Networks missing bigger picture on seconds advice – PTFS
Ray Hurst
David is right here it is great opportunity as we need to look at finance secured on property on a far wider range when advising our clients , given the needs of a changed market place we now operate in. Our clients expect and deserve that we update our skills accordingly.
Natwest to instruct valuations on day one
Stuart Rae Duncan
That is excellent and I volunteer for the pilot. I have very few cases that don’t go to valuation and I guess that Natwest have done the sums and feel that way too.
Lloyds’ Noakes says post-MMR borrowers still jumping through hoops
John Azopardi
Ergo, everyone needs a nimble mortgage broker.
Debunking the myths surrounding self-employed lending – Chris Hall
SOX
In my experience, those that could not ‘prove’ income, could not do so because they were ‘having their cake and eating it’. Choosing various tax dodges to avoid declaring their real income then ‘crying into their cornflakes’ when they couldn’t borrow what they needed. And before you all wage war on me, I’m a limited company director who pays both corporation tax and income tax!
Yes, some people have complicated affairs but none so complicated that they couldn’t provide what’s needed if they could actually ‘be bothered’ and if they ‘did things correctly’. What I find laughable is that only this week I had an accountant referring me to ‘paragraph 5 of the ICAW technical release 2.01’ which states that accountants should not be asked to provide an ‘accountants certificate’ and make comment on the viability of their clients businesses moving forward, as this compromises them in some way. This same accountant told me ‘I should not be recommending a mortgage to my client if they cannot afford it’!
I replied to this accountant that i had taken the time to get to know my client and therefore i knew, that even though they only had one year’s accounts, I felt able to put the case in front of an underwriter because the underwriter would accept my professional judgement on the case and give it due consideration.
The client in question had worked as a social worker for 10 years with an average salary of £55k in the last three years. Her first year’s accounts reflected this ongoing income and therefore, without any need to refer to some cowboy outfit on another continent, my case was assessed, my advice understood, and the clients mortgage offer issued, even without any assistance from the stuffy accountant.
Thereby proving that it is the skill of the adviser and a sensible approach from the lender that makes these things possible, and that ‘criteria’ can be challenged by the brave!
Tesco Bank mortgage intermediary team and distribution plans revealed
doug
I can’t access 3-4 lenders like TSB and HSBC as I’m a directly authorised (DA) adviser and currently many new to independent advice lenders like TSB only use appointed representative advisers. But I’ve never been as busy and no clients have questioned lenders like Godiva, BM, Nationwide or Coventry I’ve placed them with. Tesco will be the same if limited to a few networks at the start but as time marches on and they can handle more business they will accept all brokers.
These new lenders could not handle thousands of applications off everyone in the first stages of allowing access to brokers, and it’s easier to vet a network rather than small groups or one man band advisers.
Our time will come in the next 6-12 months. Just signed up directly with Fleet Mortgages and many more new lenders are accepting business off DAs this year. Mortgage transfers like BM, Woolwich and Halifax offer are getting a bigger profile with other lenders promising the same so they keep the business rather than loosing it in the near future.
