Mortgage Talk - Anyone used them?

scottp_2

Hi,

I have already posted a while back that me and my GF are planning to purchase a property in around 12 - 18 months time. I work in financial services so I believe I would be able to find a suitable mortgage and insurances etc for myself, however, I know the products that a broker can offer can differ to the ones open to the general public so I believe going with a broker would be the best bet.
This brings me onto my next subject. The House Builder we are planning on going with use Mortgage Talk for their business, and the sales agent said I would be able to negotiate a better deal with her if we went with them (probably a load of rubbish, but we will have to see at crunch time!).
Has anyone ever dealt with them, both in a similar situation to this and having approached them personally? My brother purchased a house and paid mortgage talk a fee (£99 if I remember correctly) and they sorted everything out and my brother was really happy, but I am not sure how they would be with the tie to the house builder.
Also, I have heard that it may be a good idea to go to a fee paying broker and then have a commission rebate, anyone know where I can find a list of these brokers just in case we do not go with the house we are looking at?

Thanks in advance!

Tiddler_2

Scott, do you have a big deposit to put down? Are you thinking of buying a house or an apartment?

The reason I ask is that many lenders will ignore any discounts that builders are offering, so if you don't have a big deposit you may have to rely on the brokers knowledge of getting the best overall deal for your circumstances.

From the builders point of view it does mean less work (and less of them hassling you!) if you use their recommended broker. Some builders give you some additional money if you use their recommended solicitor and broker, so the money may well cover the broker fee paid aswell.

scottp_2

We will have £10,000 - £12,000 on a £100,000 property (or there abouts). However, if I were to use Mortgage Talk, they would be able to sort out a gifted 5% (May push for 10%) deposit. This will help lower the LTV a lot more.

I think it may be best if I make out that I would rather not go with their broker, and then negotiate an even bigger discount to get me to go there. I will not buy the property unless I can get 10% off PLUS 5% deposit paid, and I want carpets at that too. I hate paying full price!

Thanks for asking!

Cazza

Stop at 5% gifted as this is the maximum most lenders will allow. If you negotiate any more money off, either take it straight off the purchase price or ask for the builder to pay the solicitor's fees or your survey fee. Alternatively, negotiate for carpets, turf or white goods.

minimike2

I used to work for Mortgage Talk (only three months before I realised what they were like). This pretty much shows you what I think of them as a company....

scottp_2

minimike2 - Care to expand on that please mike? Anything I should know/avoid?

Also, I was offered an interview with them, is it best to steer clear?

Thanks alot!

Any one else have anything to say?

minimike2

Well for starters they are tied agents to L&G.

Secondly they put really bad clauses in your contracts, like claw backs of commissions on life policies if you leave within two years.

They pay a "car allowance" but then reduce this by whatever you claim in milage expense....so you dont actually ever get your mileage claim, you only get the equivalant tax on it, which is disgusting.

They shove you in under performing estate agencies.

They didnt pay my mate who worked there a months salary because he took two weeks off when his father died....they said it was a "business decision".

They recently reduced thier in-house administrators hours from 5 days to 3 days a week to reduce costs.

They are a typical 2000's mortgage business. They have over expanded too quickly, got a new premesis and all the directors bought flash cars, they thought times were good and now that things are heading south its the staff who are suffering.

One of the area managers even sold his Porshe and now drives an Audi. A nice car to most of us....but a bit of a step down eh...(just shows the way thier business is going)

There are only three good things that spring to mind about them, and that is the sales director, thier L&G account manager and one of the managers who ran my course who are all really nice people, but that unfortunately doesnt help them as a company.

This is just my opinion of course.

UK007BullDog

Lol Lol Lol

scottp_2

UK007BullDog wrote: »

Lol Lol Lol

So do you work for Mortgage Talk then Bulldog?

Thanks!