You are here: Home - Your Community - Top Comments -

Clients are amazed to complete when other brokers gave up – Star Letter 17/08/2018

  • 17/08/2018
  • 0
Clients are amazed to complete when other brokers gave up – Star Letter 17/08/2018
Mortgage Solutions and its sister title Specialist Lending Solutions select the most thoughtful or thought-provoking comment for Star Letter.


This week comments from Paul Adamson and Doug captured the attention in response to the article: The challenges of rescuing clients from another mortgage broker – Chris Hall.


Paul Adamson wrote: “We hear this continuously from clients. There was one very similar to the one you mentioned actually, only last week – with the £1,995 upfront fee.

The broker even marked-up the valuation fee and took payment even though when I did an FCA check they didn’t have authority to handle client funds.

The property here would be deemed back-to-back and I explained that barring a couple of non-mainstream lenders like Together, no-one would lend at the full market value of a buy to let.

The other broker had sent the application to Paragon Finance [who don’t do this].

[Those brokers were] absolute cowboys.

Although like you we always take these sorts of whines from clients with a pinch of salt as there is usually more to it than is told to us, however regarding this case there are no excuses, the clients had been totally forthcoming with all the facts.

It’s shameful these types of brokers are still getting away with robbing people.”


And Doug wrote: “This happens all the time.

Many brokers want the easier vanilla re-mortgage or purchase cases but don’t like putting in hours of extra work for the self-builds, adverse clients, right to buy, limited company buy to let, expats and lending into retirement cases.

I can’t say I blame them. I wonder why I seem to pick up all of the above which can take four-to-six months to complete and take-up at least double the paperwork and time of a normal re-mortgage.

The fail rate is higher than average as well so your key performance indicators at the end of the year don’t look as good as someone in the office picking up clean cases.

It gives you a good feeling when they complete, and the clients are always very happy and amazed it’s happened when the other brokers gave up.

But the extra workload doing six-day weeks and reduced bank balance don’t make me feel any better come payday when some brokers work fewer hours and get paid more.”


Have your say on how to improve standards within the mortgage broker market by voting in Mortgage Solutions’ poll.



There are 2 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.


Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.


Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.


Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
  • RT @robjupp: Great day yesterday for donations to @MortSleepOut. With Gift Aid, we are now close to £17,000. It would be great to get to £2…

Read previous post:
The 10 biggest mortgage broker stories this week – 17/08/18

This week's top story is about estate agents that deliberately inflate value in a bid to win listings.