#rant #martinlewis

#rant# ..... Martin Lewis related 

I've always been a big supporter of Martin Lewis and his financial education that he pushes for the UK. However, I picked up his mortgage guide from a facebook post last night with interest. I am qualified to advise on mortgage but they are not something which I actively market, therefore an unbiased introductory guide could be a useful resource to pass onto clients and prospective clients. 

The guide is sponsored by L&C (huge company, well known, heavily market on being fee free), but Martin Lewis promises 'it has no influence on the content' and 'written with complete editorial independence' 

Then we get to the fees section: 

'we'd avoid any broker that charges an upfront fee or even before you complete on your mortgage' 

'the first type has the advantage that some of them are fee free, including London & Country'

The above would imply that the 'no influence' and 'editorial independence' is somewhat stretching the truth.

Why may a mortgage advisers charge fees before completion:

First time buyers often want the mortgage appointment months (if not a year) before they buy, why should the broker not ask for the fee to be paid on receipt of the decision in principle? Surely they deserve to be paid in the same year that they do the work! 

Charging a fee for research (or upfront fee) again why should a broker not do this many clients have been known to be somewhat economical with the truth. Causing masses amount of wasted time and resource.

Majority of the mortgage advisers I know are self employed so therefore if they have clients who do not go ahead for whatever reason they are out of pocket after paying for compliance, research systems and general expenses. They also go above and beyond for their clients to ensure that they have the smoothest mortgage experience possible and in many cases become friends more than clients.