The media and the market

kenshaz

I have taken an interest in the mortgage sector on this forum.I am therefore concerned about the change in the sector and the ability of first time buyers and those ending a fixed term to obtain mortgages and the resultant escalation effecting mortgage advisers.

This site is a perfect opportunity for the public to see the sector from the point of view of the advisor at this time ,without the distortion of the media.

Dan_Collins_2

Well Kenshaz

Things have changed, in the long run I think for the better. However things will get tougher on the way.

So much has changed its hard to tell you everything. But I think the biggest change is lenders attitude to risk. LTV's ristrictions have made a big difference and will be the hardest problem for FTB. Income multiplyers are down a little and credit scores a little more strict.

From my point of view its about changing and adapting. Its also harder to manage your clients expectations. The client may feel they are being rushed, but within a day that fixed rate may be gone.

We have started talking about becoming fee chargers for the first time, as each case needs more work and more cases are being declined after doing so much work.

I think this year is about consolidating and getting through what is going to be a tough 18month. Then again we have seen a sharp increase in enquiries over the last 2 weeks.

Bismarck

Wise words indeed! Whoever said "the customer is always right" needs finding and re-educating!

Dan_Collins_2

Very good post Conrad. I know you champion that business model. Charging a fee or not, service to my client is up-most to me and I base my own way of business around that.

I cannot provide my client with the best service if i scrimp on time given to finding the right mortgage for them. I do think however it would take me a while to get used to charging any fees and it will be a big choice I may or may not have to make.

Cheers for the post Conrad!

kenshaz

Conrad why are you not stating that you are a broker in the signature as per the code of conduct for this site?
I feel that your ref to moneysavers as penny pinchers and parasites is against the basic principles and ethos of this site.

kenshaz

Dan Collins I agree long term it will be an improvement.

Dan_Collins_2

Thanks Kenshaz

Also I dont think Conrad is advising anymore, I think he just owns the practise.

poppy10_2

Conrad wrote: »

They shop around for car insurance which leads to slave labour rates and outsoucing to the third world.

Oh come on! :mad:

Dan_Collins_2

poppy10 wrote: »

Oh come on! :mad:

He aint far off poppy!

UK007BullDog

There is moneysaving and then there are the parasites that I call time wasters. I understand exactly what Conrad is saying.

You find people here who thank you for your time. And then there are those who take your info but still manage to disrespect and foul mouth advisers. Maybe because they cannot deal with the reality and dont want to listen.

I used to get those parasites as well. They are time and resource bandits. And they know everything better. So why the hell are they sitting in front of me? Because they bounced off the wall at all the high street banks and on the internet. But still think they can do a better job than the trained person who does it day and night.

silvercar

I respect both the time and effort that must be spent in getting the right deal for your customers and the obvious need to be paid for your services. At the present time it must be hard to write the same amount of business that you were doing previously.

I find the logic of increasing your charges when demand has dropped a difficult one.