bye 100% plus!

ukwoody

Gorgeous_George wrote: »

But you need a shopkeeper to find you a tin of beans.

I think that applicants should need an NVQ in financial managment before they can qualify for a mortgage.

GG

It's frightening George isn't it?
We have had people call at the door, and phone late at night just to ask where to sign on a form marked with an X. On Sunday whilst out for a walk, a customer approached Wanda and asked for the telephone number of C&G as they couldn't find it, and someone called at midnight, YES midnight, to ask who they should make a valuation chq payable to. And of course people don't think you should be allowed to take Sundays off, so why couldn't she phone the bank for them and and speak to that elusive 24/7 underwriter to get a problem sorted on a sunday afternoon?

One person could not understand why she couldn't get a mortgage for about 8 times her salary even though she was behind on her fairly cheap rent!

And if Wanda dares to suggest they cannot afford the mortage they are after (which she has no hesitation in saying) there has to be an inquisition and even after it has been explained in every conceivable way, their outgoings would be several times their income they still argue and go out to try and buy that 6 bed detached house on a cleaners salary. Though to be fair many later do come back and admit they now realise.

woody

Dan_Collins_2

ukwoody wrote: »

It's frightening George isn't it?
We have had people call at the door, and phone late at night just to ask where to sign on a form marked with an X. On Sunday whilst out for a walk, a customer approached Wanda and asked for the telephone number of C&G as they couldn't find it, and someone called at midnight, YES midnight, to ask who they should make a valuation chq payable to. And of course people don't think you should be allowed to take Sundays off, so why couldn't she phone the bank for them and and speak to that elusive 24/7 underwriter to get a problem sorted on a sunday afternoon?

One person could not understand why she couldn't get a mortgage for about 8 times her salary even though she was behind on her fairly cheap rent!

And if Wanda dares to suggest they cannot afford the mortage they are after (which she has no hesitation in saying) there has to be an inquisition and even after it has been explained in every conceivable way, their outgoings would be several times their income they still argue and go out to try and buy that 6 bed detached house on a cleaners salary. Though to be fair many later do come back and admit they now realise.

woody

Some good points, being a self employed broker can be tough on personal life. Imagine texting your solicitor 10:45pm asking a simple questionor for a call? Imagine calling your machanic on a Sunday night to talk about a worry with your car?

Is a strange one, we seem to be 24/7 contactable, I dont mind late ish calls, its amob so I can ignore it, but the text I got at 3am ish was little harsh, idiot forgot that he was in Las Vegas!!

I agree with the turning people away, we get the blame for getting mortgages but you should see the [EMAIL="!!!!"]!!!![/EMAIL] we get for telling a client that they are going a step to far! Guess what, the broker down the road will do it!

homer_j_3

Ed,

I do worry and maybe it is my perspective, however I see that lending was up to by £3b from december to Jan. We are £0.1b off the levels at the start of last year. There is no expectation from anybody that things are going to get any better and we will see the lending volumes decrease through the year.

The BOE are warming us up to inflation hitting 3% towards the 3rd quarter on the year. I look at the cost of shopping, petrol and utilities increasing. All of this will have a squeeze on the pocket.

The funding for institutions will become limited and there has to be casualties along the way because not everybody will get the funding they need to keep them going. However, I am not sure where or to what scale this will happen on.

I don't think we will hit a recession and I know that repossessions are still considerably low to when you consider the dark days but there wasn't the same financial climate from what I remember at that time.

I could be wrong and don't claim to be an economist but things can't carry on and the slowdown and correction has to happen.

ukwoody

Dan, problem is Wanda is actually employed (by an independent IFA), not self employed, but this is a rural area and she is very well known within the whole local industry.
And yes, we know a broker who will even supply an accountants ref if required! It is that sort who DO tarnish the rest!

woody

homer_j_3

If I was Wanda, I would be blowing the whistle on them with the FSA.

tomstickland

Things have really changed in the last year. I remember being laughed at for suggesting that house prices could fall about 18 months ago.

ukwoody

We have a company not too far from here (being very cautious here) who are shell we say renoun. It is staggering beyond belief what they get away with, yet get away with it they do. The problem is proof. Those that use them wont come forward and say what has happened - because thats how they could get their mortgage etc, and those that walk away dont want to be dragged into something.

Cannot say more on this.

Datasafe_2

ukwoody wrote: »

Then you'll probably pay well over the odds as you wont have all the facts available.

I don't trust brokers at all, its like dealing with all salesmen, they go for the one with the best commission and it not always the "best" one for you. I make my own decisions and don't go for the one pushed in front of me by people with a vested interest. Every time I have used a broker I have paid over the odds for something I could get direct, and any problems and they don't want to know.

ukwoody wrote: »

Don't blame Brokers for pushing up property prices. It has nothing what so ever to do with them. They are only the enablers.

No they didn't have anything at all to do with "liar" loans at all did they? Making it possible for people to lie about their income to pay for the inflated asking prices, thus pushing the price higher still. Its this type of house of cards that is going to come crashing down on us all. I'm not saying they all did it, but they all did well in the good times and can expect no sympathy come the bad times ( the same for estate agents )

But you need a shopkeeper to find you a tin of beans.

No I just go, look at the beans availible and pick one I like, why do I need anyone to tell me which ones to like?

UK007BullDog

ukwoody: Of course you can. FSA website has a whistleblower section. But who knows, maybe they are part of the 200 being currently investigated.

UK007BullDog

one cannot compare beans with mortgages. Pleazzzze!

Most commissions are the same. Only adverse commissions are a lot higher.

Once I got my mortgage from a broker I never had to call them again. never had any problems. The only time I called was when we had to remortgage. maybe you were just unlucky.