Banks creating a market crash?

Dan_Collins_2

OK guys let ease on the broker bashing, I accept than in my industry we have some idiots, weak and then damn right dogy brokers. Then again you get dodgy plumbers, mechanics, solicitors and many more.

I appreciate that this is a big subject, we not talking £500 but hundreds of thousands of pounds. But can we please be a little less hostile to the brokers on here, we give our time up to help for nothing because we want to help people who need it and ask for it. I can assure you that money grabbing dodgy brokers will not be giving their own clients a good service let alone a website that earns them nothing.

If you have a gripe about a site that got you a poor broker then tell us and we may be able to send you in the direction of a site that have good brokers!

I feel like jacking this in, we try to help and we get abuse from a few, we can tar clients with the same brush also, we could say they are all out for something for nothing and want to borrow to much and get the !!!! when we turn a dodgy one away! Its does happen!!

Ps. Moneysupermarket.com is kak! I/we at our office tried it out for leads last year, and the clients coming through were mainly time wasting, dodgy or just rude. So it goes both ways!

Anyway lets play nice.

m.colak

Dan_Collins wrote: »

OK guys let ease on the broker bashing, I accept than in my industry we have some idiots, weak and then damn right dogy brokers. Then again you get dodgy plumbers, mechanics, solicitors and many more.

I appreciate that this is a big subject, we not talking £500 but hundreds of thousands of pounds. But can we please be a little less hostile to the brokers on here, we give our time up to help for nothing because we want to help people who need it and ask for it. I can assure you that money grabbing dodgy brokers will not be giving their own clients a good service let alone a website that earns them nothing.

If you have a gripe about a site that got you a poor broker then tell us and we may be able to send you in the direction of a site that have good brokers!

I feel like jacking this in, we try to help and we get abuse from a few, we can tar clients with the same brush also, we could say they are all out for something for nothing and want to borrow to much and get the !!!! when we turn a dodgy one away! Its does happen!!

Ps. Moneysupermarket.com is kak! I/we at our office tried it out for leads last year, and the clients coming through were mainly time wasting, dodgy or just rude. So it goes both ways!

Anyway lets play nice.

I'm sorry to tar with the same brush as you seem to be quite decent however and if i knew what i knew know i wouldn't use supermarket. Thank you for all the help you give everyone as i'm sure there are quite a few people who get confused. As i said before everyone in every place have to take responsibility for the current situation there is no opt outs in this case. I'm sure you have helped a lot of people in the past and you may be one of the good ones but unless something drastic happens something bad will happen. I'm one of the lucky ones who decided to vote with my feet if i didn't like something however somepeople don't have that option and there are a lot of unscruplous people/companies out there not helping.

Dan_Collins_2

m.colak wrote: »

I'm sorry to tar with the same brush as you seem to be quite decent however and if i knew what i knew know i wouldn't use supermarket. Thank you for all the help you give everyone as i'm sure there are quite a few people who get confused. As i said before everyone in every place have to take responsibility for the current situation there is no opt outs in this case. I'm sure you have helped a lot of people in the past and you may be one of the good ones but unless something drastic happens something bad will happen. I'm one of the lucky ones who decided to vote with my feet if i didn't like something however somepeople don't have that option and there are a lot of unscruplous people/companies out there not helping.

As in most/all industries there will be bad people.

talking about helping people to get mortgage. I would be kidding my self and you if I said I had never set up a mortgage think that they are borrowing to much. I have however never cheated a client or helped one get a mortgage though illegal actions.

At the same time the clients sign up for the mortgage, I give advice but they dont have to take it. I have to document when a client goes against my advice and I do everytime. I am in this job to make money, so if a lender will lend, I am not risking my licence, and the client is happy then why should we/I turn the business away.

I think that the process of taking a mortgage need to change, I believe that the client needs to take a more active role in the compliance procedure and needs to sign a checklist confirming the client understands the offer and has been sent all documents required. This should then be logged with the lender, our file and the solicitor. Why would you sign up to borrow £200k and not read and understand the terms and condtitions??

Anyway, lets get on with helping each other.

Datasafe_2

UK007BullDog wrote: »

Yup, but I must be writing interesting stuff as you are reading it. Also your pastime seems to be broker bashing.... Jealous???? :rotfl:

You have an overinflated opinion of yourself. The first and only time I went to a mortgage broker all he did was look at a list and suggest the one with the lowest rate. Where's the skill in that? You go to a dentist - he fixes you teeth. You call in the plumber he does plumbing work. All this requires skill as does my own job, and i am rewarded for that skill.

