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Take extra care when using brokers at moment

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  • mattief
    mattief Posts: 9 Forumite
    Part of the Furniture Combo Breaker
    Dan_Collins wrote: »
    I think I posted this info on another thread so well done to give it its own thread.

    Brokers are actually being shafted by the major lenders, although I have been told by all lenders doing this that it is a tempory thing. Most lenders have better direct deals, and a broker cannot access them full stop. You can even charge a fee and act for your client, bit of a joke but they have reasons.

    As a client I found this exact situation back in early March when I first made enquiries on remortgaging (now completed, thank goodness!). L&C gave a very good response & found the best deal with Abbey. I called Abbey direct 'just in case' to see if they had any rate changes in the offing - but it turned out they could offer me an exclusive rate which was 0.4% less than the one the broker had found.

    I did go back to L&C to let them know & see if they could do any better, but they were just unable to get this deal as it was a 'manager's special' only offered to direct callers.

    So I just wonder what the lenders' definition of temporary is? 6 months? a year? It should certainly be included in the remortgage guides as I guess many people would just assume the broker was getting the best deal available...
  • minimike2
    minimike2 Posts: 2,210 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Roumour has it there is more to meets the eye with regards to the lenders that are offering these different direct deals.

    Watch this space.
  • mortgagemark_2
    mortgagemark_2 Posts: 32 Forumite
    minimike2 wrote: »
    Roumour has it there is more to meets the eye with regards to the lenders that are offering these different direct deals.

    Watch this space.

    I'm watching ....... Is this going to ruin my weekend ? It's my Birthday on Sunday !!! ;)
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • payless
    payless Posts: 6,957 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Mattief ,

    thanks for confirming my views, as I said some brokers will include the extra research though .
    Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.
  • payless
    payless Posts: 6,957 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    I'm sure the bank advisers selling these direct deals will have cross sell targets , if the broker market an educate the consumer not to buy the add-ons there ( at usually inflated prices), then the lenders might start wondering if direct deals are really worth it
    Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.
  • minimike2
    minimike2 Posts: 2,210 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    BoS sell MPPI at £6.13 per £100 in thier Branches!!!!

    Shocking!
  • homer_j_3
    homer_j_3 Posts: 3,266 Forumite
    minimike2 wrote: »
    Roumour has it there is more to meets the eye with regards to the lenders that are offering these different direct deals.

    Watch this space.

    I like a good rumour - want to speculate further - on here or by PM?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • minimike2
    minimike2 Posts: 2,210 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    PM......could get in trouble if the roumer is not true (although i think it is).

    2 Secs
  • MortgageMamma
    MortgageMamma Posts: 6,686 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I wanna know too....you've started something minimike

    from

    maximamma
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • payless
    payless Posts: 6,957 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    come on - let me in
    Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.
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