bye 100% plus!

Guy_Montag

Conrad wrote: »

I'm tired of sales people arrange a self cert mortgage and simultaneously a form of income protection where income proof will be sought in the event of a claim.

Everyday I get told by different packagers that other brokers use pay slip and documentation websites! At the same time some brokers claim this is not wide spread! It absolutely is endemic - how on earth do we suppose so many people new to the UK end up with mortgages, cause I sure as heck can never place these cases.

Cull, and cull again.

Oooh obtaining financial gain through deception - paging Knacker of the Yard

Dan_Collins_2

Conrad wrote: »

I believe there are far too many brokers, so a cull is long over due.
To do the job correctly takes a lot of skill. There are far too many 'sales people' in the business now. Thier emphasis is on selling, they have not a clue about the holistic needs and abilities of a client.

The cull is now underway, and hopefuly the 'sales people' will be driven out.
I'm tired of fly by nights arranging 'fast track' mortgages in place of self cert where clients are mislead into believing thier income cannot be checked post completion!

I'm tired of sales people arrange a self cert mortgage and simultaneously a form of income protection where income proof will be sought in the event of a claim.

Everyday I get told by different packagers that other brokers use pay slip and documentation websites! At the same time some brokers claim this is not wide spread! It absolutely is endemic - how on earth do we suppose so many people new to the UK end up with mortgages, cause I sure as heck can never place these cases.

Cull, and cull again.

Conrad for once I agree with you! The thing is do you really belive the "sales people" will really be leaving this industry?

I hope they do, to many ex estate agents, car salesmen etc have gone and got CMAP and now try and give advice? Or as you put it sell! More interested in the £££'s now than looking after a long term client!!

Now thats me for this thread! Honest!

poppy10_2

Back on topic... Birmingham Midshires today exits the 125% LTV market. There are now no (count them) no lenders left offering these loans.

Dylanwing

Interested1972 - Top post. My Broker worked hard getting me a good mortgage 3 years ago, and let's just say that I did not fit standard criteria! Noe i am up for re-mortgage, he is arranging another good deal with a lot less hassle as my credit rating and salary have improved a lot.
125%LTV loans have a place in a rising market and reasonably stable economy if properly sold. The housing market looks uncertain, and as the chickens come home to roost for Gordon, the Economy looks decidedly dodgy. Lenders will adjust criteria accordingly, and if things improve, they will probably relax criteria once again. However, with oil supplies dwindling, the reality of student debt about to hit home, and a very badly mis-managed economy, that might take a very long time.

tomstickland

scratchthecat wrote: »

I'm an electronic engineer. I had to work hard to get my qualifications and experience while anyone can become a mortgage advisor, estate agent or "property expert". I suggest that these property ramping, lie to buy leeches do something worthwhile, if they can.

How many actually build a long term viable business though? I'd guess it's those who put the time and effort in. I can imagine how much work is done on a prospective basis, often with no obligation by the client to take them up on the offers.

I've had some great advice from mortgage advisors who have a whole of market search for me.

Oh yes, I'm a graduate engineer. I spent 4 years doing an MEng. It was my choice and I'm happy with it. I have a good quality of life, none of the risks associated with owning my own business and enjoy what I do. It suits me that other people out there spend all day looking at mortgage products so when I need to sort mine I can speak to them and benefit from their experience.

The level of bitterness does surprise me.

Commonsensesearcher

tomstickland and Interested1972 - excellent posts, to see the acidity from some posts is sad!

And couldn't agree more with Interested1972's view about Brown and NuLabour - they frighten the [EMAIL="!!!!"]!!!![/EMAIL] out of me!!!

poppy10_2

A few more bite the dust today.

Skipton Building Society's adverse lending subsidiary Amber announces that it is to stop taking on new business.
Amber's managing directory Mr Jolly (no joke) announces sweeping job cuts, and states ""Many of the ways in which we temper our level of risk are currently closed to us, such as securitisation and asset trading, so we have decided it is time to pause for breath and wait until the market returns to more normal conditions."

Meanwhile Mortgage Express today announces that it is lowering its maximum LTV to 85% and withdrawing a whole slew of its mortgage products.

"In order to maintain service standards and ensure that we continue to support our intermediary partners in our core markets, we are withdrawing a number of non-core deals at close of business today, Wednesday 12 March 2008. This means that the following are no longer available:

• All mortgages in our Standard range
• All mortgages in our 100%+ and 100% Extra range
• Buy-to-Let Extended Criteria 90% LTV
(this applies to both Buy-to-Let for individuals and Limited Companies)

We are also withdrawing our Self Cert 2 year deals at 85% LTV – the range will be limited to 3 year deals only.

Removing these products will allow us to focus on providing you with specialist mortgages in our chosen markets – Buy-to-Let, Self Cert and Lifetime."

neas

Dan_Collins wrote: »

OK granville

Lets say you work in an office that supplies paper, you have had a hard day (I admit its not hard as in being a nurse, fireman or something along those lines) at the office. Its 9:45 pm on a Friday and a guy from one of the companies you sell to calls you to talk business?!?! Bet you would love that??

I imagine you would be thinking, hang on I finished at 5pm and am not getting paid now??

Anyway you got me hook line and sinker on that one, hope your happy.

Oh and in the next few years you are remortgage and the market has gone pair shaped and you need advice, please dont ask any brokers for help!

Why not ask a broke for help? Cause they won't be many left? Whats going to happen to brokers?

*Confused*

Dan_Collins_2

neas wrote: »

Why not ask a broke for help? Cause they won't be many left? Whats going to happen to brokers?

*Confused*

Not as confused as I am ???

Doozergirl

neas wrote: »

Why not ask a broke for help? Cause they won't be many left? Whats going to happen to brokers?

*Confused*

My IFA was telling me yesterday that he's never been so busy in 20 years of business. Both investments and mortgages. Seems that economic uncertainty means perhaps that more people in fact are looking for good advice