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  • loanarranger
    replied
    I accept 100% your comments regarding establishing cudos but I believe this only extends to ones credibility in closing on agreed purchases and definitely not contingent on using the in-house broker. I have several portfolio clients , the largest having in excess of 140 properties and agents know that when they decide to buy a property the deal goes through. One added factor is that whenever I become involved in the funding I engage with the individual agents and invite them to keep in contact with me should they have any concerns over the progress of the mortgage application.

    i completely agree with your observations on solicitor recommendations particularly those in close proximity to the agent, invariably there are issues which arise , equally I hold Conveyancing Factorieswith great suspicion , seldom do you get to speak with the organ grinder relying on the “ monkey” to have sufficient expertise or intelligence to refer when matters are above their pay grade and importantly your conveyance is just one in a multitude of cases so there is little incentive for escalating matters of urgency.

    Again call me a cynic but with 50 plus years in lending I feel I have a fair take on such matters.

    Thanks for responding to these postings within Mortgage News I often wonder if forum readers just glance and move onto the next live topic.

    Leave a comment:


  • boletus
    replied
    All perfectly correct loanarranger.

    Trouble with making demands and threats though is your offer may be talked down in favour of another. And you've shot your reputation if you want to deal long term in that area- I'm talking provincial market towns now rather than big cities. Word gets round, negotiators move freely between agents, the good ones becoming branch managers. In my local town, in every estate agent there will be someone who knows me and that I'm good for it. I don't think I've ever had a cross word with one, I actually like estate agents!

    Going back to your original point, IME customers are far better served by truly independent brokers, but that's just the way it is. The only way to stop it would be a ban on in-house brokers. And in-house solicitors too for that matter.

    Leave a comment:


  • loanarranger
    replied
    Sadly a not uncommon complaint.
    one observation on your posting, if you had an AIP , then a copy of this would have been perfectly acceptable and could not be ignored, had they chosen to do so I personally would have demanded to meet the Manager and threaten to report his offices practices to the regulator and importantly the CE of the Agency Group, believe me they would have scattered for cover.

    Leave a comment:


  • sam_cat
    replied
    Originally posted by loanarranger View Post
    Unless practices have changed, Negotiators are targeted to achieve sales , the number of referrals to the In-house broker who in turn is targeted on fees generated which include making referrals to a set panel of solicitors. When you package it all up there does appear to be an incentive to use subtle means of involving the in-house broker some of whom are good, the only downside is that there is a regular turn over of both negotiators and In-house brokers because they haven’t cut the corporate mustard.

    2 years ago I purchased a new home.. At the time of looking 2 of the local estate agents, in their own words, "would not take my interest seriously" unless I used their associated mortgage broker and solicitors (big chain, very large, you can probably guess). I already had an AIP in place and a well reputed local solicitor lined up.
    Unfortunately the house I wanted was with one of these 2, and they told me in no uncertain terms that if I wanted it taken off the market and nobody else to see it then I had to use their own services. In a very active local market I had little choice.
    The mortgage advisor was superb, very responsive to any contact/questions but the solicitors were an absolute shower of poop.. Huge amount of issues with them, including lost documents (which were emailed and confirmed received, only to be informed a week later that it was 'lost' - How they managed that I do not know!), arguing with me on stuff that had been agreed (in writing, on email).
    It was so bad that official complaints were raised at the highest level within their organisation.

    When we move again, as a matter of principal, if anyone tries to get us to use those solicitors again (or tries to apply pressure like they did) they will be told in no uncertain terms why I am withdrawing my offer, and I will post the vendor a letter as well ensuring they know exactly why by offer is withdrawn and what their agent is doing.

    Its a shady practice, but they were very very careful to only say it face to face.

    Leave a comment:


  • loanarranger
    replied
    Hi Boletus
    i think the difference is that you are experienced in Property the same cannot be said for First Time Buyers or indeed a percentage of homemovers.

