Mortgage Broker sought/recommended MEGATHREAD

[BIGDINNERS]

ha ha, what a load of bull !!!

How do you expect to pick up the work if you dont spend the time giving a quote ???

 

yourself being a 'born giver', if you wanted a job doing ,would you take the first price someone gave you or would you shop around ???

 

Would you buy a loaf of kingsmill for £1.50 from 1 shop, or go next door to another and buy it for £1, if the answer is the loaf at a £1,then youv'e wasted the first shop keeper time by entering his shop and browsing.=quote

Stop moaning! Don't make me laugh. Yes it is part of my job, an unpaid part of my job. My gripe is not with the genuine people who are looking for quotations but the deliberate time wasters. I work Mon- fri 8am until 4.30pm to earn my wages. Looking at jobs has to be done after working hours due to there being no money in it looking during the working day. I point blank now refuse to stop earning in the day to look at a job unless I am getting paid for it! Because no one charges for quotations (they would if they could but the competition won't allow it) it has to be done in my free time. Average time to leave home, look at the job in question, go back to base, work out a price is 3 hrs. I have a 1 in 6 chance of getting the job. Out of the 6 I reckon 4 do not have the job done and the other goes to someone else. So that is 18hrs unpaid to get a job + costs (fuel etc). Average job for me is 6 days. So to get 40 hrs pay you have to donate 18hrs.

 

Can any of you wage earners imagine being made to do 18hrs voluntary work to get 40 hours paid work. I would say I have plenty to moan about.

 

Look at the job vacancy's thread for building work. You get 'I will be more than happy to give a free quote'. Yeh happy if they get the job. I cannot see how anyone can be more than happy to go go around Sheffield having their time wasted. I can only presume these happy people are new in business and desperate. I have seen them come and seen them go. Looking back though I wish I had gone years ago. There is more to life than wasting your mature years on selfish time wasters.

 

I am counting the days to retirement.

[boyfriday]

ha ha, what a load of bull !!!

How do you expect to pick up the work if you dont spend the time giving a quote ???

 

yourself being a 'born giver', if you wanted a job doing ,would you take the first price someone gave you or would you shop around ???

 

Would you buy a loaf of kingsmill for £1.50 from 1 shop, or go next door to another and buy it for £1, if the answer is the loaf at a £1,then youv'e wasted the first shop keeper time by entering his shop and browsing.=quote

 

You're completely missing the posters point. He's no objection to providing quotes to genuine customers, his grievance lies with people who have no intention of having the work done that he's quoting for (ie he has no prospect of generating income from them)..very similar to the OP who seems to be just seeking free advice without any positive outcome for the mortgage broker.

 

The quality of financial advice and the requirements placed on advisers isn't what it used to be. Whilst it's possible to give 'generic' advice (which could easily be obtained by scouring the internet) it doesn't sound like this is what the OP is seeking. Provision of bespoke advice based on an individual's circumstances is what advisers do and legally are required to do..this is how they earn their living.

 

I'm sure any would provide a free quote to engage their professional services, but it's perfectly appropriate that they are paid for providing the advice that they're clients are seeking just as a doctor or solicitor would be.

[BIGDINNERS]

so how do you expect people to decide whether or not to have the work done in the first place,if they have no idea how much its gonna cost:loopy:.

You're completely missing the posters point. He's no objection to providing quotes to genuine customers, his grievance lies with people who have no intention of having the work done that he's quoting for (ie he has no prospect of generating income from them)..very similar to the OP who seems to be just seeking free advice without any positive outcome for the mortgage broker.

 

The quality of financial advice and the requirements placed on advisers isn't what it used to be. Whilst it's possible to give 'generic' advice (which could easily be obtained by scouring the internet) it doesn't sound like this is what the OP is seeking. Provision of bespoke advice based on an individual's circumstances is what advisers do and legally are required to do..this is how they earn their living.

 

I'm sure any would provide a free quote to engage their professional services, but it's perfectly appropriate that they are paid for providing the advice that they're clients are seeking just as a doctor or solicitor would be.

[jenand8285]

Hi,

 

I am looking for recommendations for an whole of market broker.

 

I want a broker that is experience and knows the market well, aswell as having a good idea all different lenders criteria (is that what I should expect anyway?). We are first time buyers and have no adverse credit so we do not need one who specialises in that field.

 

If you could include why you are recommending them, nothing too personal but if your situation is/ was similar to me than I may be swayed to them.

 

It is such a big thing arranging a mortgage and I want to try and make sure I get someone helpful!

 

Maybe someone could include how they chose a broker?

 

Thanks

[ladydriver]

Why do you need a broker? If you know the kind of mortgage you want (fixed rate, tracker, discounted, etc) it's fairly easy to do it yourself.

