Save Your Mortgage Broker

oldagetraveller

Sorry but from the experiences with both my daughters and mortgage brokers I wouldn't touch with the proverbial.
Eldest started with one when buying first house, he was rubbish so she sacked him went direct to Nationwide where her and hubby got excellent fixed term mortgage and sound advice.
Youngest has just gone through a nightmare with an "independent" advisor who has been totally incompetent throughout. Daughter and BF have now given up on purchase and continuing to rent. Mortgage offer took 3 months to come through and all the chasing 'phoning for information has been done by them. Not once has the advisor informed them of anything they hadn't found out already. They'll be dealing direct with lender when the time comes to buy. As I always have.
Surely can't be isolated and must be the rule rather than exception?
I'm of the same opinion of independent(yeah right) F As who just sell the product which gives them the biggest profit/commission.

_Andy_

oldagetraveller - not all brokers are rubbish thankfully. Obviously you've had bad experiences but there are plenty of us who are professional and take pride in doing a good job.

Most mortgages offer the broker the same (or at least very similar) commission levels and we always have to justify our choice of provider.

Conrad

Dan_Collins wrote: »

Conrad, you always go on about this cull. I know I am a good broker, I know I am not a BM driving insurance sales man! My clients and EA'a can confirm that, but......

I am being driven out of this industry through no fault of my own! I am now looking for a job outside of FS as I think being employed by a bank or BS is like selling your soul to the Devil!

I saw a crash coming a few years ago, what was I to do? Leave a job I love because the yanks were having to much fun??

I just hope you dont have to come on here and defend your self Conrad as your business goes under!

Ps. We have more to come, jobs will be going next and that is when it really gets messy!

Dan I'm sorry to hear youre having it tough, I am too btw! I like you did see this comming hence why I saved hard over the last 8 or so years to give a cushion to weather the storm. Thats why I drive an oldish unflash car which doesnt look good next to the Beamers when I go to industry conferences.


Look, the cull I keep harping on about is needed to route out the thick salesmen types. The industry should bare the hallmarks of quality, yet there are too many people simply not qualified to be giving important advice.

This for me is the route cause of customers suffering great detriment for example;
Self employed people with low provable Taxable income being sold income protection based on make believe self cert mortgage application income,

Clients in thier hoardes having insurance claims declined because the salesman told them "not to worry about disclosing thier Mums mild blood pressure"

Relying on a sub prime packager to work out the best deal - this is absolutely common. Often brokers tell me they trust the packager, yet the packagers never have access to subprime routes such as Coventry BS, so they are in no position to make the call

Forgetting to ammend all those parts of the factfind that conflict with a 'revised' mortgage product sale (following the decline of the first application) so people end up on a tracker even though the fact find says they wanted fixed, or the subsequent product is £300 per month more yet the original budget in the fact find does'nt allow for such a sum, ETC ETC ETC ETC

Lets be happy to get rid of all the idiots and build a quality industry.

I hope Dan everything works out for you, but something really struck me in your post, the bit here - "leave a job I LOVE".
I hate my job! I cant wait to do something else. I'll gladly sell this business - it has a great location and large client bank hence why I've so far weathered the storm.
I'd love to open a farm shop selling quality local produce, but finding a site is hard. Could take me years.

Conrad

oldagetraveller wrote: »

They'll be dealing direct with lender when the time comes to buy. As I always have.
Surely can't be isolated and must be the rule rather than exception?
I'm of the same opinion of independent(yeah right) F As who just sell the product which gives them the biggest profit/commission.

I think you have a point.
I've been around a while and have seen people that are one week an ice cream man, the next they are deemed an 'adviser'. Fellow brokers, c'mon this cannot be right. To become a teacher takes years of training.

We need to forget the past practices, of sell sell sell, and start at last to build a professional industry where training is thorough and omnipresent. The current modle is to supposedly supervise people until they are deemed competent but in practice this is a total nonsense.

I reckon in would take me 6 months to train someone EVERDAY for them to be anywhere near competent, yet we are currently light years away from this level of care.

pania

i'm being made redundant Conrad. not nice. A law abiding, fsa respecting advisor, am i part of your "get rid of the dross" cull? I've always taken pride in a job well done, truth is my company have bitten off more than they can chew by taking over another and cannot keep me busy enough to justify my salary (no chance to generate own leads. it's you are going here, today.) that does not mean that I am a thick salesman, just a victim of circumstance. I hope that it gets better for the genuine advisors out there like myself that enjoy doing their job well and helping people. I have many personal "friends" that started as clients. I may have to leave the industry completely due to the supply of advisors vs the demand for jobs and I am very sad to go.

Conrad

Pania, please understand we need good people like yourself, but this does'nt alter the fact there are far too many advisers, and this has been so I think since 2004.

My hope is the good advisers remain and the less thorough, less thinking, more sloppy advisers are culled.
Normally any prune should weed out the dead wood, not the healthy strong branches.

An example of the sort of sloppiness that currently pervades the industry can be seen on another thread here where someone claiming to be an adviser recommends Preferred mortgages or Mortgages Plc as good options to try!!!!!!!!

Those to lenders no longer lend!

TCF is supposed to ensure advisers have sufficient knowledge to disharge thier duty in a manner clients expect. Whilst

Conrad

Pania, please understand we need good people like yourself, but this does'nt alter the fact there are far too many advisers, and this has been so I think since 2004.

My hope is the good advisers remain and the less thorough, less thinking, more sloppy advisers are culled.
Normally any prune should weed out the dead wood, not the healthy strong branches.

An example of the sort of sloppiness that currently pervades the industry can be seen on another thread here where someone claiming to be an adviser recommends Preferred mortgages or Mortgages Plc as good options to try!!!!!!!!

Those to lenders no longer lend!

TCF is supposed to ensure advisers have sufficient knowledge to disharge thier duty in a manner clients expect. Whilst we all make mistakes, the industry is awash with people who really are in no position to warrant the

Conrad

Pania, please understand we need good people like yourself, but this does'nt alter the fact there are far too many advisers, and this has been so I think since 2004.

My hope is the good advisers remain and the less thorough, less thinking, more sloppy advisers are culled.
Normally any prune should weed out the dead wood, not the healthy strong branches.

An example of the sort of sloppiness that currently pervades the industry can be seen on another thread here where someone claiming to be an adviser recommends Preferred mortgages or Mortgages Plc as good options to try!!!!!!!!

Those tWo lenders no longer lend!

TCF is supposed to ensure advisers have sufficient knowledge to disharge thier duty in a manner clients expect. Whilst we all make mistakes, the industry is awash with people who really are in no position to warrant the 'adviser' label. t

homer_j_3

Sorry to hear that pania. It is a bad state of affairs at the moment. I am lucky that I have my FPC's and can go down the investment route - although I am going to have to go through trainee status again, I believe it will be worth while.

This job means everything to me and I am self employed and I think the cull will not drive the sales people out as Conrad suggests. Some may go and that will be welcomed. You have decent advisers that say "I cant help" because they are doing the right thing and then the adviser that "will help" will get the business because people will lie and cheat if they feel its a victimless crime that they are participating in.

That is until they realise they have become the victim. The good adviser who has done the right thing has not earned anything, yet the bad adviser is still bringing money in.

Can see why people say - look after number one.

Demand is going for our profession - it will die altogether when all the banks and lenders become high street only again.

Conrad

Sorry, I dont know why that posted 3 times