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Casual Articles - UK Mortgage Brokers - Independent My A**
It is extremely rare in the business world to find a corporation that starts a revolution, and then the very same company leads another revolution. Steve Jobs who runs Apple Computer successfully stood the computer world on its high legs, and then shook its foundation when he created with his associates the very first personal computer. Yes, there were others before him, but they were nothing in comparison to the Apple. The operating system that Apple uses is still acknowledged to be vastly superior to anything that giant Microsoft has ever come out with.Jobs did make one mistake however, and this mistake cost him his only opportunity to become the richest man in the world. Several decades ago, Apple had the opportunity to license the operating system to other personal computer manufacturers. Jobs made the mi
And while you’re at it…
Don't accept any old mortgage just 'cos your desperate
Not all lenders are actually "acceptable'' to you.
They may wear suits and have straight faces but there are some dodgy people out there.
It would be very reassuring to know that your independent broker is prepared to say 'not suitable' about a particular lender even if the lender is prepared to give you a mortgage.
Who are we talking about? Well for instance lenders who regularly "sell on" their mortgage books so you are eventually perhaps left with a lender you haven't heard of, or worse still, lenders who are not interested in after sales but merely in receiving their interest repayments.
"Independent Mortgage Brokers" are NOT "Independent Financial Advisors".
Remember also that we're talking about "Independent Mortgage Brokers" NOT "Independent Financial Advisors". The latter not only source from "the market" but will or should throw in other advice simultaneously to arranging the mortgage.
For example they should advise you on the suitability of either existing or new insurance covers, possible pension linking and the fact that some lenders will only lend via interm
When discussing today's real estate market, everybody seems to have a doom and gloom type attitude: home value prices have dropped, interest rates are rising, there's too many houses for sale and not enough buyers, etc. Real estate agents complain that they're not moving inventory and that it's impossible to make sales. Homeowners are upset that they have to lower their home value when listing and it takes forever and a day for the home to sell.I personally say “Boo hoo and deal with it.” When did agents and homeowners alike start to think the market would stay the same forever? Now suddenly because there's more work to be done to get a fair home value for your property, many agents and homeowners alike believe the real estate industry is on a slippery slope downhill to a future of even larger inventory
You'll have noticed - or should have assuming you are shopping around from scratch for the best mortgage deal - the words 'Independent mortgage broker' bandied about quite a bit.
Well 'caveat emptor ' pal - which is Gladiator-speak for 'buyer beware' - because these individuals and firms are not quite so 'independent' - or impartial - as you and I might imagine.
According to the Financial Services Authority (the mild mannered referee for mortgage brokers not prone to dishing out red cards) it's cool for a broker to call himself/herself 'independent' provided:
1 He/she offers a 'fee-only' service; because this avoids any notion of back-handers implied by commissions and
2 He/she claim to represent the whole of the market.
Actually neither of these safeguards actually safeguard the consumer.
Firstly most consumers are not really concerned whether the broker is fee - or commissioned - based provided they get a mortgage and they don't have to pocket out any money upfront.
If you can't avoid a fee-based scenario be wary: staggering figures of up to 1.5% of the total mortgage have been quoted (albeit for sourcing 'difficult' or poor credit sources).
So aim well below that and steer clear of any broker wanting to charge you before completion.
Secondly the 'whole of the market' according to the FSA can be a selection or panel of lenders so long as this 'bundle' represents the open market and the broker scans the top deals every 8 weeks. (That's a long time in the UK mortgage business).
This means your supposedly independent UK mortgage broker is probably cherry picking from a limited - you might say 'cosy' - number of mortgage lenders, say 20, rather than shopping around the whole marketplace - where there are potentially 4,000 types of UK mortgage deals from over 100 UK mortgage lenders.
Now that's not to say they ain't getting you a good deal... and OK, maybe researching the whole market is too time-consuming, not cost-effective for them....
But let's be clear that it's just not as 'independent' as you or I might imagine.
Does it Matter?
Well yes it does. As consumers we want to feel we are getting access to the widest choice and options available for our biggest financial commitment ever.
Moreover the other real benefit of an 'independent' mortgage broker is that they should be able to tap into the secondary mortgage lenders (rather than the high street lenders) who will give mortgages if you have a poor or bad credit rating.
These days it's easy to clock up a bad credit rating in the UK (like a speed camera fine) but harder to clean the slate (6 years, longer than the 3-year speeding fine).
So secondary sources of mortgage for people with adverse credit are becoming more and more necessary.
Anyway a good 'independent' mortgage can sort this out for you - it's been known for registered bankrupts to get mortgages. So there's hope for us all.