 

I know nothing about financial services but I've arranged my own mortgage about four times. The one time I used a broker I ended up with a product that was considerably more expensive than an equivalent one with a well-known building society (which I later found and moved to myself).

 

The last time I changed my mortgage I phoned my bank - First Direct - and had a chat with one of their advisers. FD has the advantage that their staff are encouraged to be chatty and friendly and will spend time discussing options with you. FD are in the mortgage 'best buy' tables at the moment so if one of their products suits you, you could give them a call. Otherwise I suggest you look at the best buy tables for your preferred type of mortgage and speak to one or more of the providers listed. They will be able to tell you straightaway if you meet their lending criteria and every one will give you a detailed guide to the costs involved (up front charges and monthly repayments) for comparison purposes.

 

Good luck!

[jenand8285]

Why do you need a broker? If you know the kind of mortgage you want (fixed rate, tracker, discounted, etc) it's fairly easy to do it yourself.

 

I know nothing about financial services but I've arranged my own mortgage about four times. The one time I used a broker I ended up with a product that was considerably more expensive than an equivalent one with a well-known building society (which I later found and moved to myself).

 

The last time I changed my mortgage I phoned my bank - First Direct - and had a chat with one of their advisers. FD has the advantage that their staff are encouraged to be chatty and friendly and will spend time discussing options with you. FD are in the mortgage 'best buy' tables at the moment so if one of their products suits you, you could give them a call. Otherwise I suggest you look at the best buy tables for your preferred type of mortgage and speak to one or more of the providers listed. They will be able to tell you straightaway if you meet their lending criteria and every one will give you a detailed guide to the costs involved (up front charges and monthly repayments) for comparison purposes.

 

Good luck!

 

I just would not know where to start. I am looking for a 90% LTV which I know are harder to come by. I do not to apply anywhere that I may get turned down. What I really want is the broker's experience and knowledge of lenders to steer me in the direction of a good product where we are morst likely to be accepted.

 

Will they need to do a credit check on me to decide if we meet their criteria and will? I just dont want it looking bad on my credit file like I have been applying everywhere.

[Marx]

Try Futures Assured on 2421818. Ask for Debra. They helped me with combining my various pensions in to one new pension and I am most happy with the result. I have since done some IT work for them and find them to be thorough and nice to be around. I know they have a Mortgage side that compliments the insurance business.

[mogwai84]

Brokers can be extremely helpful if you're looking at a high LTV, or have a limited credit history.

 

Also they can save you a huge amount of legwork and can usually speak directly to the underwriters and get reasons for rejection/put pressure on.

 

Our personal experience with our broker was very positive of what they did. If your situation is fairly straight forward then yes I'm sure you could quite easily sort it out yourself.

[Danny_Boy]

Brokers can be extremely helpful if you're looking at a high LTV, or have a limited credit history.

 

Also they can save you a huge amount of legwork and can usually speak directly to the underwriters and get reasons for rejection/put pressure on.

 

Our personal experience with our broker was very positive of what they did. If your situation is fairly straight forward then yes I'm sure you could quite easily sort it out yourself.

 

Very good post. A brokers job is not just to find a mortgage for you. It's to advise you, it's to give you a point of expertise if something goes wrong, it's to review your whole financial situation and find solutions to any problems.

 

Remember that when you go direct to a bank you are not getting advice and you will not get the free full protection review either.

 

The big problem with the banks at the moment is that they offer a very good headline rate, they then get you to speak to a sales advisor (not a qualified mortgage or financial advisor) who qualifies you and gets your hopes up, you then finally get to speak to an actual advisor to find you can't have the really good rate that you originally thought but they have other less attractive options.

 

I can help if needed so feel free to PM but I appreciate you're looking for recommendations not just someone pimping themselves

Edited May 1, 2013 by Danny_Boy
Typo

[linzday]

You need to check the new FSA guidelines. I'm not 100% sure this applies to Mortgage Brokers, but I'm pretty sure commission is going to be a thing of the past.

I think Brokers now have to charge an up front fee, before any transaction is made.

 

 

You're right, this will be coming in at some point in the future, but commission based advisers are still around at the moment.

 

---------- Post added 01-05-2013 at 20:58 ----------

 

There is no requirement to go through with the mortgage and there is no fee unless a person takes a mortgage (and that fee is paid by the mortgage company anyway).

 

 

You're right in that there is no requirement to go ahead with the mortgage, however if an adviser is generally commission based, but then the policy doesn't go ahead, they could potentially charge you a small fee for their time, but they should make you aware of if that's how they operate from the beginning of the meeting.

 

And any fee paid if the mortgage does go ahead, is paid to the adviser from the mortgage company in that they give them the lump sum of money, but it is paid for out of your monthly premium so you are still actually paying the adviser not the mortgage company!!!

Edited May 1, 2013 by linzday