I dont charge but take commission from the lender......who all pay 0.4% of the mortgage amount so no bias whatsoever.
Feel free to PM me.
So every lender pays you 0.4%? Don't believe that and therefore there is surely a conflict.
Not talking you personally but I have seen it many times with my own eyes and finance brokers.
Why would he lie?
I dont know but I said I did not believe that all lenders paid mortgage advisors 0.4% and he went on to qualify his original post to add that Chelsea and First Direct don't.
My point is, if you want truly independent advice you almost invariably have to pay for it. I work in a different sphere of property (not day to day mortgages) and had a mortgage advisor tell me just two weeks ago he would not introduce his best client to me as we don’t pay for referrals. That is not the first time I have heard that line. It is hardly sourcing the best deal for a customer when the first question an advisor asks is does the lender pay me, if not I will not even talk to them. However I appreciate in the cookie cutter world of residential mortgages things are likely more standardised.
anyway, as someone else has said above the OP would be best doing their own research and then comparing with an IFA, plus I think Swis maybe self-employed so an IFA maybe best as it is likely a narrower market.
To answer some of your presumtations about me or the way that I work. According to our Terms of Business I am supposed to charge an upfront fee of 1% of the mortgage loan & then if there is any commission paid to the company then this could be rebated back to the client. I think this is not on & refuse to do it. I also do not charge for any initial meeting & usually not even for subsequent ones.
I think what I do is fair & honourable. You may think I might not give impartial advice because I might be swayed by the commission paid by the lender.....that is up to you. In my mind my job is too important to lie or to play games. I do what I say I do.
To give an example of how I treat my clients I saw a couple last month who wanted to purchase a property. We agreed on a 5 year fixed rate & I sourced accordingly. TSB came out on top (85% LTV @ 1.94%). Input application online & uploaded documents (pay slips, bank statements, passports etc). All in all about a 2 hour job. TSB came back with some questions & wanted further info so I went back to client. Client gets back to me 2 days later to say they've had a re-think & can they do a 2 or 3 year fix as they hope to do some major renovation work & will want to remortgage before 5 years for a better ltv rate & to maybe take some equity out. Looked at TSB's 2 year rate & found that at 1.69% it wasnt that competitive. Re-sourced & found at The Halifax were doing a 2 year fixed rate at 1.50% for the same 85% ltv. So I went back to the client & told them their options......mainly that I could do a new application online but not for a couple of days as I was busy. They could either wait or take the higher rate with TSB as their mortgage had been acceptedc& all it would take would be a phone call to change the product. Also not knowing if they would be accepted by The Hailfax. They obviously wanted the better deal so I duly did another online application (taking another 2 hours) to the Halifax this time. So far I have not been paid a bean & will only do so once the mortgage completes.
As I said......I think I give my clients a good service & am fair and honourable. The fact that I dont charge my clients anything, either upfront or at the end I think benefits them.
My mortgage advisor works the same way as Golfie. He gets a commission come what may, so his only concern is giving us the best service to guarantee repeat business every few years when we remortgage. Seems to work for him.
My mortgage advisor works the same way as Golfie. He gets a commission come what may, so his only concern is giving us the best service to guarantee repeat business every few years when we remortgage. Seems to work for him.
This is it. Do the job right & you will get repeat business. Do it wrong & you wont get a 2nd chance.
Although it seems I'm on here touting for business I'm really not. I don't go round looking for new clients or advertising or having links to Estate Agents. All my mortgage work comes from repeat business (clients either moving or remortgaging) or from referrals.
Comments
I think what I do is fair & honourable. You may think I might not give impartial advice because I might be swayed by the commission paid by the lender.....that is up to you. In my mind my job is too important to lie or to play games. I do what I say I do.
To give an example of how I treat my clients I saw a couple last month who wanted to purchase a property. We agreed on a 5 year fixed rate & I sourced accordingly. TSB came out on top (85% LTV @ 1.94%). Input application online & uploaded documents (pay slips, bank statements, passports etc). All in all about a 2 hour job. TSB came back with some questions & wanted further info so I went back to client. Client gets back to me 2 days later to say they've had a re-think & can they do a 2 or 3 year fix as they hope to do some major renovation work & will want to remortgage before 5 years for a better ltv rate & to maybe take some equity out. Looked at TSB's 2 year rate & found that at 1.69% it wasnt that competitive. Re-sourced & found at The Halifax were doing a 2 year fixed rate at 1.50% for the same 85% ltv. So I went back to the client & told them their options......mainly that I could do a new application online but not for a couple of days as I was busy. They could either wait or take the higher rate with TSB as their mortgage had been acceptedc& all it would take would be a phone call to change the product. Also not knowing if they would be accepted by The Hailfax. They obviously wanted the better deal so I duly did another online application (taking another 2 hours) to the Halifax this time. So far I have not been paid a bean & will only do so once the mortgage completes.
As I said......I think I give my clients a good service & am fair and honourable. The fact that I dont charge my clients anything, either upfront or at the end I think benefits them.
Although it seems I'm on here touting for business I'm really not. I don't go round looking for new clients or advertising or having links to Estate Agents. All my mortgage work comes from repeat business (clients either moving or remortgaging) or from referrals.