Take extra care when using brokers at moment

Conrad

MM

I have also pondered this teaching financial sense to kids / adults as a possible business.

I'd really enjoy that a great deal and I think it has massive business potential - if I can be @rsed to do something about it!

What I fear is that 'academics' end up taking over the opportunity, and they will surely deliver a poor financial sylabus far emoved from the real world of white van man who earn cash, and avoids paying CSA by cashing cheques at cash convertors.

MortgageMamma

Conrad wrote: »

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?

LOL Conrad - I don't take it personally.

ACTUALLY this might suprise you but I have been predicting a similar state of affairs for about 18 months now. I started my Ltd co in March 2007 after a fall out with my old directly authorised principle and getting ripped off my 8k commission. In May I realised it was looming but it took me until July to realise it was going to be so soon. I July I called a mate of mine who ran a mortgage brokerage attached to the aforementioned EA and asked him for the position. I went to the agency as my company was so new and didnt have formal introducers, so the plan was to shelter from the economy going toes up by getting regular introductions in a wealthy area (I am orig from up North)

How wrong did I get it?!?!! The EA did not disclose to my principle (who kindly paid my relocation costs) that by October last year they were 40% down on sales from previous year before I joined! Between November 2007 and present the branch I was based in sold about 5 properties. tiddlers at that. I'll be suprised if its still there come June.

You know what. I used to laugh at bank advisers because they were "advising" on a handful of products and getting paid a pittance for it, but I'd absolutely love a bank job with all these tempting direct to consumer deals at the moment. I bet the bank advisers are laughing at their targets!:rolleyes:

MortgageMamma

check your PM conrad, I have sent you a link that payless sent me earlier

jediknightwarrior

There's an article in the Financial Adviser about this today. Can be see here.

Payless have you had a reply for Martin yet?

payless

jediknightwarrior wrote: »

There's an article in the Financial Adviser about this today. Can be see here.

Payless have you had a reply for Martin yet?

He replied last week, confirming he would tweak article... can't tell if he has, as although the HSBC is mentioned, there seems no comment on dual pricing ... the longer its left in its old format, IMO the more dangerous it is, as consumers are no doubt still contacting national brokerages and cashback sites he lists ( some of both pay this site on linked leads or fund the articles) on the back of his article ... ( the latter are still quoting broker rates... the former, well who knows! - but are called as "true WoM " in the article

So I PMed him yesterday also- no reply

Edit just checked of the sites 4 sites , including 2 cashback sites and 2 of the national brokers on their bestbuy webpages for 5 yr fixed - and whilst one broker ( out the the 4) is showing HSBC deal , all the C&G deals listed seems to be the more expensive broker routes)

payless

Of course whilst the cackback sites are no advice.. you buy what you see , the national brokers may give more info to callers than that shown on their bestbuy list ( albeit some are now tranactional site) Wonder if the national brokerages could comment ( on here) as to how they are dealing with the issues of not only direct lenders but also dual pricing of the major players ?

payless

Of course I stress that under the regulations brokers ( including any mentioned in Martin's article) only have to offer advice on those products available to them . However they do have a duty to ensure they don't misrepresent their service ( perhaps not helped by the term Whole of Market.. that might mean one thing to a consumer but another to the f/s industry and regulators ) so I would say statements like "access to every lender" , "access to all UK mortgage deals" , "the best Uk mortgage rates" - are surely all questionable, unless of course its service is actually that.

so to the consumer - check what service you are actually getting

MortgageMamma

do you ever get the feeling you are banging your head against a wall with these issues payless? :wall:

payless

yep... didn't help as this thread got side tracked a few times.

Ian_Griffiths_Halifax

payless wrote: »

yep... didn't help as this thread got side tracked a few times.

You seem to have a bee in your bonnet. You seem to want a one sided argument over what way people are advised.

You need to appreciate that many people need help and advice and not to simply be sent to a lender.