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Star Letter Extra 28/11/2014

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  • 28/11/2014
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Star Letter Extra 28/11/2014
Each Friday, Mortgage Solutions takes a look back at the most opinionated or thoughtful reader comments on the website or letters to the editor.

BDMs are important but some struggling, say intermediaries – BDRC

Indeed BDMs are very important and if utilised by intermediaries a great asset – in reality its another team member.

I find though that many BDMs are struggling with their workload, many covering vast areas – it is expected to receive automated email or voicemails when trying to contact.

I’d take the generalisation that it’s an area in lenders’ businesses that is  underfunded and BDMs need further support. Some lenders of course are better than others.

Adam Hosker

Over 40s face ‘unjustified’ discrimination in mortgage market

So who is going to pay all these people’s mortgages when they are retired and receiving a pittance? Lenders can’t win either way. Lend to people that have little or no retirement income and they come under fire too. Personally I have no issues getting realistic mortgages for people in their 40s so not sure what the fuss is all about.

cathy0903

This issue has been totally overblown, is not news to the industry and not the end of the world as we know it! Interest rates are very low at present and 25-year mortgage terms are not compulsory – folks can have a shorter term making mortgage deals achievable! Also, not every lender backs out at 65.

Ian Watson

RBS cancels customer’s accounts after criticising bank in report

I don’t think asking someone who has openly criticised the way an organisation works to take their business elsewhere is necessarily wrong. Before we leap on the ‘bank bashing’ platform, would we choose to keep someone as a client who was repeatedly highly critical of the way we worked, even if they turned out to be correct? In my business, if a client were to complain, I would certainly take every step to put things right but I wouldn’t want to be maintaining an ongoing relationship with them.

Andy Wilson

Andy,

Sadly I couldn’t disagree more. I’m grateful to clients who take the time to complain, it takes a lot of courage and usually identifies something I can correct/improve – chances are if one person has thought it so have plenty of others.

There will always be those who complain at everything, but even those guys add value to my business.

My issue with penalising or removing complaining troublesome clients is threefold;

1. I don’t think it’s morally/legally right

2. If the client was right, I created the problem so why punish them?

3. Clients who are confident enough to confront you, are likely to be vocal to their friends (positive and negative) so you should take the opportunity to turn your critic into your largest source of referrals

Just my humble musings and not intended as an attack.

Thanks
Bode

Olabode Ayanwuyi

Large mortgage broker firm launches with fixed-fee strategy

To offer a truly whole-of-market service for large loans which ensures that the recommended mortgage is really the best for the client in terms of interest rate, loan structure and bank fee, one must include the whole range of private banks, half of whom do not pay procuration fees. Does this broker intend to charge a low flat fee even if the recommended deal doesn’t pay them a proc. fee? The FCA’s preference is for us to move toward a more transparent proposition which reduces our reliance on commissions from providers. If a broker assumes he or she will receive a proc. fee on every deal, then it seems to me that they are not aware of all of the private banks out there who offer quite competitive terms on loans over £1m but don’t pay us a proc. fee.

Ian Gray

Former Irish property tycoons begin legal battle with Ulster Bank

Wow.. now banks are liable if they do not tell commercial customers about the financial status of the customer’s own business. Amazing.

Suhan Srinivasan

Thank you for your comments this week

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Star Letter 28/11/2014

Each week Mortgage Solutions picks the most opinionated or thoughtful reader contributions from our article comments and letters to the...

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