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    Is this normal for brokers?
    • #1
    • 21st Jan 09, 8:09 PM
    Is this normal for brokers? 21st Jan 09 at 8:09 PM
    A couple weeks back I received an offer for the renewal of our mortgage deal from the Halifax but I was curious about something, so I rang the offices of a financial advisor I know to ask his opinion. In the past he had organised our life insurance for us, so I thought he would be helpful.

    When I called he wasn't there, so I talked briefly with a colleague of his who understood we had a deal arranged but said he would keep an eye out for any better deals and let me know if he found anything. I said I was watching the site every day but he was welcome to call me if he could get any special deals. To avoid any complications though I specifically asked him not to call the Halifax because my deal was already taken care of.

    Two days ago I discovered that he had called the Halifax and cancelled my deal to get it transferred through his company which would result in him picking up close to 500 in commission just for making a phone call... Frankly I was appalled at this behaviour and thought it remarkably out of order not least because I simply don't want someone taking over my arrangements like that without my consent, especially when the mortgage situation is so volatile at the moment.

    I called the Halifax and explained the situation, so they have now cancelled his transfer and say they will revert to my prior agreement which they were happy to do because they will then save on the broker's commission charges. Am I wrong to feel that this broker was out of order? He certainly hadn't secured me any better rate than I already had and was merely stepping in so he could grab a commission knowing that all the work was already done.
Page 9
    • dwsjarcmcd
    • By dwsjarcmcd 26th Jan 09, 10:09 PM
    • 1,734 Posts
    • 955 Thanks
    Thought it was too good to be true. Oh, and yes!
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