Case Study needed for ITV1 Tonight program on the UK Mortgage Market

ixwood

"Case study" or "someone with problems that we can use for light entertainment"?

MSE_Martin

Hi

Im actually on holiday at the moment and the notes above are from the Tonight production team... I didnt know it was going up...

I've no pre-assumption; barring the single facts... 1. Many coming off special offer mortgages are having to pay more on new deals than they did on the old. 2. Some people with high LTVs/low deposits are struggling to get deals. I want to see the full impact of this hence the investigation.

As for am I cemap qualified. No of course not, I'm a journalist and never pretended or answered anything else; its in my biog, its how i describe my trade (though I usually add the words ultra-specialised). That's how journalism works... its a different profession to being a mortgage adviser - something I'm certainly not. Does that barr me from talking about mortgages? Should the BBC security correspondent not talk about terrorism because he's not a terrorist?

This is a journalistic investigation into the mortgage market - and I am a qualified journalist.

As for mortgage advice. I've never given specific mortgage product information - I always talk about how to find the best deal for yourself. And this programme will be no different... I have as you will all know... always suggested a broker based solution - though in this day and age with more lenders not operating through the broker market I think this is an issue that needs looking at.

which is why i find the comment

Just as there is no story in brokers doing good jobs for their clients.

mystifiying... frankly I've done more 'use a mortgage broker' programmes - slots than I can count!

As for the idea is there a chance for those from the mortgage industry to be involved in the programme - I havent yet met with the production team... but depending on how we look at the narrative I am sure there will be.

As for the question about contributing to a downturn... this will be looking at the situation - there is a downturn... we can't ignore it. I've blogged before on the problems of discussing house prices in the current climate (http://blog.moneysavingexpert.com/2008/04/24/squaring-the-house-price-circle/) . Yet I also thin the idea that a decrease in the cost of housing is automatically a bad thing for everyone is also incorrect...

I hope the programme will be an interesting, informative look at the real situation people with mortgages and wanting to get them will face and what people can do to help themselves.

As for judging the programme before its been on air... perhaps I can quote from one comment above "Why let truth get in the way of a good story?" it seems people have made up their mind already... as we haven't even had a pre-production meeting yet this is jsut a little bit prescient.

Martin

neverdespairgirl

homer_j wrote: »

whats the famous quote??

Why let truth get in the way of a good story?

There's a similar one, "a lie is half-way around the world before the truth has got its boots on"

dunstonh

mystifiying... frankly I've done more 'use a mortgage broker' programmes - slots than I can count!

Martin, I think you are on a hiding to nothing at times. Damned if you do, damned if you dont.

Yet I also thin the idea that a decrease in the cost of housing is automatically a bad thing for everyone is also incorrect...

Winners and losers like any scenario. Anyone looking to be move to a bigger property or first time buyers could do well out of a steady but not spectacular drop.

As for judging the programme before its been on air... perhaps I can quote from one comment above "Why let truth get in the way of a good story?" it seems people have made up their mind already... as we haven't even had a pre-production meeting yet this is jsut a little bit prescient.

Ok, lets see it but surely you have to admit somewhat that certain media coverage has bordered on the paranoia and been downright scaremongering or panders to those that really should have known better.

I think the problem is that many of us have seen people who complain they cannot afford this that and the other and things are bad yet they are kitted out with old mod cons, electrical goods and having their takeaways twice a week. Finding £46 a month should be easy for them. I would like to see the coverage focus on those that are £200 or £300 worse off who really cannot afford it (and how they got in that position) and not those with good lifestyles who may have to cut down on the Sky package or eat a little less McDonalds (or buy one less xbox game a month in the case of the one I mentioned earlier).

If you are going to focus on the hard done by then make sure they are hard done by.

m1ntie

Well this thread certainly brought the worms out of the woodwork!

homer_j_3

My comment about letting truth getting in the way of a good story was aimed at programmes like watchdog with insurance claims getting a hammering, panorama with their unbalanced bias on reporting issues. Sky recently did a search of a small number of brokers ( some included reps from companies that martin recommends) and found that 20% of them were acting fraudulently.