So Let's Clarify
You can call yourself an 'independent' mortgage broker while not covering the whole of the market.'
But you can also offer the whole of the market, AND NOT be classified as 'independent'.
Isn't that great ! Tony Blair must be so proud of his new law.
This wierd double think is because there are brokers out there who don't want to bother with the pretence of fees but are quite open about commissions (which is what the consumer generally prefers) because in effect brokers are paid on results and wouldn’t dream of charging for a search.
Commission-based is also generally cheaper and such brokers may represent more of the market than those labelling themselves 'independent'.
L&C is a typical example, a UK-wide firm of mortgage brokers which operates with over three times the number of lenders used by so-called 'independent' brokers.
Asking the Right Questions
So as a consumer simply ignore the term 'independent' - until the FSA decides to get it's act together.
Instead, whether you choose a one-man/woman show (perhaps an ex-Building society branch manager) or plum for a larger UK mortgage brokers firm, with all the slick presentation you'd expect, ask these basic questions before committing:
'Are you a member of a network?'... If yes they're probably only able to access a limited number of mortgage lenders.
Clarify it with: 'Do you offer mortgages from a panel of lenders?'
Or if you like put it this way: 'Are you going to choose a mortgage for me as we speak across all available UK mortgage lenders?'
If you're not sure of their answer, here's a simple solution: Get another quote!
And while you’re at it…
Don't accept any old mortgage just 'cos your desperate
Not all lenders are actually "acceptable'' to you.
They may wear suits and have straight faces but there are some dodgy people out there.
It would be very reassuring to know that your independent broker is prepared to say 'not suitable' about a particular lender even if the lender is prepared to give you a mortgage.
Who are we talking about? Well for instance lenders who regularly "sell on" their mortgage books so you are eventually perhaps left with a lender you haven't heard of, or worse still, lenders who are not interested in after sales but merely in receiving their interest repayments.
"Independent Mortgage Brokers" are NOT "Independent Financial Advisors".
Remember also that we're talking about "Independent Mortgage Brokers" NOT "Independent Financial Advisors". The latter not only source from "the market" but will or should throw in other advice simultaneously to arranging the mortgage.
For example they should advise you on the suitability of either existing or new insurance covers, possible pension linking and the fact that some lenders will only lend via interme
You have the website, the product, and compelling content to attract readers to purchase your book, your CD, or whatever items you choose to sell. You may notice a surge in traffic as you build your site and employ various search engine optimization tactics, but are not wholly satisfied.You know you can attract more visitors if you could just reach them. You have a weblog attached to your site, and you write wonderful articles which receive much praise. What else is there to do?Have you considered syndicating your content and products to users with an RSS feed? Do you even know what RSS is?Simply defined, RSS is an XML-based format. XML, for the novice, stands for Xtreme Markup Language, a special coding language that represents information for resources in the World Wide Web. Using the XML, one
So aim well below that and steer clear of any broker wanting to charge you before completion.
Secondly the 'whole of the market' according to the FSA can be a selection or panel of lenders so long as this 'bundle' represents the open market and the broker scans the top deals every 8 weeks. (That's a long time in the UK mortgage business).
This means your supposedly independent UK mortgage broker is probably cherry picking from a limited - you might say 'cosy' - number of mortgage lenders, say 20, rather than shopping around the whole marketplace - where there are potentially 4,000 types of UK mortgage deals from over 100 UK mortgage lenders.
Now that's not to say they ain't getting you a good deal... and OK, maybe researching the whole market is too time-consuming, not cost-effective for them....
But let's be clear that it's just not as 'independent' as you or I might imagine.
Does it Matter?
Well yes it does. As consumers we want to feel we are getting access to the widest choice and options available for our biggest financial commitment ever.
Moreover the other real benefit of an 'independent' mortgage broker is that they should be able to tap into the secondary mortgage lenders (rather than the high street lenders) who will give mortgages if you have a poor or bad credit rating.
These days it's easy to clock up a bad credit rating in the UK (like a speed camera fine) but harder to clean the slate (6 years, longer than the 3-year speeding fine).
So secondary sources of mortgage for people with adverse credit are becoming more and more necessary.
Anyway a good 'independent' mortgage can sort this out for you - it's been known for registered bankrupts to get mortgages. So there's hope for us all.
So Let's Clarify
You can call yourself an 'independent' mortgage broker while not covering the whole of the market.'
But you can also offer the whole of the market, AND NOT be classified as 'independent'.
Isn't that great ! Tony Blair must be so proud of his new law.
This wierd double think is because there are brokers out there who don't want to bother with the pretence of fees but are quite open about commissions (which is what the consumer generally prefers) because in effect brokers are paid on results and wouldn’t dream of charging for a search.
