Banks creating a market crash?

Dan_Collins_2

That is a plus!

ukwoody

Blimey, sorry guys, this was just meant to be a thread about how the banks are reacting from a brokers point of view. If I had realised, I'd have issued hard hats :-)

Think I'll stick to chippying ;-)

Woody

Dan_Collins_2

ukwoody wrote: »

Blimey, sorry guys, this was just meant to be a thread about how the banks are reacting from a brokers point of view. If I had realised, I'd have issued hard hats :-)

Think I'll stick to chippying ;-)

Woody

Fancy a trainee LOL

ukwoody

Dan_Collins wrote: »

Fancy a trainee LOL

First let me do the fact find, then I'll do the reason why letter:D

woody

millsy1980

UK007BullDog wrote: »

Why?

You would pay a surveyor, you pay a solicitor, you pay a dentist and doctors, you pay the mechanic and the handyman and the cleaners. I would also like to get paid for my knowledge and the time I spent studying and the insurances I have to pay, taxes, and indemnity and other related costs like trading licences, phones, paper, extra staff.... so yes, I usually only look at customers who can pay me a fee, especially if the commission from the lender is poxy. In 2 to 3 years after having spent thousands of pounds for continuous training (required) and further training I expect to be paid more than now. If you dont like it then go to the banks and be prepared to get ripped off :rotfl:

I work for a lender as an adviser and don't feel that I rip my clients off. I find it quite amazing that as a broker, who in a previous post absolved ones self by stating you are only offering what the lenders give you, can have a pop at lenders. Talk about biting the hand that feeds!!! Maybe lenders should withdraw all products from the intermediary market if your feelings are that way inclined!!

UK007BullDog

How can a bank adviser say to a customer it is the best product for the customer when there is a better one about, just not from them? It may be the best they have to offer, but if the customer were more proactive and shopped about might just realise there are better deals about. Plus I noticed that a lot of the advisers at banks do not even have full CeMAP! At first I did not believe it when it was posted here but after some investigation I find this to be true. It seems on the qualification front brokers are better qualified and GIVE advice. Bank mortgage sellers mostly don't, at least in my area. Bank Mortgage Advisers sell to meet their targets.

If the banks pull out of the intermediary market they can just as well close their doors for mortgages. It is cheaper for banks to have the brokers and pay the commissions that to pay for their own staff, do the compliance etc. Far more lucrative to deal with brokers. There are some stats online and also available in some mortgage publications that the brokers help the banks more than their own inhouse sellers.

And don't let me get started with the protection banks sell. There are better protection packages to be had from Intermediaries.

But then I am just repeating what the other brokers have already mentioned on this board.

ukwoody

For once I find mself in total agreement with Bulldog ;-) Well said!

woody

dwsjarcmcd

UK007BullDog wrote: »

How can a bank adviser say to a customer it is the best product for the customer when there is a better one about, just not from them? It may be the best they have to offer, but if the customer were more proactive and shopped about might just realise there are better deals about. Plus I noticed that a lot of the advisers at banks do not even have full CeMAP! At first I did not believe it when it was posted here but after some investigation I find this to be true. It seems on the qualification front brokers are better qualified and GIVE advice. Bank mortgage sellers mostly don't, at least in my area. Bank Mortgage Advisers sell to meet their targets.

If the banks pull out of the intermediary market they can just as well close their doors for mortgages. It is cheaper for banks to have the brokers and pay the commissions that to pay for their own staff, do the compliance etc. Far more lucrative to deal with brokers. There are some stats online and also available in some mortgage publications that the brokers help the banks more than their own inhouse sellers.

And don't let me get started with the protection banks sell. There are better protection packages to be had from Intermediaries.

But then I am just repeating what the other brokers have already mentioned on this board.

This is just so much tosh on so many levels. Firstly you go on about how brokers need to be paid but then complain about lenders doing the same by selling to achieve targets.

Secondly there may be some trainee branch based advisers who don't have full CeMAP but they are under full supervision and to be a full adviser you do need this qualification.

If lenders pull out of the intermediary market, customers will be forced to go to lenders as they will still need mortgages and it would make them more profit not less. Lenders need brokers as distribution and that's why they exist, due to customer demands and actually the profitabilty of intermediary lending is pretty much the same as branch based lending.

As for protection from brokers yes you are right that brokers are usually better but you can get it cheaper online, so there is always something better

ukwoody

Since around here you often have to wait weeks to see most of the bank advisors (and of course only during hours!)they would have to take on a hell of a lot of new advisors, and since the banks are cutting back on staff....

dwsjarcmcd

ukwoody wrote: »

Since around here you often have to wait weeks to see most of the bank advisors (and of course only during hours!)they would have to take on a hell of a lot of new advisors, and since the banks are cutting back on staff....

The only lenders who are cutting back in staff are specialist intermediary lenders and packagers, not branch based lenders, who by what you say are very busy with appointments.At the end of the day customers will choose who they want to use. Many will use brokers, many lenders direct and, increasingly and with simple remortgages, the internet