So rather than focus on the fact that a high % of claims are paid and the ones that are not are due to things like incorrect policy for the cover they need or none disclosure, its reported in a way that people distrust insurances. With Panorama, I believe their last report has been mentioned, they found people that were unable to pay their mortgage but had expensive wood flooring sat in the garage and had struggled with the mortgage from the 1st payment. On the Sky report it should have reported that 80% of those brokers interviewed did a good job, it was the 3 or 4 brokers out of a small sample that created the story. Absolutely rubbish reporting, why not do a sample of a 1000 brokers from across the country and see what the % is then? This sample was far too small and if their researchers could have easily asked for brokers names who had helped fraudulently, just as this company are seeking people for their show. My point is that it could have been very biased and edited to depict a far worse scenario than it actually was or is.

Anyway, my comments have been taken wrongly by martin as I was talking broadly about journalism of our industry and in general. Hasn't ozzy osbourne just been paid a massive amount of money for some journalist letting the truth get in the way of a good story. Its not nice when a small minority of your profession give the rest of you a bad name is it?

With regards to this report, I have no issue but I just hope that its not presented in a way that the industry has done bad by these people. I would like to see some emphasis on consumer responsibility. Of course its easy to say they didnt know or didnt read things.

MortgageMamma

I think we should all keep an open mind on this until its actually screened - its common sense that the programme makers should really be promoting the services of brokers during this difficult time.

homer_j_3

If its common sense MM why do we get so many slating us?

To be fair, I feel as my comments have been taken as being aimed at Martin, when they were not. People have only commented on the fact that it would be helpful if we saw reports saying:

Yes, it is unaffordable but the reasons for this is not wholly down to the industry. You can take responsibility and action, you can do X,Y & Z to prevent it.

or

Yes the Critical Illness policy did not pay out because you failed to declare that you had a hight to weight ratio issue, high blood pressure and history of cancer in your family.

I believe that we should let the program be screened and I thought this thread was going to turn into brokers bashing Martin about fees again but its not that, its about asking for the media to present a fair balanced report.

I applaud Martin for his reference to using brokers, I will applaud him for highlighting our benefit and I may even get you to Kiss Martin if he can put across the issues of the FSA not protecting consumers by allowing banks to bribe customers to go direct at the cost of consumer protection.

MortgageMamma

homer_j wrote: »

and I may even get you to Kiss Martin if he can put across the issues of the FSA not protecting consumers by allowing banks to bribe customers to go direct at the cost of consumer protection.

Don't say that, he'll never do it now! :rotfl:

On a serious note Homer. if you want that sort of thing to happen you have to take responsibility for your actions and actually write to people about it stating your views. So far I have written to Lesley Titcombe at the FSA> Mortgage Strategy, IFAonline.co.uk. cherryplc.co.uk, I've started a campaign of my own using a website, I've highlighted the issue on here, on IFABONUS.co.uk, I've spoken to Solutions and Introducer, I've written to my MP (as have many brokers let me know if you want a copy of the template letter) Last night I sent my client direct to First Direct as that was the best deal for her. She came back saying she'd rather deal with me for the difference in cost. That client is an MSE user and has been a client for 2 years now. That just proves consumers value our advice and there is still a demand for independent scrutiny of financial products.

lostinrates

I applied to Maeve, who was really nice, but on consideration DH and I have pulled out. Not because we want to: the benefit of Martin's advice would be brilliant, and I'm not shy about discussing what we are worth -or not, rofl (I have quoted numbers on MSE forum) but because doin that semi-anonomously on a furum and then in public on tv does feel really different and we are uncomfortable about what might be discussed in a public way. I should have thought more about it in retrospect, but wanted to apply quickly. I am still really dissapointed though I reluctantly feel its the right decision for us.

All that said, Maeve is simply lovely,(in emails and answerphone messages) and I guess that another FTB with a deposit saved will be chosen now, and anyone wanting to apply is likely to get the same lovely warm response I did I imagine