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

payless

MSE_Martin wrote: »

I
The problem with your suggestion is that there's no guarantee that paying a fee means the direct deals will be included. So the key to the guide is doing it yourself.


Martin

So will rewrite mean don't use brokers?

unless of course you back the cause for a change in what WoM means .

A business model from a broker that charges a research fee, which is then refunded if commisison earned is the most likely route to certainity ... as at least its as good as Fees free ( net after refund) and possibly better.

Ian_Griffiths_Halifax

MortgageMamma wrote: »

Whats your problem Ian, Martin needs to make a living just like the rest of us. Do you do all your work for free? I'm sick to death of hearing ML constantly slagged off on various forums. He's doing his job to the best of his ability like the rest of us - and he's doing what HE FEELS is the right thing by consumers. I don't agree with Martin Lewis on absolutely everything, but you have to remember he is working to educate consumers to be more savvy - not to make sure the pockets of mortgage brokers are lined. The man is on HOLIDAY and still taking note of serious issues for gods sake, what more do you want from him BLOOD?

I suggest if you are going to make derrogatory comments about a man who so far mostly done the public a good service, you should question why you are doing it? what purpose it will serve? why you begrudge him earning a living? and why are you calling into question his integrity as an individual?

And you really shouldnt have the bare faced cheek to plaster them all over HIS website.:mad: I'm sure you wouldn't like it.

Wooooh. Take a chill pill. It was a joke and you are obviously having a sense of humour failure.

You have the gall to attack the FSA and the lenders for duel pricing and rant and rave to all who will listen just because YOU are having a difficult time, and then you have a go at me for having a joke because I can still smile as because I do a good job and can sleep at night.

The lenders are doing what THEY think is right for THEM and THEIR STAFF to keep them in jobs. I don't agree with it at all and don't support it by any means, but I have a joke on a play on words and you have an all out attack.

Change jobs and get a life. Perhaps then you might not be as stressed.

Ian_Griffiths_Halifax

Some of the people who come on this site are so anally retentive it's untrue. I came on here once before and added a thread on a Friday afternoon with an attempt at a bit of humour and to get the brain working and was attacked by some cretin.

In future I shall try my best to be boring, worry my self to sleep and lose all my frinds in order to spend most of my time on here like some of you seem to do.

payless

Ian_Griffiths_Halifax wrote: »

In future I shall try my best to be boring, worry my self to sleep and lose all my frinds in order to spend most of my time on here like some of you seem to do.

Ian Griffiths Halifax average 5.12 posts per day

Ian_Griffiths_Halifax

payless wrote: »

Ian Griffiths Halifax average 5.12 posts per day

And take time to look at the time of the majority of posts. Also, I'm a fairly new user and I got involved with peoples discussions/cases/threads whatever you want to call them and then didn't bother coming on for the best part of 2 weeks. You'll probably find that if it showed my posts per days of access, it'd probably be more like 10.

Some people seem to be on her all the time. When do they get time to do any work?

HelpWhereIcan

MSE_Martin wrote: »

The problem with your suggestion is that there's no guarantee that paying a fee means the direct deals will be included. So the key to the guide is doing it yourself.

Martin is right that not everyone charging a fee upfront will do so, but it is easily sorted out by asking and then (as he says) doing your own checks.

The fact is though that the current trend amongst some advisers is to charge an upfront research & reccomendation fee to include all deals whether available through brokers or not and whether they pay a commission or not.

Some brokers fear switching to this way of working because people (not just on MSE) have been bombarded with the fee free message without knowing what benefits a truly professional fee charging service offers.

I think the thing that those switching to the 'New Model' (all fees based on the work done agreed with the customer and all commission refunded to the customer or offest against the fee) would like to see is a bit of media support for the concept.

People like Martin can help build the profile of the industry as a profession. BUT, his first priority has to be his audience (not the industry) and we therefore have to show that it is a concept that works.

If the old "2% broker fee plus commission" model is seen as the only alternative by Martin and the general public, then the market could change for the worse.

The end of dual pricing will come, but untold damage could be done in the meantime by brokers trying to protect their short term income and interests.

The onus is on us to change. As brokers we have to show a desire to be a profession and a willingness to change with the times and be seen to be acting like a profession by acting in the customers interest and not our own. If that means changing to a fees only model, then that's what should be done.

Having said that Martin, as Payless points out, it could be throwing the baby out with the bathwater if your stance now becomes more pro-DIY. That falls into the hands of the lenders which would be infinitely less desireable than re-assessing which brokers should be used and why.

The fee free nationals have failed to take the high ground on this and are still implying they look at all deals when their staff only do so when prompted.

It is small brokers on the whole that will be changing. Small brokers have been the ones in the past with the best record for acting in their customers' interests and relying on service to attract and retain customers.

However, there is no point them changing and offering an even better, more transparent, professional service if people such as yourself do not even bother to investigate the benefits (or otherwise) and reassess your own advice with an open mind.

Rather than a DIY slant, why not research how a fee only broker works for people and help champion a more professional service for customers based on advice rather than sales.

HelpWhereIcan

Let's grow up people.

We all come on here far too often. We all have peak posting periods and then disappear for a while.

Let's all leave eachother's posts per day (active or otherwise) out of it.

By the way, my jedi elfin bow will take care of anyone looking to flame me - especially if they post on an internet forum that they hate people who post on an internet forum.

Let's pray we don't all meet up in a pub one day - how boring would that be when all the big mouths have nothing to say and all the 'reasonable' people turn out to be compete and utter freaks.












.... Wibble

HelpWhereIcan

Dare I say that brokers working on a fee only basis may lead to a cash back scenario being more common for some people?

Afterall, given the same background circumstances, how much more processing time does a broker spend on a £300k mortgage than a £150k? Not twice as much that's for sure.

A broker charging a flat fee of £500 for advice and administering the application on a deal that pays commission at 0.35% would rebate £25 to a customer borrowing £150,000 but would rebate £525 to the customer borrowing £300,000 - how's that for moneysaving?

HelpWhereIcan

Ian_Griffiths_Halifax wrote: »

Some people seem to be on her all the time. When do they get time to do any work?

If someone could point me in the direction of this obviously delectable creature, I too would be willing to reduce my working hours.

Ian_Griffiths_Halifax

HelpWhereIcan wrote: »

If someone could point me in the direction of this obviously delectable creature, I too would be willing to reduce my working hours.

:rotfl:

Watch out. Don't have a joke and don't be sexist. There's always somebody out there who'll jump on you, and I don't mean that in any way other than to criticise.