Take extra care when using brokers at moment

Tiddler_2

Yea it was only today when I checked the FTB deals.

The Halifax TMPP was generally expensive when I worked for them, just wondered if that might have been the reason why - another reason may be that the only ask about 3 underwriting questions, and if you said YES to any of the questions it got declined

It seems the linking of products for these new direct mortgages is the in thing, saw last week that Abbey offered a deal which was subject to having their home insurance (or a current account if I remember correctly) and Leeds were offering a lower rate for having home insurance aswell.

Ian_Griffiths_Halifax

Wow, I knew mortgages had gone back around 10 years, but we've actually gone back to the old rip em off and stitch em up days.

And who says they don't need a broker? Buyer beware!

minimike2

I have an update on my PM content MAs....


Abbey have confirmed that they will now be offering the same deals to brokers as available direct from them. (We also have an exclusive! Whoop!)

Halifax have said they will "reduce the pricing gap". No specifics, but its believed to be within 0.25%. It was also confimred that Halifax branches will not be selling 2 year deals, and anything over 90% LTV must have a current account along side, which must be used to have the salary paid into.

No info from the "others" that I mentioned.

_Andy_

Mike - when are Abbey going to be doing this from?

thanks

minimike2

No dates were mentioned, only that they have agreed to it within the last 48 hrs

Dan_Collins_2

Abbey only have 70% deals that we cant get in branch.

jamtart6

Is there a mortgage adviser on her who wouldnt mind me PMing them about a mortgage? Its not in replace of 'real world' financial advice, I just wondered something...

Tiddler_2

minimike2 wrote: »

I have an update on my PM content MAs....


Abbey have confirmed that they will now be offering the same deals to brokers as available direct from them. (We also have an exclusive! Whoop!)

Halifax have said they will "reduce the pricing gap". No specifics, but its believed to be within 0.25%. It was also confimred that Halifax branches will not be selling 2 year deals, and anything over 90% LTV must have a current account along side, which must be used to have the salary paid into.

No info from the "others" that I mentioned.

I didn't get the PM

Are you saying that the Halifax are going to ask for the current account on Intermediary deals? (they're already doing it on direct deals)

Good news on the Abbey though!!

homer_j_3

I dont think any of the advisers would mind you PMing them if you have a question which you do not want to ask on here.

payless

Back to original topic- just saw this on another site
was from a metting of brokers/ lenders and FSA

LENDER’S DUAL PRICING POLICIES NOT ANIT-TCF SAYS FSA
The FSA has reiterated its stance on the dual pricing of mortgage products by lenders insisting that the policy is not against its Treating Customers Fairly (TCF) principle.
In a heated session at Mortgage Business Expo Manchester, delegates were informed of the FSA’s position on dual pricing and its view of the current difficult market conditions by the regulator’s Head of Mortgages and Credit Unions, Jonathan Fischel.
Fischel said: "Lenders are not obliged to deal through intermediaries. Lenders are not in breach of any FSA rules if they go down this route and not every product in the market will be available to any one intermediary."
Fischel said the regulator was concerned about consumers’ access to advice and the cost of the advice but it was not in a position to stop lenders continuing with what was a commercial decision. He said the FSA had been working with AMI on two particular issues, one being broker’s ability to attain a KFI and the content of the KFI, the other was the responsibilities of a whole of market intermediary given the current situation.
In terms of brokers being unable to access the deals currently offered by many lenders direct to the consumer, Fischel said there was an option to advise the client to go direct and charge a fee for that advice. Many brokers present dismissed this idea suggesting it was difficult to do this in practice and inconvenienced the customer.
Fischel also said that transparency was key for the broker. He added: "The crucial point is ensuring that the customer is made very clear about what they are being provided with. The intermediary should clarify that there are deals only available direct from certain lenders. We don’t however think the intermediary needs to be specific about those lenders and the deals."