Mortgage Broker - MAP

payless

FSA TCF visits don't seem to really delve into the cost of advice for mortgages - rather if a firm correctly decribes their terms , and if classing themselves as independent that they offer a fee only route ( rebating any commission)

think the point is Martin's article says

Fees.

Brokers may also charge you a fee directly. No reputable broker should charge more than around 1%, even for ‘sub-prime' customers. If yours charges more, walk away.----
Of course, this is a MoneySaving site, so my preference is don’t pay a fee if you don’t have to, thus you want to find a ‘whole of market’ fees-free broker. This means it makes its cash from commission but is regulated to search out a good deal from a wide range of lenders.
However if the only broker you feel comfortable with charges a fee, while it's not my prime focus, it's not a MoneySaving sin. If the fee isn’t prohibitive, then it’s more important to get a decent mortgage than to scrape a few hundred pounds off the fee.

I don't always agree with Martin, and have made my views known here BUT - with many brokers offering a good service with no or only little in way of broker fee ( or even no fee and a rebate) then those coming to this site asking if 2.75% / £3K is OK are only going to get one answer ( from regular brokers / tuned in consumers)

payless

ranald1973 wrote: »

. In fact, last month was better than the same period last year. What does that tell you?

You had a crap Oct 07 ?

_Andy_

Whilst I agree the fees are extremely expensive, I don't see that it's a 'rip off' - clients have choice to go for fee-free or not. If they choose not to and are well aware of the fees than I don't see an issue.

ranald1973

payless wrote: »

You had a crap Oct 07 ?

LOL - very good! Is was a good month actually. Nice to see some humour!

unite79

ranald1973 wrote: »

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?

Nationally, 3 brokers, dont make me laugh...........
most of your testimonials are within 50 miles of your base.

payless

Whilst I agree the fees are extremely expensive, I don't see that it's a 'rip off' - clients have choice to go for fee-free or not. If they choose not to and are well aware of the fees than I don't see an issue.

Yeah I had a similiar discussion with a chap who ran a salesforce for a big player who used a similiar business model - of course that was before they went tits up !

payless

unite79 wrote: »

Nationally, 3 brokers, dont make me laugh...........
most of your testimonials are within 50 miles of your base.

whilst not here to defend MAP.. the FSA register does not show the number of mortgage advisers a firm employs ( in the way they show investment advisers of an IFA) instead it lists only those with certain regulatory functions.

unite79

Agree Andy, but why do I get the sense that most of these clients don't realise about the broker fee until its to late.
Can you really see a broker saying, I can save you £25 per month, and I Have added my fee of £2995, which spread over the 10 year fixed I have arranged for you means in reality I have charged you all of the saving.
Or I could offer you a 2 year fixed saving you £100 - But that would not quite save you my fee.....

ranald1973

You obviously have NO IDEA whatsoever!

koexelek

ranald1973 wrote: »

LOL - very good! Is was a good month actually. Nice to see some humour!

Yes, it was a classic one liner from payless