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Round up: Our pick of the best 2016 reader comments

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  • 22/12/2016
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Some of the most interesting and insightful comments on industry issues come from you, our readers, so we've selected a few of our favourites on the site this year.

Posted by Stuart Duncan on TMPE16: Nationwide marks out stance on retention fees

At least Gary is being honest – we keep hearing that lenders are “actively reviewing this” when they are not. It would please me more to have heard that Nationwide were dropping their dual-pricing approach in terms of branch mortgage deals. That is far less broker friendly.

Posted by The Cynical Broker on What has Mark Carney ever done for us?

I’d far rather Mark Carney was in control of an independent Bank Of England, than a bunch of incompetent vote grabbing politicians any day of the week!

Posted by Rob on Broker fury over Santander’s move to attract clients to switch six months early

Frustratingly, I can’t boycott a lender over their stance on retention. If that was the case, I would not be able to be a broker as the majority of lenders don’t pay. Another frustrating point is that Santander are a dream to place business with – their systems are slick, their service is fast, their rates are usually there or there about so if best advice is to place the customer [with] Santander, then I will continue to do so. Hoping in the future they will start paying on retention – would always love an additional stream of income – however, people who say they don’t do business with Santander because they are “not on the broker’s side” or “bite the hands that feed you” are the ones that probably need to be investigated by the FCA as I can’t see them being TCF compliant.

Posted by Andy Wilson on Brokers back FCA’s scrutiny of network-lender panels

What might be of more help is for networks to publish the criteria on which they build a panel. What allows one lender on but removes another? If financial incentives play a significant part, then it is right to question their inclusion.

Posted by Conrad28 Habito launches ‘human-free’ mortgage advice service

About time we started seeing this whole ‘robotic-advice’ show up in the mortgage industry. Hats off to this firm and others that are trying to break the mould from boring, outdated advice models.

This obviously is not the perfect fit for every client. But as a customer I would use this service. Why not? What is the difference between a 55-year-old broker or a software algorithm giving me mortgage advice? At the end of the day it all comes down to someone’s interpretation of me, my needs, rules, regulation and the market.

Would love to understand how their software works behind the scenes and what it does when it comes to the mortgage app? As I assume someone re-keys this? Or have they got a direct route into the lenders decision and application systems?

Anyway, there should be choice available to everyone and room for digital, robo and traditional advice methods in this industry. I agree with many that traditional advice will be given alongside a new era of digital and robo-advice.

Posted by Stuart Duncan on What Virgin Money’s broker campaign means for the market – Marketwatch

Yes, it is a good move by Virgin. One big flaw in MMR was the online execution-only get-out and I expected cynical lenders to exploit that, which they have to some degree, but Virgin’s stance is refreshingly pro-broker.

Posted by William on Landlords win Court of Appeal case against West Brom

Bravo for the win; “David against Goliath” springs to mind!

Posted by The Cynical Broker on Four more buy-to-let lenders to launch this year – Whittaker

Oh dear, Colin Cloy won’t be happy to hear that more of those nasty buy-to-let lenders are launching this year!

Posted by Annalog Stamp Duty surcharge should not hit parents buying with child – CA

I am buying my first property and getting a joint mortgage with my mum because my work situation is not yet stable. Because my mum is on the mortgage, only in name as I will be paying the lot, I have to pay thousands of pounds for the stamp duty. It’s devastatingly unfair.

Posted by Juliet Coukham on Responsible lenders have ‘nothing to fear’ from PRA proposals – Fleet Mortgages

This is a refreshingly constructive response to the spirit of the PRA proposals. There’s much to be said for Fleet and other lenders taking a commonsense approach, whether or not they’re forced to do so.

Posted by Esther on Govt outlines plans to streamline house purchase process

It is such an old fashioned and out of date process given the digital age. Why can’t all documents be available on digital format provided by the vendor when a property is put up for sale? Just like buying any other product in any other industry. You can even purchase, check and drive away a car within hours.

Posted by John Azopardi on Lloyds’ Noakes says post-MMR borrowers still jumping through hoops

Ergo, everyone needs a nimble mortgage broker.

Posted by Andy Wilson on Selfcert.co.uk misleading consumers on website

Any one of a number of Britney Spears hits: ‘Scream & Shout’, ‘Circus’, ‘Toxic’, ‘Oops…I did it again’ or ‘Gimme More’. I was going to add ‘Lucky’ but I don’t think they would be.

Posted by Anon Larger buy-to-let portfolios to be sheltered from Stamp Duty hike

FTBs aren’t just going to pop up out of the blue because BTL investors might not be willing to let their profit margin take a hit. Prices would still have to fall significantly for the average couple to afford a purchase. So the question to ask would be: What will keep the property prices where they are? (And how effective is that likely to be?)

Posted by Stuart Gregory on Case study: Moving mortgage networks from Legal and General to Openwork

Great to hear, but I wonder if the process for a smaller brokerage would be as simple as this – or whether the network you leave would be as helpful. Feedback I’ve heard from smaller brokerages is that the freezing of commission pipelines and the ‘claiming of clients’ by the network you leave can occur.

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