Commission-based is also generally cheaper and such brokers may represent more of the market than those labelling themselves 'independent'.
L&C is a typical example, a UK-wide firm of mortgage brokers which operates with over three times the number of lenders used by so-called 'independent' brokers.
Asking the Right Questions
So as a consumer simply ignore the term 'independent' - until the FSA decides to get it's act together.
Instead, whether you choose a one-man/woman show (perhaps an ex-Building society branch manager) or plum for a larger UK mortgage brokers firm, with all the slick presentation you'd expect, ask these basic questions before committing:
'Are you a member of a network?'... If yes they're probably only able to access a limited number of mortgage lenders.
Clarify it with: 'Do you offer mortgages from a panel of lenders?'
Or if you like put it this way: 'Are you going to choose a mortgage for me as we speak across all available UK mortgage lenders?'
If you're not sure of their answer, here's a simple solution: Get another quote!
And while you’re at it…
Don't accept any old mortgage just 'cos your desperate
Not all lenders are actually "acceptable'' to you.
They may wear suits and have straight faces but there are some dodgy people out there.
It would be very reassuring to know that your independent broker is prepared to say 'not suitable' about a particular lender even if the lender is prepared to give you a mortgage.
Who are we talking about? Well for instance lenders who regularly "sell on" their mortgage books so you are eventually perhaps left with a lender you haven't heard of, or worse still, lenders who are not interested in after sales but merely in receiving their interest repayments.
"Independent Mortgage Brokers" are NOT "Independent Financial Advisors".
Remember also that we're talking about "Independent Mortgage Brokers" NOT "Independent Financial Advisors". The latter not only source from "the market" but will or should throw in other advice simultaneously to arranging the mortgage.
For example they should advise you on the suitability of either existing or new insurance covers, possible pension linking and the fact that some lenders will only lend via interm
The Federal Trade Commission has failed to curb SPAM in the last two-years since the CAN-SPAM Act was introduced. There is slightly less SPAM then before but this is hardly due to any efforts by the FTC. More so we can thanks folks like Bill Gates and Microsoft than anyone else for aggressively going after the SPAMMERS. When the George W. Bush, President of the United States of America signed into law the CAN-SPAM Act, he assigned authority to the FTC to go after illegal SPAM.The Federal Trade Commission put its best people on the problem and what did they do? They held meetings and spent months and months defining what SPAM is. They spent time holding meetings around the country inviting Lawyers and start-up companies to figure out what should be done. We all know what happened? They finally came up with a d
These days it's easy to clock up a bad credit rating in the UK (like a speed camera fine) but harder to clean the slate (6 years, longer than the 3-year speeding fine).
So secondary sources of mortgage for people with adverse credit are becoming more and more necessary.
Anyway a good 'independent' mortgage can sort this out for you - it's been known for registered bankrupts to get mortgages. So there's hope for us all.
So Let's Clarify
You can call yourself an 'independent' mortgage broker while not covering the whole of the market.'
But you can also offer the whole of the market, AND NOT be classified as 'independent'.
Isn't that great ! Tony Blair must be so proud of his new law.
This wierd double think is because there are brokers out there who don't want to bother with the pretence of fees but are quite open about commissions (which is what the consumer generally prefers) because in effect brokers are paid on results and wouldn’t dream of charging for a search.
Commission-based is also generally cheaper and such brokers may represent more of the market than those labelling themselves 'independent'.
L&C is a typical example, a UK-wide firm of mortgage brokers which operates with over three times the number of lenders used by so-called 'independent' brokers.
Asking the Right Questions
So as a consumer simply ignore the term 'independent' - until the FSA decides to get it's act together.
Instead, whether you choose a one-man/woman show (perhaps an ex-Building society branch manager) or plum for a larger UK mortgage brokers firm, with all the slick presentation you'd expect, ask these basic questions before committing:
'Are you a member of a network?'... If yes they're probably only able to access a limited number of mortgage lenders.
Clarify it with: 'Do you offer mortgages from a panel of lenders?'
Or if you like put it this way: 'Are you going to choose a mortgage for me as we speak across all available UK mortgage lenders?'
If you're not sure of their answer, here's a simple solution: Get another quote!
And while you’re at it…
Don't accept any old mortgage just 'cos your desperate
Not all lenders are actually "acceptable'' to you.
They may wear suits and have straight faces but there are some dodgy people out there.
It would be very reassuring to know that your independent broker is prepared to say 'not suitable' about a particular lender even if the lender is prepared to give you a mortgage.
