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  • FIRST POST
    • Grezz24
    • By Grezz24 29th Jun 18, 1:23 PM
    • 78Posts
    • 32Thanks
    Grezz24
    Mortgage Advice Bureau
    • #1
    • 29th Jun 18, 1:23 PM
    Mortgage Advice Bureau 29th Jun 18 at 1:23 PM
    Hello,

    Does anyone have any experience with the Mortgage Advice Bureau.

    We were recommended them by a previous new build company as an independent service for a mortgage broker. We have since decided against that house and are looking to progress with a new build elsewhere but wondered what peoples thoughts were.

    They told me they were all of market for lenders and went through my details with me and were confident they could get a good deal, just wondered if I would be better to go with them or find a small local broker,

    Thank you
Page 1
    • ultramod
    • By ultramod 4th Jul 18, 12:29 PM
    • 2 Posts
    • 0 Thanks
    ultramod
    • #2
    • 4th Jul 18, 12:29 PM
    Mortgage Advice Bureau
    • #2
    • 4th Jul 18, 12:29 PM
    Mortgage Advice Bureau (MAB) are a mortgage network. That means the advisers who trade as MAB are in fact local brokers who have outsourced a lot of their legal and compliance requirements. It allows the adviser to concentrate more on their service and less on the "admin" of running a broker business, which is huge in a highly regulated industry

    MAB as a network are extremely fastiduous when it comes to compliance. That pretty much guarantees that, as a customer, you are as protected as you can be in terms of the quality of the advice.

    When it comes to the service, (ie how quickly they call you back etc) that is mostly down to the individual adviser. Because they're effectively a local broker/business, you get some great ones and you have some ordinary ones like any other local business. Certainly though, they will be better than a your average local broker because of the additional support andt tools MAB give compared to other mortgage networks. (all brokers will use a network of some description)

    If you've been recommended an individual adviser by someone, go with them absolutely, no matter who they work for. If you just want a quality local adviser, you can't do much better than one trading as Mortgage Advice Bureau - there's something very comforting knowing you can speak to someone face to face when it comes to mortgage stuff.

    As for whole of market, that's true insomuch as the way you probably understand it - but they will not refer to themselves as whole of market. Yes, MAB advisers can search more lenders than other brokers which is what you're after in 99% of cases. But because very few advisers in the network do what is called second charge mortgages (ie a second mortgage on a single property) they don't refer to themselves as whole of market. That was a change of rule that came in a few years ago - it aimed to protect customers but all it really did was create confusion.
    • amnblog
    • By amnblog 4th Jul 18, 12:46 PM
    • 10,646 Posts
    • 4,212 Thanks
    amnblog
    • #3
    • 4th Jul 18, 12:46 PM
    • #3
    • 4th Jul 18, 12:46 PM
    Don't confuse 'whole of market' with 'independent'.

    A Broker just needs to offer a range of Lenders and products representative of the market to term themselves 'whole of market'.

    No one accesses 'all' of the market.

    We are pretty diverse in our recommendations but still only use 20 to 22 different Lenders a year.

    The rules change regarding second charge mortgages is use of the Term 'Independent'.

    In today's world a Brokerage has to offer second charge mortgage advice in house to be able to call themselves 'Independent'.

    A simpler question is to ask if the advice is from a prescribed panel of Lenders. This is the method of many Brokers linked to large EA firms and this restricts their offering.
    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.
    • ACG
    • By ACG 4th Jul 18, 2:45 PM
    • 17,170 Posts
    • 9,052 Thanks
    ACG
    • #4
    • 4th Jul 18, 2:45 PM
    • #4
    • 4th Jul 18, 2:45 PM
    Certainly though, they will be better than a your average local broker (Rubbish! They will be no better or worse than non MAB members when you average all brokers out) because of the additional support andt tools MAB give (More rubbish) compared to other mortgage networks. (all brokers will use a network of some description) (More rubbish - I do not use a network)

    If you've been recommended an individual adviser by someone, go with them absolutely, no matter who they work for. If you just want a quality local adviser, you can't do much better than one trading as Mortgage Advice Bureau (I disagree, I would like to think I am pretty good, as will 99% of other brokers in the country) - there's something very comforting knowing you can speak to someone face to face when it comes to mortgage stuff. - Which is not limited to MAB members.

