Mortgage expert needed.

knightstyle · 2 October 2019 at 1:22PM

Yes, just wanted to avoid fees, MSE style.
Local firms seem to be agents working at home for large organisations and are not whole of market! They also are vague about their charges, so may have to look farther afield.

getmore4less · 2 October 2019 at 1:31PM

Starting a rental business in your 70's?

How much is the place worth?

ACG · 2 October 2019 at 2:01PM

No broker should be vague about their charges BUT you may find that they need more information in order to quote a fee. Our fees vary depending on the complexity of the case. I am not a believer in fixed fees, although we do have minimum and maximums.

[Deleted User] · 2 October 2019 at 2:06PM

knightstyle wrote: »

Yes, just wanted to avoid fees, MSE style.
Local firms seem to be agents working at home for large organisations and are not whole of market! They also are vague about their charges, so may have to look farther afield.

I don't understand this point. Agents working from home for large organisations? What does that mean?

Also, no one is really whole of market. No such thing in our industry as some lenders don't do business with brokers, some lenders don't do business with brokers if their firm is too small, or firms don't do business for commercial reasons (as far as I know countrywide still don't use TSB as they wanted too big a fee from each case)

My own network has about 60 lenders but generally I can use any lender as long as they will pay me. No such thing as whole of market.

They may be vague about the fees because they are flexible depending on size of case and how much work involved. However, the fee structure should be in a document given right at start called 'Initial Disclosure Document' or something similar

foxy-stoat · 2 October 2019 at 2:07PM

knightstyle wrote: »

Yes, just wanted to avoid fees, MSE style.
Local firms seem to be agents working at home for large organisations and are not whole of market! They also are vague about their charges, so may have to look farther afield.

A good small broker is worth their fee. Search for whole of market brokers in your area and go from there.

Sitting down with high street lenders will see a lot of your time wasted.

ACG · 2 October 2019 at 2:23PM

Deleted_User wrote: »

I don't understand this point. Agents working from home for large organisations? What does that mean?

Also, no one is really whole of market. No such thing in our industry as some lenders don't do business with brokers, some lenders don't do business with brokers if their firm is too small, or firms don't do business for commercial reasons (as far as I know countrywide still don't use TSB as they wanted too big a fee from each case)

My own network has about 60 lenders but generally I can use any lender as long as they will pay me. No such thing as whole of market.

This is a good point. Whole of Market is not a term used anymore, it hasnt for about 5 years maybe. People still use it informally as it is the most common description but with the FCA it means nothing.

We have access to about 80 lenders, but we do not have TSB where as it seems JMA does. The difference between 50-80 lenders is probably minute because in reality, we may only use 20 lenders in a year. The others are going to have very specialist products or criteria - which actually in your situation could be ideal.

Most mortgage brokers are classed as "Appointed representatives" and all that means is that they are part of a "network" a network is like a company that allows the ARs to trade, it ensures everything they do is compliant. I used to be an AR but changed to directly authorised as we grew. There is no problem with being an AR or Directly Authorised. We had access to 90% of the same products and are processes are very similar.

Mortgage_Adviser · 2 October 2019 at 2:24PM

knightstyle wrote: »

Yes, just wanted to avoid fees, MSE style.
Local firms seem to be agents working at home for large organisations and are not whole of market! They also are vague about their charges, so may have to look farther afield.

Fee free brokers can be good if your case is very straigth forward eg first time buyer whos is young, has good credit history and a good salary.
Your case is a specialist case and as so would require more time spent on research whilst the income earned will be the same.
So you either invest in a good broker or invest a lot of your time studying lender's criteria.

knightstyle · 3 October 2019 at 7:47AM

Thanks everyone, we are still going to try to get the mortgage, we were following the MSE guide which is where the term whole of market came from.
We have also reduced the price of this house again hoping it might sell. But the market up here seems to be in freefall.
Same house as ours in poor condition and lease problems so cash only buyer, sold for £142k last year and ours, better position, more off road parking etc. gets no viewings at £135k, so frustrating.

payless · 15 October 2019 at 8:33PM

knightstyle wrote: »

Thanks have spoken to Nationwide, Mortgage Genie, Unbiased and Trinity as advised on MSE.

Interesting if this is the perception of an an average user of the site.... “as reviewed and affiliated linked on MSE”. might be a better description for a couple of these brokers

haras_nosirrah · 15 October 2019 at 11:50PM

I would be surprised if a whole of market broker can't place this. Some lenders spring to mind but without the full fact find you wont get a recommendation. Generally in the large fee free firms you have new consultants to the industry who have a massive tranche of leads so will cherry pick the best ones and they will be easy and big. Yours is more complex and a smallish mortgage so realistically you won't be cherry picked so they will probably be told they can't help you.

You can pay 3-500 and have a proper broker get this sorted for you or you can go lender to lender and spend 2-3 hours a time trying to sort it yourself. With 90 odd lenders out there how much is your time worth?

Mortgage expert needed.

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