Useless mortgage broker or unrealistic expectations?
Discussion
sarnie,
Are you really saying you don't charge anything for switching mortgages over?
That's great if so but seems like a huge amount of work for you to do because a client has previously payed. Do you get payed by the lender in these cases. Apologies if I'm being nosey, it's just I've just payed my local mortgage broker another £395 as I'd come to the end of the deal. When we talked about the figures he said it's now about 5 hours work just to apply for the mortgage. I was very happy with his service and got me the deal I wanted, just a bit concerned I'm paying over the odds.
Back on topic. Yes it's much more hassle getting a mortgage now. It's no longer a case of meeting for a pint and a handshake. So many signatures and forms.
Are you really saying you don't charge anything for switching mortgages over?
That's great if so but seems like a huge amount of work for you to do because a client has previously payed. Do you get payed by the lender in these cases. Apologies if I'm being nosey, it's just I've just payed my local mortgage broker another £395 as I'd come to the end of the deal. When we talked about the figures he said it's now about 5 hours work just to apply for the mortgage. I was very happy with his service and got me the deal I wanted, just a bit concerned I'm paying over the odds.
Back on topic. Yes it's much more hassle getting a mortgage now. It's no longer a case of meeting for a pint and a handshake. So many signatures and forms.
rufusgti said:
sarnie,
Are you really saying you don't charge anything for switching mortgages over?
That's great if so but seems like a huge amount of work for you to do because a client has previously payed. Do you get payed by the lender in these cases. Apologies if I'm being nosey, it's just I've just payed my local mortgage broker another £395 as I'd come to the end of the deal. When we talked about the figures he said it's now about 5 hours work just to apply for the mortgage. I was very happy with his service and got me the deal I wanted, just a bit concerned I'm paying over the odds.
Back on topic. Yes it's much more hassle getting a mortgage now. It's no longer a case of meeting for a pint and a handshake. So many signatures and forms.
If you are happy with your Brokers service and you got the deal you wanted then that's good! Are you really saying you don't charge anything for switching mortgages over?
That's great if so but seems like a huge amount of work for you to do because a client has previously payed. Do you get payed by the lender in these cases. Apologies if I'm being nosey, it's just I've just payed my local mortgage broker another £395 as I'd come to the end of the deal. When we talked about the figures he said it's now about 5 hours work just to apply for the mortgage. I was very happy with his service and got me the deal I wanted, just a bit concerned I'm paying over the odds.
Back on topic. Yes it's much more hassle getting a mortgage now. It's no longer a case of meeting for a pint and a handshake. So many signatures and forms.
Your Broker is correct though, the amount of work now is incredible from what it used to be, clients will never know the compliance hoops that you have to complete, evidence and satisfy these days.
For reference, no, we don't charge clients for subsequent business of any kind be it remortgage, onward purchase, BTL purchase or anything else. There are plenty of people on PH, and even this very thread, that have confirmed that
Excuse my ignorance but I thought one went to the bank for a mortgage... are you guys talking residential or some business mortgage? I am due to remortgage soon just out of a 5yr fix at 3.99 and now on 3.7 svr.. looking at a tracker with HSBC and it'll cost £750 for 2.3 odd percent variable life time tracker 30% ltv but may take equity to buy a flat. Not spoke to bank yet.
Sorry to but in.. should start my own thread I guess !
Sorry to but in.. should start my own thread I guess !
bmwmike said:
Excuse my ignorance but I thought one went to the bank for a mortgage... are you guys talking residential or some business mortgage? I am due to remortgage soon just out of a 5yr fix at 3.99 and now on 3.7 svr.. looking at a tracker with HSBC and it'll cost £750 for 2.3 odd percent variable life time tracker 30% ltv but may take equity to buy a flat. Not spoke to bank yet.
Sorry to but in.. should start my own thread I guess !
The bank will only offer you their preferred rate and package, a broker will ship around for the best deal to suit your requirements. Forget the banks and find a good broker.Sorry to but in.. should start my own thread I guess !
bmwmike said:
Excuse my ignorance but I thought one went to the bank for a mortgage... are you guys talking residential or some business mortgage? I am due to remortgage soon just out of a 5yr fix at 3.99 and now on 3.7 svr.. looking at a tracker with HSBC and it'll cost £750 for 2.3 odd percent variable life time tracker 30% ltv but may take equity to buy a flat. Not spoke to bank yet.
Sorry to but in.. should start my own thread I guess !
All residential for me, drop Sarnie a message, you might be pleasantly surprised Sorry to but in.. should start my own thread I guess !
As I have said, for any kind of mortgage/re-mortgage/further borrowing I wouldn't go anywhere else. Everything all dealt with via email/telephone.
Tony
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