    As for whole of market, that's true insomuch as the way you probably understand it - but they will not refer to themselves as whole of market. Yes, MAB advisers can search more lenders than other brokers (Even more rubbish) which is what you're after in 99% of cases. But because very few advisers in the network do what is called second charge mortgages (ie a second mortgage on a single property) they don't refer to themselves as whole of market. That was a change of rule that came in a few years ago - it aimed to protect customers but all it really did was create confusion.
    Originally posted by ultramod
    So to summarise - complete rubbish!

    Being a member of MAB (or any network) or not being a member of a network has absolutely no baring on the quality of the advisor, the advice, their work ethic, their actual ethics or anything else. That will always be down to the individual.

    A network is there to ensure they are compliant. Larger firms will not be part of a network and will hire their own compliance team. I am not part of a network and I pay for a company to come in and spend a few days with us each year. I also have them on hand if I have a file I am not sure about to run it by them.
    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.
    • ACG
    • By ACG 4th Jul 18, 2:51 PM
    • 17,170 Posts
    • 9,052 Thanks
    ACG
    • #5
    • 4th Jul 18, 2:51 PM
    • #5
    • 4th Jul 18, 2:51 PM
    Actually, just to add to this. Around 12 months after starting out as a broker, I wanted to set up on my own and I spoke to MAB. They said I did not have enough experience. Fair play, thats their prerogative and no hard feelings.

    3 years down the line, their area sales manager got in touch out of the blue and asked if I would be interested in joining them. I rejected the request because as a business, we were too good for them and it would be a step back for us and make us more restricted in how we looked after our customers and what we could offer them.

    I have nothing against MAB btw, I do have something against BS and will always call people out on it.
    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.
    • Grezz24
    • By Grezz24 4th Jul 18, 2:55 PM
    • 78 Posts
    • 32 Thanks
    Grezz24
    • #6
    • 4th Jul 18, 2:55 PM
    • #6
    • 4th Jul 18, 2:55 PM
    Great thanks all, taking the points on board.
    • Grezz24
    • By Grezz24 4th Jul 18, 3:51 PM
    • 78 Posts
    • 32 Thanks
    Grezz24
    • #7
    • 4th Jul 18, 3:51 PM
    • #7
    • 4th Jul 18, 3:51 PM
    The main issue ive found is i dont have anyone to recommend a broker in my area as most family and friends live quite far away.

    On that basis im doing some digging to understand who would be best for my situation. As cash flow is tight due to our house being released earlier than expected then i was looking at a free service, so the MAB were who i talked with and seemed to be a good conversation.
    • Jeden
    • By Jeden 4th Jul 18, 4:03 PM
    • 29 Posts
    • 6 Thanks
    Jeden
    • #8
    • 4th Jul 18, 4:03 PM
    • #8
    • 4th Jul 18, 4:03 PM
    Do you mean The Mortgage Bureau? We used them through our builders Redrow. We found our initial adviser pretty good but once it got handed off they were poor. Not great in chasing or keeping us updated. I ended up doing most of it myself.

    We only went with them to make the exchange of contracts as smooth as possible which for the most part it was.
    • Grezz24
    • By Grezz24 4th Jul 18, 4:21 PM
    • 78 Posts
    • 32 Thanks
    Grezz24
    • #9
    • 4th Jul 18, 4:21 PM
    • #9
    • 4th Jul 18, 4:21 PM
    nope i mean the mortgage advice bureau.

    its a different company to the mortgage bureau.
    • amnblog
    • By amnblog 4th Jul 18, 4:45 PM
    • 10,646 Posts
    • 4,212 Thanks
    amnblog
    nope i mean the mortgage advice bureau.

    its a different company to the mortgage bureau.
    Originally posted by Grezz24
    Its all under the same Umbrella.

    Mortgage Bureau is a one of the MAB Brokers.
    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.
    • ACG
    • By ACG 4th Jul 18, 5:25 PM
    • 17,170 Posts
    • 9,052 Thanks
    ACG
    I just wanted to add that I am not saying MAB are good/bad/indifferent - jut in case my posts came across like that. I have no first hand experience with them.
    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.
    • amnblog
    • By amnblog 4th Jul 18, 9:02 PM
    • 10,646 Posts
    • 4,212 Thanks
    amnblog
    You don!!!8217;t need experience with them ACG to know that the claims by ultramodern above of some kind of inherent advantage to the Client in their business model is not accurate.
    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.
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