The first comment was a response to this week’s Marketwatch piece which asked a range of brokers whether they expected more product transfers this year.
Paul Barnden said: “I’d like to think that it isn’t a key difference with Just Mortgages in that they carry out a detailed review. Surely this is what every broker should be doing, if not they are betraying the trust of their clients.
“I am a sole adviser practice and feel privileged to have the trust of my clients. Whether it is a new purchase, remortgage or product transfer, for both buy-to-let and residential mortgages, I follow the same process to ensure that I am providing to the best of my ability a comprehensive service to my clients.”
Barnden added that he recently had a client who had spotted a five-year fixed product transfer with Virgin Money, but after going through a check, Barnden found a more competitive remortgage product with Santander which that saved the client around £50 per month.
He added: “If I had chosen to cut corners, he would have been none the wiser and I could have earnt more from the Virgin Money product transfer than the Santander remortgage, but it is all about doing the right thing.”
“I have no doubt that the majority of brokers would have done exactly the same but as John Phillips may be alluding to, I believe there could be some advisers who chose to earn the quick buck provided by a product transfer and should this be the case this is not a good outcome.”
He concluded: “That said, product transfers will always have their place and for those whose circumstances have changed, potentially making them unmortgageable, they offer a much needed financial lifeline.”
Self-employed borrowing potential ‘hindered on massive scale’
The second comment was to the news that Natwest would release a new proposition for self-employed borrowers in August.
Paul Smulovitch said: “It is so sad that the self-employed have had their borrowing potential and opportunity to borrow hindered on such a monumental scale when these are the same people that are the backbone to creating business and investment opportunity.”