore a broker who charges fee cannot rebate all of the commission.
I think everyone on these boards knows that they should not pay a broker as per Martins advice.

dunstonh

I think everyone on these boards knows that they should not pay a broker as per Martins advice.

Unless the commission is rebated or offset against the fee.

homer_j_3

Independent means that you will rebate all commission received back to the client in lieu of the fact that the client has agreed to pay a fee for the advice.

Regardless of any deductions made by mortgage clubs, networks etc - providing the broker refunds the full amount that they have received, they are independent.

Do not try and confuse people or tarnish the independent fee charging service by trying to make out that the independent service is in someway conning the customer because it isnt.

I am fee free by the way incase you think I am just trying to protect my way of operating

payless

MBM .. NO if a rebating broker decides to say they give 50% , and gives 50% of the gross they are well within their rights to do so by only giving the promised % share of the net is open to abuse ( ie a broker using a connected third party club, so they are associates recieve other benefits ) ... M****c would be an example of that .

I asked FSA about what a independent should rebate to client , if taking a fee instead ( the proper way to be independent - which I have shown can actually be cheaper to client then using an " no advise route" as promoted by certain " brands" on here

The FSA said if rebating all commssiion it should the full amount declared on illustration ( inclusive of any club or network share)

dunstonh

payless, that matches the investment side of things where the network chunk shouldnt be taken (I know my network wont take it on rebate cases but will take it on the fee you get instead).

Dan_Collins_2

all an independent has to do if offer a fee paying option. If a client is going to be miss advised or ripped off a fee paying option is not going to make a difference!

payless

Dan , obviously when talking about rebating all the commission I mean if a fee option is taken.

Agreed, mis sells possible in all sectors, although fees instead of commission ( especxially if similiar sums involved) is somewhat better than fees plus commission ( again though thats not to say that those who do charge extra are always bad)