Sure I bash brokers, because along with the estate agents and banks they are to blame for the pain and the heartache that is to come. You may not like or agree with that, but its the truth.

Dan_Collins_2

Datasafe wrote: »

You have an overinflated opinion of yourself. The first and only time I went to a mortgage broker all he did was look at a list and suggest the one with the lowest rate. Where's the skill in that? You go to a dentist - he fixes you teeth. You call in the plumber he does plumbing work. All this requires skill as does my own job, and i am rewarded for that skill.

Sure I bash brokers, because along with the estate agents and banks they are to blame for the pain and the heartache that is to come. You may not like or agree with that, but its the truth.

I do not accept that this "crash" is the fault of the mortgage brokers. It may not be hard to pick from a list of mortgage based on rate, he obviously was a lazy broker!

However I do accept that some brokers have taken advantage of lenders giving self cert mortgage criteria etc and this inflated house prices, I also put some blame, most in fact on the banks and lenders, they have let income multiples etc get out of control and then estate agents, pushing prices to the limits but even then, they only offer a guide price, its down to the public to set the price! At the end of the day the public do not have to buy that house, they could buy something cheaper, but that would not help them keep up with Mr & Mrs Jones would it?! If you could see the face of somebody who has just been told that they cant afford the mortgage, or that we are not prepered to lie for them!

I dont use a plumber, unless its gas, I do it myself. Also I do all my own electrics and most DIY and do it well. However somethings are not as easy and basic, just like mortgages so you need a corgi registered plumber for example.

Me and my Dad had to re plumb my old kitchen, and guess what, the guy who lived in it and installed it was a plumber!!

Lets not get !!!!!y and knock each others trade or role. Notice you have not let us know what you do for a living?

I revert back to that word, GREED!

niceguy_tourist

I have been reading this thread and wondering if I would have any comeback. My mortgage was taken out via an independent advisor (I think) that worked for the estate agent I used to sell my house (maybe not the best place to go but wife was adamant as friends thought service was great). The advisor told me that I could overpay on my mortgage and borrow back when I needed to telling me that it would be great for saving my tax money in (self-employed) and borrowing back when I needed to pay my tax. When I came to pay my 18 month tax bill (first tax bill since going self-employed) I was told that I could not borrow back the money I had overpaid into my mortgage but could take out a loan for the amount at a much higher rate. Found this out with 3 weeks to pay my tax bill. Luckily I had a couple of ISA accounts and wife was paid a week earlier in Jan but has really been tight since paying tax bill, I even had to borrow money from relative to pay mortgage for couple of days till I got paid. Would I have any comeback for this or would it be my word against his?

Dan_Collins_2

Sorry to hear this niceguy. Did he provide you with a KFI etc. You have different types of borrow back. Northern rock allow you to borrow back overpayments by calling them and requesting it and they send it to your bank in a few days. Some allow you to borrow back but you have to apply for it. I think he has just looked at the KFI and seen borrow back and not looked at how the lender works. I am not sure if you have case or not. Google the FSA website and look up the number, give them a call and they will give you an idea. Who is the lender??

dunstonh

Would I have any comeback for this or would it be my word against his?

What you describe is a specific type of mortgage that is actually quite popular with self employed individuals. It exists.

Why you havent ended up on that option is something only you and your broker would know. Have you considered asking the broker? After all, the broker is meant to find out your needs and recommend the mortgage to suit your needs. If it is documented that you want a flexible mortgage and you havent been recommended one then you may have good grounds for complaint.

homer_j_3

You would have been provided with an Illustration before signing up to the deal and you would have got one as part of your offer. Off the top of my head, the details in sections 11 & 12 (i think) are where you would find the extent of what features your mortgage had with this kind of arrangement.

Your broker has obviously either told you incorrectly or described the features generally and not considered it in that product. Now, what is key here, is what your broker has recorded in the fact find that you completed.

I would ask the broker if you can get a copy of all the paperwork. You can do this under the data protection rules (may have to pay £10). If they have recorded that you need this fact then you may have a claim but if not then its your word against theirs. Either way, its not good this has happened and just smacks of a sales force mentality.

Who is your mortgage with?

niceguy_tourist

Lloyds tsb, I was previously with nationwide who were great for borrow back as they would give you the money and adjust the term back to what it should be rather than giving you a loan of your own money. Never mind i will put it down as a lesson. On the plus side I have taken over 2 years off my mortgage yeah!!