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Mortgage Mutterings: The week that was 28 Nov – 2 Dec 2011

by: Mortgage Solutions
  • 02/12/2011
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Mortgage Mutterings: The week that was 28 Nov – 2 Dec 2011
This is the Mortgage Solutions weekly talk back page.

Mortgage intermediaries to be “at heart” of Virgin Money
Mortgage Solutions | 28 Nov 2011 | 12:13
Kay McLellan

When Virgin first launched One Account many years ago, I rang them up to introduce business; the woman on the phone was so cocky and told me: “We don’t do brokers.”

I asked her why and she said: “We don’t need them.”

Then a mere few months later and all of a sudden I received a very heavy box through special delivery. When I opened it up, it contained all sorts of gifts and a bottle of champagne.

It was from Virgin Money, telling me how much they valued us the brokers.

Now I’m not the brightest spud, but even I worked it out then that Virgin struggles to get people to buy its products.

As to Northern Rock, we’ll just have to wait and see…

Dubious
28 Nov 2011 | 14:41

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MS Poll: Is HSBC’s fee-free 90% deal a silver bullet for FTBs?
Mortgage Solutions | 28 Nov 2011 | 12:29
Mortgage Solutions

Speculation and incentives are all well and good, but has anyone thought to ask the FTBs what will motivate them over the next 12-18 months?

John
28 Nov 2011 | 16:29

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2011 to record lowest housing turnover in 40 years
Mortgage Solutions | 28 Nov 2011 | 09:55
Kay McLellan

Regulations are to be blamed too for this slow down. Every day, good credit-worthy clients are being denied loans. The FSA needs to be told this by the industry leaders. The government needs to be told.

To protect the consumers, who are now paying through their noses for the same business, the FSA has damaged this industry.

Salam Ansari
28 Nov 2011 | 17:06
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Rogue debt management firm owes £600K
Mortgage Solutions | 29 Nov 2011 | 10:21
Rachel Dalton

I was approached by a recruitment company to go and work with them. Assured that there was no “recruitment/joining/franchise fees” I travelled a 300 mile return journey to find that they wanted £1,500 for the privilege of me providing their services to clients. Needless to say, I didn’t take them up on their kind offer.

Ian Griffiths
29 Nov 2011 | 10:45

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Average broker pay leaps 17% in 2011 – official figures
Mortgage Solutions | 30 Nov 2011 | 14:44
Kay McLellan

Is this for real? Who are we deceiving? Are these self-employed IFAs or self-employed mortgage brokers. I THINK NOT. We are still suffering. Business is almost non-existent. I have only had TWO mortgage completions this year.

Larry
30 Nov 2011 | 16:16

That’s a very big title with many sub-headings; it would be interesting to see where mortgage broker income is at, not that average on taxable pay I would suggest. Might be partly to do with all the part-timers getting out as well, there are a lot less of us.

Smudger
30 Nov 2011 | 16:17

Just where is this happening? My turnover is 68% down on three years ago. Quite honestly, if I could get out of the industry, after 34 years, I would.

Steve Foster
30 Nov 2011 | 16:53

I agree entirely with what Steve Foster has just said. My income has dropped by about 70% to, with very little hope of ANY recovery in the foreseeable future. Maybe they are including the pay of the FSA in their figures. If only I, like the majority of us, could get out of this broken industry.

David
30 Nov 2011 | 17:35

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The golden selling opportunity brokers are missing
Mortgage Solutions | 30 Nov 2011 | 15:42
Kevin Paterson

It’s not a golden opportunity; it’s a pain in the Arsenal. Price, not quality of cover, is the major concern of the homeowner and if we spent the time needed explaining this then the broker wouldn’t last long for the £75 odd we get paid. “Renewals”, I hear Kevin say. Back to square one, convincing/selling the renewal price for the same £75…. I don’t think so….. “go compare” the reality Kevin! 😉

Michael Rogerson
01 Dec 2011 | 07:57

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SHIP to represent all equity release firms from 2012
Mortgage Solutions | 01 Dec 2011 | 07:04
Kay McLellan

That is great news. I think this is a really positive step and will have the oppurtunity to greatly enhance the whole sector. IERAA give SHIP its full support in moving forward and look forward to being members of the enlarged body at the earliest opportunity.

Anthony Harris, Chairman Independent Equity Release Adviser Alliance
01 Dec 2011 | 09:07

Akin to sticking a plaster on a sinking Titanic.

HW
02 Dec 2011 | 10:40

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Mortgage Brain buys MortgageStream
Mortgage Solutions | 01 Dec 2011 | 10:00
Vicky Hartley

I’ve been using MortgageStream for several years now it is an excellent product. I understand that MBL have specifically agreed that MortgageStream will continue to be supported and developed.

Bob Riach Riach Independent Financial Advisers
01 Dec 2011 | 12:34

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RBS and Santander warn reform costs “understated” by billions
Mortgage Solutions | 02 Dec 2011 | 09:24
Mortgage Solutions

Anything the government gets involved in cost wise is always underestimated. It may say it uses accountants for these figures, but the only way to get a real feeling of costs, whatever the project, is to listen to the people involved at the front end.

Terry
02 Dec 2011 | 10:09

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