    Unless practices have changed, Negotiators are targeted to achieve sales , the number of referrals to the In-house broker who in turn is targeted on fees generated which include making referrals to a set panel of solicitors. When you package it all up there does appear to be an incentive to use subtle means of involving the in-house broker some of whom are good, the only downside is that there is a regular turn over of both negotiators and In-house brokers because they haven’t cut the corporate mustard.

    As we get older, we perhaps become more cynical of the world at large and certainly in our market of finance and Property we all take differing views.

    Leave a comment:


  • boletus
    replied
    Standard practice to qualify buyers I always thought.
    Same with using their solicitor.
    TBH, I always use the in-house broker to help sweeten the deal (I generally know which product I want anyway).
    I draw the line at using their solicitors though. They tend to be bucket shops paid peanuts for referrals with a commensurate appalling level of service.

    Leave a comment:


  • loanarranger
    replied
    Are Estate Agents back to their old tricks ?

    It has been reported in the media that the a large Estate Agency Group are investigating alleged claims made by some clients that they were coerced into "consulting" with their In-house broker and for crucial financial documentation to be provided before the offer to purchase was submitted to the vendor: in fairness the claims centre on one particular agency but responses to the article suggest that this is indeed a common practice despite it being viewed as being wrong with clients being free to choose whomever they wanted. With mortgage transactions at a low point , I am wondering if forum readers have experienced similar practices or is it a case of certain offices coming under pressure to generate more leads for their brokers?

    Leave a comment:


  • loanarranger
    replied
    Metro Bank has announced that it is buying £523. Millions of Mortgages from CHL, so those with current loans with this former lender may start to receive notifications of this by mid March when all the legal formalities are complete.

    Leave a comment:


  • loanarranger
    replied
    Rates they are a changing

    In recent days I have ,along with most brokers, received notification by individual lenders that mortgage rates are being withdrawn and repriced but in a Northerly direction, this is due to money Swap rates increasing and the need for higher capitalisation to be achieved.

    Should any Forum reader be considering refinancing current borrowings , might i suggest that the time has arrived for considering future borrowing options and for those with more than 3 mortgaged Btl properties take note that the overall portfolio is assessed at a higher rate even if the individual property meets the basic rental stress calculation.

    Leave a comment:


  • loanarranger
    replied
    CaveMan. In response to your question , suggest you either trawl through the Land Registry site for the Alert Service or simply google Land Registry Alert, this will immediately provide two links into the site or a link which sets out .the background to helping in Fraud Prevention.

    Leave a comment:


  • CaveMan
    replied
    Originally posted by jpkeates View Post
    Me too.

    There are two things you can do to protect your property (which are extra useful when you don't live in it).

    There's an alert service for up to 10 properties, which alerts you if critical details are changed or someone applies a mortgage charge against it.

    You can also apply for a "Restriction by owners not living at a property" which is something you have to apply in writing (there's an RQ form you can download) which adds a restriction to the land registry records which means that a conveyancer has to check with the person adding the restriction that they are making the sale - and confirm that they have to the land registry. That adds a significant hurdle to anyone trying to sell a property they don't own, even if they live in it.
    could you provide more details of this alert service.

    Leave a comment:


  • loanarranger
    replied
    Just to keep everyone in the picture particularly as communications are being received I thought you would like to know that Computershare has announced the successful transfer of £12 billion of buy-to-let Bradford & Bingley and Mortgage Express mortgages to new owners Prudential and Blackstone.

    Leave a comment:


  • loanarranger
    replied
    This evening I am on my hobby horse regarding the level of hype that some brokers make on new products.

    A lender announced a new rate at what seemed too good to be true and during the day I have been inundated by circulars from Packaging brokers stressing the very competitive market leading fixed rate for two years : I thought this really seemed too good to be true and on investigating I find that the product carries a thumping great 3% Completion Fee and a Reversionary rate which would force any borrower to insist on having a remortgage at the end of the given term unless a switch facility was a guarantee in two years time and which in turn would involve further fees etc. I just wonder how many clients of brokers will themselves be pestered to get them to use this product. There are too many caveats to really make this product one which could be fully justified and pass the eagle eyes of one's Compliance Team.