Who are we talking about? Well for instance lenders who regularly "sell on" their mortgage books so you are eventually perhaps left with a lender you haven't heard of, or worse still, lenders who are not interested in after sales but merely in receiving their interest repayments.
"Independent Mortgage Brokers" are NOT "Independent Financial Advisors".
Remember also that we're talking about "Independent Mortgage Brokers" NOT "Independent Financial Advisors". The latter not only source from "the market" but will or should throw in other advice simultaneously to arranging the mortgage.
For example they should advise you on the suitability of either existing or new insurance covers, possible pension linking and the fact that some lenders will only lend via interm
First of all, why do you want high search rankings? I know that sounds like a crazy question, but I am assuming that the person reading this article may or may not have a background in search engine marketing.When you build your website, and you want to drive traffic to that website, one of the ways you should want to do just that is to gain high search engine rankings so that when people search for keywords related to your website, your website will rank high in the search rankings. The higher you are in the search rankings when someone searches for your keyword or related keywords to your website, the higher the chance they will click in to your website.So the bottom line is, you want high search engine rankings, so that you will receive more traffic to your website, which in turn should mean, if y
Commission-based is also generally cheaper and such brokers may represent more of the market than those labelling themselves 'independent'.
L&C is a typical example, a UK-wide firm of mortgage brokers which operates with over three times the number of lenders used by so-called 'independent' brokers.
Asking the Right Questions
So as a consumer simply ignore the term 'independent' - until the FSA decides to get it's act together.
Instead, whether you choose a one-man/woman show (perhaps an ex-Building society branch manager) or plum for a larger UK mortgage brokers firm, with all the slick presentation you'd expect, ask these basic questions before committing:
'Are you a member of a network?'... If yes they're probably only able to access a limited number of mortgage lenders.
Clarify it with: 'Do you offer mortgages from a panel of lenders?'
Or if you like put it this way: 'Are you going to choose a mortgage for me as we speak across all available UK mortgage lenders?'
If you're not sure of their answer, here's a simple solution: Get another quote!
And while you’re at it…
Don't accept any old mortgage just 'cos your desperate
Not all lenders are actually "acceptable'' to you.
They may wear suits and have straight faces but there are some dodgy people out there.
It would be very reassuring to know that your independent broker is prepared to say 'not suitable' about a particular lender even if the lender is prepared to give you a mortgage.
Who are we talking about? Well for instance lenders who regularly "sell on" their mortgage books so you are eventually perhaps left with a lender you haven't heard of, or worse still, lenders who are not interested in after sales but merely in receiving their interest repayments.
"Independent Mortgage Brokers" are NOT "Independent Financial Advisors".
Remember also that we're talking about "Independent Mortgage Brokers" NOT "Independent Financial Advisors". The latter not only source from "the market" but will or should throw in other advice simultaneously to arranging the mortgage.
For example they should advise you on the suitability of either existing or new insurance covers, possible pension linking and the fact that some lenders will only lend via interm
Sunny California is known for its beautiful beaches, its captivating cities, and its wealthy clientele. If you want to go where the money is, you go to California. One of the biggest money-making industries today is the hotel business. If you’re interested in California hotels for sale, then you’re already off to a great start in the world of business.How can you find California hotels for sale? First, check the Internet for property listings and sales that are going on. Even if you don’t buy any of the California hotels for sale you find online, this will give you a great idea of how much California hotels cost. You’ll get a look at what’s available and at what price. Shopping around for hotel properties online is very quick and easy, and you’ll be able to learn a lot very quickly. The more you learn, the be
And while you’re at it…
Don't accept any old mortgage just 'cos your desperate
Not all lenders are actually "acceptable'' to you.
They may wear suits and have straight faces but there are some dodgy people out there.
It would be very reassuring to know that your independent broker is prepared to say 'not suitable' about a particular lender even if the lender is prepared to give you a mortgage.
Who are we talking about? Well for instance lenders who regularly "sell on" their mortgage books so you are eventually perhaps left with a lender you haven't heard of, or worse still, lenders who are not interested in after sales but merely in receiving their interest repayments.
"Independent Mortgage Brokers" are NOT "Independent Financial Advisors".
Remember also that we're talking about "Independent Mortgage Brokers" NOT "Independent Financial Advisors". The latter not only source from "the market" but will or should throw in other advice simultaneously to arranging the mortgage.
For example they should advise you on the suitability of either existing or new insurance covers, possible pension linking and the fact that some lenders will only lend via intermediaries, so their offers would never be available via High Street, newspapers or, internet.
IFAs have been well policed by the FSA and its forerunners since 1988.
Finally; be careful out there my friend. This is your mortgage, not your broker's.
Good luck
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