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Round up: The best story comments of 2015

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  • 23/12/2015
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Our readers aren't afraid to make their voices heard, and the last year has seen the Mortgage Solutions site awash with comments that span from thought-provoking to the downright bizarre. Here's our pick of the best in 2015.

Posted by MJ on ‘Know Your BDM: Colin Hammond, Santander’

Colin is top draw when it comes to BDMs; definitely one of the best. Very helpful and very knowledgeable, and an all-round great guy.

It is because of him I ended up doing over £10m a year with Abbey – in the boom days of course! This increased from absolutely nothing as I did not want to use them as they were so bad. Colin called out of the blue and took the time to get me on board. I still use them now 10 years on. Just goes to show a good BDM makes all the difference.

 

Posted by Adam Hosker on ‘Tweet compliantly, don’t squawk – Blacks Connect’

I’d simply suggest that brokers should not be ‘tweeting rates’ as that is one sure way to lose followers. It’s not an avenue for advertisements.

You only have to look at the businesses leading on Twitter. Take O2 or EE; do they tweet about their call rates? It’s more about their USPs, connecting with community, quick tips, jokes, competitions and guidance, reporting news.

You’re also probably best ditching the ‘company name limited’ tag and get going on your personal name; to build a rapport not a mailing list.

 

Posted by The Cynical Broker on Industry calls for full regulation of letting agents’

It’s not just letting agents, it’s ALL agents both estate and letting that should be regulated. They are the only part of the housing industry that isn’t and it’s high time the government put a stop to this ridiculous scenario and brought these people to book. It would also help the housing market as it would put an end to their more nefarious schemes to keep inflating prices. It would also be beneficial to borrowers, who would no longer be bullied with threats of losing the property, into using the vendor’s estate agents’ in-house mortgage broker, invariably ending up with a worse deal.

 

Posted by Steve on ‘Which? equity release comparisons ‘pretty meaningless’ – IFS’

It appears to me the person writing the report for ‘Which’ does not have a clear understanding of the mortgage market in general and certainly does not appear to have any understanding regarding options available under equity release schemes.

It appears they have their own journalistic interests at heart rather than those of the clients.

 

Posted by Jamie on ‘Pink’s brokers to carry out protection stress testing on every mortgage

So, morally, if the protection they need pushes the clients out of affordability I would expect the Pink broker to be telling the clients that they should not arrange the mortgage.

Posted by Mark G

Missing the point chaps. We are asking clients to bring details of sick pay to the meeting. Only 5% of clients have their income covered, so we are not exactly doing a great job are we? The answer is yes if you cannot afford the insurance they should not have a mortgage. But I suggest they cancel Sky first before we go down that route.

 

Posted by Mac75 on ‘Decision on HBOS investigation made before final report was seen, MPs told’

The whole process regarding investigations and decisions not to pursue former directors and the auditor seems to have been a complete botch up from day one.

It really leaves a bad taste when the regulator just backs off the big boys. This does not give any form of confidence in the regulator when potential miscreants get off scot free. If it had been a brokerage firm they would have been judged and fined by now.

The regulator and the government need to get its act together when dealing with such serious issues as this.

Taking so long to get reports out just makes a mockery of the whole process. How much money have the investigations cost, just to get zero result?

 

Posted by mic2002 on ‘Shared data model among lenders could spark ‘revolution’ – Twenty7tec’

It would also make comparisons very easy. This means much easier for that nemesis, the comparison website, to operate. Brokers don’t need easy. We like complex.

 

Posted by HonestBroker on ‘Self-cert lender launch ‘outright attempt’ to bypass MMR’

A self-cert mortgage is/was aimed at those who earn one figure and declare another. As you will still require legal work to register your purchase/remortgage (including details of the lender), your details will be passed to HMRC. Anyone who plans to borrow this way, best of luck when you are investigated for tax.

 

Posted by Brian Hall on ‘Tenants will lose out under buy-to-let tax cuts and regulation pressure’

I fail to see how reduced profitability for landlords represents a threat to tenants. I suppose some might think that the result will be higher rents, but the market is paying about as much as it can. Ultimately, landlords will take the hit.

If sufficient numbers of buy-to-let investors bank their profits and vacate the sector, a sudden increase in the supply may trigger a property price correction, which will further damage landlord profitability and cause more to vacate.

This market-driven, positive feedback loop (or vicious circle) is exactly the reverse of the bullish conditions that have caused the rapid growth in the private rental sector in recent years. Boom and bust is the way of the property market.

IMLA is saying what one would expect. But if the buy-to-let sector is hit, their broker-oriented lenders will switch to first-time buyers, or whatever is the next big thing. And it will be their highly geared, interest-only landlords that suffer most.

 

Posted by RRJ onTell us the most unusual expense on a client’s bank statement to win a Fortnum and Mason hamper’

Many years ago, whilst checking a new adviser’s case, I came across a bank statement entry – a debit for £99 for a ‘gimp mask’.

Hmmmm, not sure how this would be treated by lenders under MMR affordability/lifestyle choice…

Posted by Good Mortgage Man

£99 for a Gimp mask!? I have never heard anything so ridiculous in my life! I never pay more than £49 for mine…

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