    Now off my chest but thought I would share the marketing ploys of those desperate to get business before carefully analysing the product in greater detail., sometimes all that glitters isn't gold.

    Leave a comment:


  • loanarranger
    replied
    With great respect for the rules of the forum in respect of posting of articles extracted various media publications , can I make a suggestion that anyone interested in financial reports view an article published by a highly respected organisation read the latest edition online of Mortgage Strategy regarding the possible ramifications of the effects of tax changes going beyond 2021, as a broker and former lender of over 50 years the findings are worthy of serious consideration.

    Thanks Moderator in allowing the above as I am very aware of the importance of attribution.

    Leave a comment:


  • loanarranger
    replied
    The NLA have commented as follows

    "Research from the National Landlords Association shows that 20% of its members plan to reduce the number of properties in their portfolio in the next year – the highest level of intended property sales in 10 years.

    The NLA believes this is due to recent tax changes including the withdrawal of mortgage interest relief for higher and additional rate tax payers, the 3% surcharge on additional property purchases, and the banning of upfront letting fees.

    The NLA says landlords and tenants will "pay more than their fair share in tax as a result of changes made by the Government to curb buy-to-let activity in the private rented sector".

    Leave a comment:

Latest Activity

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  • Not paying btl mortgage
    by Propertygoesup
    What's the worse that can happen If I stop paying a btl mortgage due to tenant not paying rent for 5 months and counting?
    25-03-2020, 16:28 PM
  • Reply to Not paying btl mortgage
    by Propertygoesup
    I can't get through to the bank right now. Is it ok to make a manual payment to my mortgage account on the same day the DD would usually go out on?
    30-03-2020, 15:18 PM
  • Reply to Mortgage News
    by loanarranger
    Coventry has just announced the removal of any lending above 65% Loan to Value.

    I am fearing that the announcements from lenders are gathering momentum and whilst I hope my expectations are proved wrong I suspect that many of the key lenders will follow in the coming days. I will keep the...
    30-03-2020, 13:34 PM
  • Mortgage News
    by loanarranger
    The following article has appeared in one of the Mortgage Trade journals reporting on views expressed by the Association of Mortgage Intermediaries an influential trade body within the mortgage industry.

    "Mortgage rates are likely to rise in the first quarter of 2016 as lenders look...
    23-12-2015, 19:43 PM
  • Reply to Mortgage News
    by loanarranger
    The two elements of One Savings Bank have today announced the temporary withdrawal from the lending market, this is disappointing as the criteria particularly from Precise offered many advantages to Buy to Let borrowers .

    "One Savings Bank (OSB) and Precise Mortgages are not accepting...
    30-03-2020, 13:28 PM
  • Reply to Not paying btl mortgage
    by sam_cat
    This. Please reinstate the DD asap!

    By not shooting yourself in the foot you put yourself in to a better position financially for the future. If you default you will will have an extra hard time, lender will take over and sell at their concenience, as above that will be longer that you...
    30-03-2020, 10:01 AM
  • Reply to Not paying btl mortgage
    by Propertygoesup
    Thanks. I am angry at tenant not paying but I guess I could look at paying the mortgage out of my own money as effectively a savings account? With my interest rate at 2.69% I should really pay as much as I can???
    29-03-2020, 18:58 PM
  • Reply to Not paying btl mortgage
    by jpkeates
    Yes, good thinking.

    Don't put off talking to your lender though.
    Not having the rent is bad enough, but watching money going out at the same time is really frustrating.
    You're going to sell once the property is back to normal, so a bit of extra interest isn't the end of the...
    29-03-2020, 12:39 PM
  • Reply to Not paying btl mortgage
    by Propertygoesup
    Thanks for the advice I have realised that if I stop the mortgage I am effectively going down the with tenant , letting her win....
    29-03-2020, 12:05 PM
  • Reply to Mortgage News
    by loanarranger
    In times of uncertainty, lenders ideally want to be seen to continue lending but at conservative loan to values since if there were to a significant reduction in buyer confidence then Open Market Values will naturally fall and bring about the regrettable risk of negative equity, unfortunately it’s...
    28-03-2020, 13:58 PM
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