Take extra care when using brokers at moment

payless

Ian_Griffiths_Halifax wrote: »

payless, I do hope that your comment regarding "we all openly accept that we do not post here to attract business ( well thats not actually the case , but thats another story)" was relating to me?

I simply made a mistake when registering as it asked for a user name. Ian Griffiths had already been taken, and I didn't want to be known as Big Boy, Whothedaddy, Isavemoney, or any other silly name.

No don't worry it was not a pop at you, I can't see why your username would cause any offence ( although I think its suggested on the general boards not to use identfiable names as a rule , - applies generally not just brokers ) rather some others have used these boards to tout .

Edit.. looked it up actually it was email addresses for usernames thats not allowed ..

Dan_Collins_2

Some very good points here, its good to come to a place talk to brokers and get a idea of whats going on out there. The whole direct thing is a bitof a mess. The rates are no .1% difference they are like .5 or more. I think half a % for a client is worth going direct. The thing, who is getting the TCF book thrown at them, the broker! Why are the FSA not saying to the banks, TCF you are taking something away from the public, they will not be protected and they cannot be sure the deal is correct for them.

Then again, we have seen this year that banks own this country, so I think its time we either took big action or get a new job, and when they come back looking for business they can spin!

Ian_Griffiths_Halifax

InMyDreams wrote: »

So what would you suggest to a consumer who feels that they are confident with all this and can do their own research? I always believed that (current climate excepting) a broker could access better deals than an individual direct. That is why I would use a broker, not for the advice.

My advice would be that if they are confident with all this and can do their own research, what are they calling me for?

If they want my advice, I'll give it, but I've told some potential clients in the past, that they have found a deal which I'd be able to arrange with the lender my self at the same rate, but they don't need me to do it, "just give me a call in 3 years time when the deal is coming to an end".

As for your own situation, you say you only use brokers to access the better deals, not for their advice, then that's just a case of buyer beware, but I personally do not do 'non-advised' or 'execution only' cases. This is how some of the big chicken farm companies get around compliance issues, and many lenders also.

payless

Dan_Collins wrote: »

Some very good points here, its good to come to a place talk to brokers and get a idea of whats going on out there. !

Don't you use PT chatterbox ??

InMyDreams

Ian_Griffiths_Halifax wrote: »

My advice would be that if they are confident with all this and can do their own research, what are they calling me for?

Because one of the reasons for using a broker has always been that they can source at least if not more favourable deals than individuals can direct. I thought I said that.

Ian_Griffiths_Halifax wrote: »

As for your own situation, you say you only use brokers to access the better deals, not for their advice, then that's just a case of buyer beware,

Exactly my point. I'm comfortable with that. This is the service I want, but I don't want to waste the time of brokers who aren't happy to offer it.

Ian_Griffiths_Halifax wrote: »

I personally do not do 'non-advised' or 'execution only' cases

In that case you are right, you are not the type of broker I would require.

MortgageMamma

There is a thread on a certain broker only site with a fruity name which covers the FSA TCF thoughts (or lack of thought and lack of action) on the direct submission/cutting out brokers route. I know that Danny Lovey has been writing to the AMI and FSA about it, also to the mortgage press and there is pressure on them from many directions at present. It might be worth looking on that site with this discussion.

Ian_Griffiths_Halifax

Quote:
Originally Posted by Ian Griffiths Halifax
My advice would be that if they are confident with all this and can do their own research, what are they calling me for?

Because one of the reasons for using a broker has always been that they can source at least if not more favourable deals than individuals can direct. I thought I said that.

You did, but you said you're comfortable with doing your own research, so why do you want a brokers?


Quote:
Originally Posted by Ian Griffiths Halifax
As for your own situation, you say you only use brokers to access the better deals, not for their advice, then that's just a case of buyer beware,

Exactly my point. I'm comfortable with that. This is the service I want, but I don't want to waste the time of brokers who aren't happy to offer it.

Fair enough.


Quote:
Originally Posted by Ian Griffiths Halifax
I personally do not do 'non-advised' or 'execution only' cases

In that case you are right, you are not the type of broker I would require.

Fair enough.

Conrad

MortgageMamma wrote: »

I walked out of my desk in an estate agents on Friday - I told them to tell all new clients that I'd be charging an upfront £99 advice fee and would rebate if they did the business. The agency said no, that won't work for us; I lost three deals direct to lenders in one day, and one client was bribed to use wimpey's own mortgage brokers. That, and the fact I've only had four leads from them this month for my 33% payout was too much for me to take. I am not ashamed to admit I am absolutely skint - not because I don't have clients, but because I cannot compete with the direct deals and not many people are buying or selling.

I am really fed up about it at the moment but I'm determined not to lie down and die. The AMI are barely supporting us, our own networks are not supporting us by demanding the lenders change their tactics with direct submissions and then you get IDIOTS like John Malone telling us all to shut up and die quietly.

Lisa

Hey MM sorry to hear your news, seriously.

I gave up with EAs years ago, it's too difficult a balance to strike when you rely on them.
Only recently one approached me asking how much I would pay them! I told them I would pay zilch. They should be begging for experienced brokers to get the deals through that thier home sales rely upon!

Its a very difficult occupation and will remain so for some time to come.

All the best

MortgageMamma

Thanks Conrad - yeah agency work is the pits.Going from a director of a ltd co with an RI to a dogsbody in an estate agents was a really bad idea. but we live and learn don't we. I ended up paying the agents more money than they actually generated for me. bonkers.

I've just been offered a job selling advertising for the guardian and observer -the basics pretty good but I feel like I'm selling my soul to the devil!!

Conrad

MortgageMamma wrote: »

I always did self generate and work with my own clients from home until October last year when I relocated 325 miles to join the estate agency - I wanted an easier life didnt like being a director responsible for everything. Had I known we were on the verge of a credit crunch and such troublesome times in the market I'd have stayed put and continued with my own company. You live and learn!

Thats why I rudely deemed you a happy - clappy, sorry for the impoliteness.

I had seen this crunch comming since mid 2005 and used to feel a sense of jealousy of the brokers who were very positive and didnt have any inclining of what I thought was all around us. I felt like a lone (mad?) voice preaching negative news so one way in which my sensibility came out was to label the positive brokers as happy - clappys.

It gives me no pleasure to say 'told you so', none at all, and the crunch is deeper and more rabid than I had really imagined.

EA's really irritate me now. 2 locallty have sworn blind prices are still going up and its business as usual!!!!!! WHY DO THEY DO THIS, IS IT SELF DELUSION IN ORDER TO KEEP HAPPY?