An Open Letter To Mortgage Brokers.

DoogieMcB · 3 December 2008 at 5:17PM

ICE LOLLY seems to have missed the point, having read the whole string, I can see that there seems to be a reasonable number of decent IFA's and Mortgage Brokers online here. I am an IFA and Mortgage Broker, and pointed a guy in the direction of HSBC, and after 4 weeks of inertia on his part, followed by 6 weeks on theirs, he did not qualify for the mortgage deal, and the excuses they gave were very very lame, a couple of missed DDM's. Brokers will get the job done and the deal, if you want them too, I had a BDM in today, (Business Development Manager) for one of the lenders and she told me that lots of firms are closing down, they will be the "fly by nights" who will go on to sell water filters and/or credit card compensation schemes, the new start ups without a solid client base. The long term quality brokers should still be here come next year, allbeit we are having to work for a living, and some of us will not make it.

It will be tougher to be a squeaky clean borrower that the likes of HSBC are looking for and a good broker is well worth the penny, however much it may be.

DoogieMcB · 3 December 2008 at 5:22PM

I do think Martin does a good job, one or two of his tips I use in my meetings with clients, and I do you give you the credit MSE, honest I do. Everybody needs help budgeting, and the Supermarket Brand Challenge, (if that is the correct title) is a super way of demonstrating sound budgeting advice.

Joe_Bloggs · 3 December 2008 at 5:40PM

This site provokes a lot of thought and many emotions. Its success is down to the quality of the views expressed , the level of reasoned debate, the mature and imperturbable attitude of senior contributors.

I think you have to put some work in, to understand what is being discussed on this site.

@Dunstohn and HelpWhereIcan
I think you may well need a degree of medical training to interpret a critical illness insurance policy. Perhaps you need the same to estimate the likelihood of the conditions covered affecting the client.
J_B.

puddings_2 · 3 December 2008 at 5:49PM

Can't a list be compiled of FEE FREE and WHOLE OF MARKET mortgage advisers, as they are getting increasingly difficult to find?
There's only one (that I know of) in the Bolton area:
Spire Financial Management Ltd. Tel 01204 793171 [EMAIL="paulkilley@tesco.net"]paulkilley@tesco.net[/EMAIL]

puddings_2 · 3 December 2008 at 6:02PM

tomstickland wrote: »

Anyone can give advice on mortgages if they want to. The man down the pub can give me advice. Whether I act on that advice is for me to decide.

Yes, obviously anybody can give advice on mortgages but if the bloke down the pub does it then it is technically illegal to do so and he can therefore be prosecuted (though unlikely).

It is also technically illegal to threaten to kill a mildly camp journalist whether a joke threat or not, again though, it's unlikely that you would ever be prosecuted for doing so.

HelpWhereIcan · 3 December 2008 at 6:10PM

Joe_Bloggs wrote: »

@Dunstohn and HelpWhereIcan
I think you may well need a degree of medical training to interpret a critical illness insurance policy. Perhaps you need the same to estimate the likelihood of the conditions covered affecting the client.
J_B.

Not really. Granted some of the terms are, by their nature, specialist and require an element of medical training to understand in any depth, but the ABI has standardised most definitions and set out guidelines for the rest to ensure they are as easily compared as possible.

Most providers produce technical guides explaining their definitions in relative laymens' terms.

Someone with the time and access to those documents is quite easily able to compare definitions to a reasonable degree

http://www.bupa.co.uk/bupaindividualprotection/ximages/conditions.pdf

http://adviser.norwichunion.com/product-literature/files/pt/pt07067.pdf

On top of that both dunstonh and I are part of the same network which has a dedicated research department who look at this sort of thing and provide very useful insights and updates such as:

BUPA - Coma - Removal of the requirement to have continuous use of life support systems for 96 hours,

Royal Liver -Coma - Removal of the requirement to have continuous use of life support system for 96 hours. No drug or alcohol abuse exclusion,

Bright Grey - Third Degree Burns - Extension to cover 20% of the body or 50% loss of surface area to the face.

Royal Liver - Third Degree Burns - Burns can be to 20% of the surface area of the face OR to 20% surface area of the body (previously just body)

Saves a lot of time in some respects and their ranking and rating of products helps us to give advice based on quality of cover rather than just price or (horror of horrors) commission.

Plus there are also specialist publications to provide comparisons and reviews such as http://www.cover-mag.co.uk/public/showPage.html?page=796840.

I find their 'disease of the month' section quite interesting and useful at times if I am not sure what is meant by a term.

http://www.cover-mag.co.uk/public/showPage.html?page=cover_feature&av1=cover_story&av2=1580&av3=30

You know, the more I think about it, the less people really know about the background work that goes into a reccomendation I may make. Poor Me

Joe_Bloggs · 3 December 2008 at 6:16PM

Many Thanks HelpWhereIcan.
I take it Royal Liver is an insurance company and not a complaint.
J_B.
Just For Reference:-
On top of that both dunstonh and I are part of the same network which has a dedicated research department who look at this sort of thing and provide very useful insights and updates such as:- ..

puddings_2 · 3 December 2008 at 6:17PM

Conrad wrote: »

No one can call themselves a professional when thier grammer and spelling, let alone grasp of the debate is so poor, in'it.

I bet your one of those sales types I come accross.

I don't usually make pedantic posts, except for when black pots and kettles are involved!

your = belonging to
you're = short for you are

accross = wrong
across = correct

Charlton_King · 3 December 2008 at 6:31PM

puddings wrote: »

I don't usually make pedantic posts, except for when black pots and kettles are involved!

your = belonging to
you're = short for you are

accross = wrong
across = correct

I don't usually make pedantic posts except when pointing out superfluous commas and prepositions.

HelpWhereIcan · 3 December 2008 at 6:34PM

Joe_Bloggs wrote: »

Many Thanks HelpWhereIcan.
I take it Royal Liver is an insurance company and not a complaint.
J_B.

:rotfl:

I suppose that a Royal Liver could be another term for the effects of a life of hedonism.

For some reason I cannot shake the image of the 'stool scene' from The Madness of King George now ... thanks a lot!

An Open Letter To Mortgage Brokers.

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