Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
Page 8
    • Doozergirl
    • By Doozergirl 13th Mar 08, 1:00 PM
    • 27,898 Posts
    • 74,215 Thanks
    Doozergirl
    Why not ask a broke for help? Cause they won't be many left? Whats going to happen to brokers?

    *Confused*
    Originally posted by neas
    My IFA was telling me yesterday that he's never been so busy in 20 years of business. Both investments and mortgages. Seems that economic uncertainty means perhaps that more people in fact are looking for good advice :confused:
    Everything that is supposed to be in heaven is already here on earth.
    • HelpWhereIcan
    • By HelpWhereIcan 13th Mar 08, 2:11 PM
    • 1,228 Posts
    • 1,282 Thanks
    HelpWhereIcan
    In Jan & Feb this year I have written 35% more cases than Jan & Feb 2007, 64% more than Jan & Feb 2006, 109% more than I did in Jan & Feb 2005.

    Most of that will be down to natural, organic growth of a new business through things like renewals and referrals; but I have also had a couple of enquiries from people this week who have openly admitted that they would not have looked to use a broker before and are concerned about getting it right and getting all and any help they can to make sure they do.

    I do still have my own concerns about the market and the future of the small broker, but have to say that if I look at the figures I am doing rather than posts in these (and other) forums I am not all doom and gloom.

    It does tickle me to see a bit of the hand wringing that is going on in the industry from some people who seem to be allowing every bit of bad news to take their focus off doing their job.

    For example, an IFA I spoke to who was shocked and very concerned that Scarborough had pulled out of Sub Prime. I then asked him if he had used them a lot.

    "Never" was his reply, "I don't do a lot of sub prime. I'm mainly into straight forward remortgage business for my clients."

    Turned out they were all prime clients and he very rarely did anything above 80% loan to value.

    Now if he's not someone who has no need to worry about some of the lender casualties I do not know who is.

    Things will get tighter. We will have to get used to telling more clients that they should go away and save, repay their CCJs etc but that does not mean that mortgage business will die.

    There are plently of things that may kill off small brokers (the RDR for one) but a broker with a diverse client base that they service does not need to fear the credit crunch.
    I am an IFA (and boss o' t'swings idst)
    You should note that this site doesn't check my status as an IFA, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Conrad
    • By Conrad 13th Mar 08, 2:58 PM
    • 31,494 Posts
    • 55,821 Thanks
    Conrad
    My definition of quiet means banking about 10,000 per month and remember I do not do life cover and even if I did I would not count it in my bankings.

    I know a broker who is jam packed with cases but he does'nt net all that much profit (about 50,000 pa). I would term that quiet. The amount of work being done is not the measure, it's the banked net profit that counts.
    • HelpWhereIcan
    • By HelpWhereIcan 13th Mar 08, 3:37 PM
    • 1,228 Posts
    • 1,282 Thanks
    HelpWhereIcan
    My definition of quiet means banking about 10,000 per month and remember I do not do life cover and even if I did I would not count it in my bankings.

    I know a broker who is jam packed with cases but he does'nt net all that much profit (about 50,000 pa). I would term that quiet. The amount of work being done is not the measure, it's the banked net profit that counts.
    Originally posted by Conrad
    :rolleyes: OK then, just to clarify. The value of commissions etc banked has also increased by a similar amount. My average case size tends to be fairly stable.

    Having said that, I do not need to enter an online phissing contest about my business with anyone.

    Chris Ollenshaw at Black & White would have proudly told me how much his firm was banking in fees every month - did not stop them going under though. A bit too reliant on the sub prime market with no way of changing direction when that market was lost.

    http://db.riskwaters.com/public/showPage.html?page=703789

    The point I was making is that the fact that lenders have disappeared is really only affecting those whose business model was not diverse enough to cover the full spectrum of mortgages.

    No one will do more work for less (or the same money). I have not based my business on sub prime and have a diverse enough client base to not have to worry about a couple of lenders going under.
    Last edited by HelpWhereIcan; 13-03-2008 at 3:40 PM.
    I am an IFA (and boss o' t'swings idst)
    You should note that this site doesn't check my status as an IFA, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,646Posts Today

7,433Users online

Martin's Twitter