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  • FIRST POST
    • ontopofmalvern
    • By ontopofmalvern 11th Apr 18, 4:41 PM
    • 1Posts
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    ontopofmalvern
    Is my broker being pushy?
    • #1
    • 11th Apr 18, 4:41 PM
    Is my broker being pushy? 11th Apr 18 at 4:41 PM
    Have recently started an application through a broker and I feel I am being leaned on a bit. He claims the mortgage market is 'mad at the moment' and lenders are 'pulling' products and he fears if I don't complete application in next few days the product will not available. Is this just being pushy or is this happening at the moment - I see nothing in the news to suggest this and a representative of the lender in question was not aware of of any likely sudden changes.

    Many thanks
    Richard
Page 1
    • kingstreet
    • By kingstreet 11th Apr 18, 4:43 PM
    • 33,865 Posts
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    kingstreet
    • #2
    • 11th Apr 18, 4:43 PM
    • #2
    • 11th Apr 18, 4:43 PM
    There are Barclays and Santander product changes coming and NatWest changed yesterday.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.
    • dunstonh
    • By dunstonh 11th Apr 18, 4:53 PM
    • 93,892 Posts
    • 61,680 Thanks
    dunstonh
    • #3
    • 11th Apr 18, 4:53 PM
    • #3
    • 11th Apr 18, 4:53 PM
    Have recently started an application through a broker and I feel I am being leaned on a bit.
    Broker has nothing to gain from leaning on you.

    He claims the mortgage market is 'mad at the moment' and lenders are 'pulling' products and he fears if I don't complete application in next few days the product will not available.
    It is good to see he is warning you of current market conditions. It's a shame you see that as a negative.

    I see nothing in the news to suggest this and a representative of the lender in question was not aware of of any likely sudden changes.
    You wouldnt see in the press and representatives of lenders are always the last to know.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Verix
    • By Verix 11th Apr 18, 5:02 PM
    • 161 Posts
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    Verix
    • #4
    • 11th Apr 18, 5:02 PM
    • #4
    • 11th Apr 18, 5:02 PM
    I agree with the above, Halifax increased their rates again at the weekend, NatWest pushed up theirs yesterday, Barclays are going up tomorrow.

    This sort of industry knowledge is (I would say) one of the benefits of using a mortgage broker. Perhaps he just phrased it poorly?
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a Mortgage Adviser, 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.
    • kingstreet
    • By kingstreet 11th Apr 18, 5:13 PM
    • 33,865 Posts
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    kingstreet
    • #5
    • 11th Apr 18, 5:13 PM
    • #5
    • 11th Apr 18, 5:13 PM
    Accord as well...
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.
    • MortgageMamma
    • By MortgageMamma 11th Apr 18, 8:28 PM
    • 6,197 Posts
    • 3,057 Thanks
    MortgageMamma
    • #6
    • 11th Apr 18, 8:28 PM
    • #6
    • 11th Apr 18, 8:28 PM
    Why don't you call the lender in question and ask them if the rates are going up for their intermediary products?


    As the other brokers have said, there is a huge amount of change constantly in the mortgage markets, sometimes brokers are given less than 24 hours notice to get applications submitted. Its a pain for the brokers too.
    Hi there! Weve had to remove your signature. Please check the Forum Rules if youre unsure why its been removed and, if still unsure, email forumteam@moneysavingexpert.com
    • amnblog
    • By amnblog 11th Apr 18, 8:59 PM
    • 10,678 Posts
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    amnblog
    • #7
    • 11th Apr 18, 8:59 PM
    • #7
    • 11th Apr 18, 8:59 PM
    Your Broker is unaffected whether you apply this week or next, he is not on a bonus.

    He is simply trying to stop you wasting money.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
    • bike saving expert
    • By bike saving expert 11th Apr 18, 10:42 PM
    • 77 Posts
    • 13 Thanks
    bike saving expert
    • #8
    • 11th Apr 18, 10:42 PM
    • #8
    • 11th Apr 18, 10:42 PM
    I took a new mortgage days ago I looked up the equivalent rate today and has gone up 0.1% in days
    • AnotherJoe
    • By AnotherJoe 11th Apr 18, 10:49 PM
    • 10,131 Posts
    • 11,389 Thanks
    AnotherJoe
    • #9
    • 11th Apr 18, 10:49 PM
    • #9
    • 11th Apr 18, 10:49 PM
    Meanwhile, in an alternative universe one week from now ;

    My broker is incompetent, despite knowing through his industry contacts that rates were rising he didnt advise me to get my application in ASAP, as a result of which I've lost many hundreds of pounds in additional interest I'll have to pay. Did he do this because with ahigher mortgage rate he gets more commission ?
    • ACG
    • By ACG 12th Apr 18, 7:46 AM
    • 17,320 Posts
    • 9,180 Thanks
    ACG
    Meanwhile, in an alternative universe one week from now ;
    Originally posted by AnotherJoe
    Financial services in general has a bad reputation. I am sure many people see us on par with a dodgy mechanic or window salesman...let me call the boss and see if we can get you this amazing price, I shouldnt be doing it really, but just for you....

    So I can see the OPs point and there is no harm in getting a second opinion.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, 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.
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