Mortgage Broker - MAP

payless

I'm sure there's loads of advisers who don't charge a topup fee ( on to of commission) or who charge a much less fee that have clients on 2 yr trackers now paying below 3% , term trackers just over 3% , and 2-5 yr fixed + some at 15yr fully flex ( except on full redmption!!) at below 5% .. it's whatever best for each one....

can't see what rates have to do with whether a broker charges or not - there's lots of discussion around

Free fee ( or more correctly commission only)
Fee based ( with commision refunded)
Commission + fee
Commission rebate to client

And each has its place- what I think most on this site agree though is that the level of the fees charged by some firms ( ie the 2.75% mentioned here) is very hard to justify ( if at all)- and will become more so for mainstream cases if rates stay low.... " hey I've saved you 0.5%.. that will be 2.75% in fees please! "

payless

Have we had a post deleted by the MAP man?

ranald1973

Hello all!

Clearly stirred up a hornet nest here!

I have not removed my posting! Don't know who has? Any ideas?

Careful what you say...........

A themed visit from the regulators on TCF (Treating Customers Fairly) last year strengthens our position. They were impressed at the service that a firm of our size and resources provides to our customers. We assist customers and document our service, recommendations and advice way, way beyond what is required. That is why people DO choose our service. It is simply very very good!

Ranald1973
The MAP man

ranald1973

dunstonh wrote: »

Thats damned expensive. Thats more expensive than most investment advisers handling investments.

A small fee in a cheap area (i.e. low house prices) is fair enough as commission on mortgages is quite low typically (0.3% average). That charge of 2.75 plus commission of 0.3 takes it over 3% and with respect to the mortgage advisers, that is seriously overpaying for his skills.

Ok guys, do the maths!! Dont pay more than 1.5% every time you remortgage! A one-off fee at 2.75% is less than 2 remortgages! We do way more than that over the course of someones mortgage lifetime.

Secondly, why dicriminate against those customers with low property prices by charging them and not others with higher debt? Does not seem on the surface of it to be treating customers fairly and equally does it?

People with lower how prices tend to have less income and yet they are being charged??????

ranald1973

MAP man is investigating why???

unite79

Ranald1973, Please expand, you had a themed visit from the FSA about TCF last year that 2007 - Ummmm and yet they did not start visiting Small companies till late this year............
Do the Maths, ummm ok then 2.75 % fee lifetime service, and how prey do you anticipate ensuring you survive, bearing in mind that most anticipate at least a 50% reduction in Mortgage Bokers over the next 12 months.

Stirred up a Hornets nest, No, Just Don't like to see people RIPPING off those that need them most.

unite79

Incidently, ranald1973, your website is preety poor to say the least, if I was paying a large fee, I would at least be able to track my application on line, and get a reality Affordability calculator - Ohhh well maybe the fee free broker I use is just a little ahead of the game.....

ranald1973

Yes indeed, we had a themed TCF visit in April last year at our offices in Norwich. As I am sure you are well aware, TCF is continual themed work not one-off.

Your ripping off comments are simply unjust, uneducated and misplaced. You have on idea about what we do as a company so are not best placed to comment, thanks all the same.

To answer your last point, we operate nationally and are well placed to cope with the current downturn. In fact, last month was better than the same period last year. What does that tell you?

ranald1973

unite79 wrote: »

Incidently, ranald1973, your website is preety poor to say the least, if I was paying a large fee, I would at least be able to track my application on line, and get a reality Affordability calculator - Ohhh well maybe the fee free broker I use is just a little ahead of the game.....

Service and advice is not about the prettiest website!

If that is your preference, stick with it.

payless

If MAPman did not delete I can only guess MODs did - incorrectly seeing post as an advert . I actually think if a firm is mentioned here then its correct that they should have right to comment - albeit in this case I disagree with them