New Mortgage Broker Guide

Monty76

Your damned if you do and you damned if you don't. Ultimately you've gotta go with what you believe in. It's got you this far.

jamesd

Wrong English: "meaning you now for the ultimate solution"

Wrong English: "Sadly though some lenders have stopped allowing brokers to advise on all their deals".

Though what? Something needs to be after the word deals in this sentence or commas need to be around the word though. eg. "Though it was raining" is wrong, "Though it was raining they went to the park" or "They planned to go to the park. Sadly, though, it was raining" would be correct.

Somewhat wrong statement: "Sadly though some lenders have stopped allowing brokers to advise on all their deals". This is explained better later in the article, perhaps "Sadly, though, some lenders no longer include all of their mortgages in the search services used by brokers" would be better at this point in the article?

minimike2

Hi Martin,

Thanks for the reply.

I think overall as I said on my other post that the guide is ten times better than the old one. I opened it wondering what it was going to look like, im always one to voice my opinion and I dont do it lightly, so I think it only fair on this occasion to point out that I believe its a great guide and fully support it.

The property valuations page is linked to in the "Mortgage Checklist" box - the link that says "Free House Valuations" and this then links to other various sites, the one in question is "Property Price Advice.co.uk". It overvalued my house by £150k. Since its only worth £150k thats pretty steep. It also over valued one of my clients houses by £100k, my old house by £80k etc etc. Run your place through it and see what it comes back with Ive heard a few other people get rediculous valuations from it too.

RE the protection, I just think its unfair to dismiss us brokers without obtaining a quote to compare. Of course some people are happy for us just to do it as they want a one stop shop and we make them aware that they pay our commission, which they are happy with. Of course some do not, and they are the people that will benefit from the article, but especially in the case of B&C and some MPPI policies we are often the best people to speak to.....its buyer beware going non-advised as these policies are complex and the client may not know what they are buying if they buy on price alone. I think maybe a similar caveat that you added on the cashback part might make a useful addition to the section, but the current content, whilst obviosuly im going to grumble about it, is right for the target audience.

My comment about 1% i guess is just my opinion, although the feeling I get from nearly all the brokers on here, with an obvious exception (not mentioning names, haha!) is that we arent fans of these brokers that charge massive fees like 2% and 2.5%. My personal feeling is 1% is fair, but even 1.5% I wouldnt ever charge. I work mainly fees free, but sometimes on adverse I do charge 0.75%...but never more than 1% - I would feel like !!!!!! Turpin!! It would be nice to hear other brokers feelings on this too.

Jamesd :

"The draft is here.... do note, we need to format, proof, add links, spell check and make some text changes (some of these may happen during the day).... so just look for general content"

payless

3. I put 1.5% on adverse as I didnt want to knock some good brokers charging a little more - I'd welcome other views on 1%

agina I would like to draw attention to the difference between fees + commisison, and fee based ( with commisison rebated)

there are still some 2-4% fee guys ( they take commision as well + overrides) although they are jumping ship ( good -riddance!)

If we agree that best routes are

1. Commisison only
2. commission + small fee maybe acceptable ( especially if including direct deals- hard to see justification of to be more than say £250 / 0.2% if in addition to commssion)
3. Fee based (with commision rebated ) - than yes this would be 0.25% -0.5% with max 1% subprime.. although can't say I've seen many subprime brokers in the rebate business!!

payless

Somewhat wrong statement: "Sadly though some lenders have stopped allowing brokers to advise on all their deals". This is explained better later in the article, perhaps "Sadly, though, some lenders no longer include all of their mortgages in the search services used by brokers" would be better at this point in the article?

wish that was the only issue - no some are on all systems , but even if we do them ( not expecting commission ) they just cancel case and return paperwork

Former_MSE_Dan

jamesd wrote: »

Wrong English: "meaning you now for the ultimate solution"

Wrong English: "Sadly though some lenders have stopped allowing brokers to advise on all their deals".

Though what? Something needs to be after the word deals in this sentence or commas need to be around the word though. eg. "Though it was raining" is wrong, "Though it was raining they went to the park" or "They planned to go to the park. Sadly, though, it was raining" would be correct.

Somewhat wrong statement: "Sadly though some lenders have stopped allowing brokers to advise on all their deals". This is explained better later in the article, perhaps "Sadly, though, some lenders no longer include all of their mortgages in the search services used by brokers" would be better at this point in the article?

Hi,

As Martin mentioned in the top post, we have put this up in draft form at speed to give brokers a chance to let us know their thoughts, so full-on proofing time is tomorrow for this. thanks for pointing out those for us though, wil give us two less to spot

Dan

jamesd

Dan, look on the bright side, I didn't find anything else to mention other than those minor issues. It's looking good.

Dan_Collins_2

Martin, apologies bad day in the office shall we say! Lost a few cases direct today and things are just pants at the mo.

The guide is good. I think you have got the balance right as you cant fit all commission options in and some are so case specific. The one place a consumer can go and learn how to save money and not be taken to the cleaners is here.

MSE_Martin

Dan_Collins wrote: »

Martin, apologies bad day in the office shall we say! Lost a few cases direct today and things are just pants at the mo.

The guide is good. I think you have got the balance right as you cant fit all commission options in and some are so case specific. The one place a consumer can go and learn how to save money and not be taken to the cleaners is here.

Thanks Dan, that's appreciated... hope I wasn't too hard on you... and hope business picks up... I suppose there's a cyclicality in this - in some ways the mortgage crunch should be good for MB's business - but the direct deals are the corrolary.

payless

Direct deals - don't see them as the competition that you lose to... see them as a way of showing your clients how open and honest you are! Offer direct products on price (perhaps for a small fee?) .. or for those that need more service ... offer broker products on your service.