1. Gerry Hiney

    Hi Karl.
    Hope you are hanging in there.
    I know you speak to Charlie Weston alot and so, as a regular reader of your Blog, would be interested in your views on his article in relation to ‘outlawing’ broker commissions. Once again Mortgage Brokers find ourselves having to defend our existence and the value we bring to our clients. Charlie is an experienced financial journalist so he should be aware of some basic facts in relation to Mortgages and Commissions. I know he has to sell newspapers but feel the article is grossly unfair and portrays a very shady image of Mortgage Brokers. Knowing you always have a view on most mortgage related issues, I would be interested in your opinion on the article. My opinion, for what it is worth, is that the following key facts were ignored when the article was being written.
    -Brokers have a duty of care to their customers. If we dont act in the best interest of our clients we leave ourselves open to severe sanctions (including withdrawal of Authorisation)from the Financial Regulator. We also run the risk of losing our most valuable assest i.e our customers.
    -Different lenders have being paying different commission rates on mortgages for the past 5 years. I am amazed that Charlie has only realised this now. If Mortgage Brokers were chasing the highest Commissions instead of giving best advice we would have been exposed long before now,
    -The article gives no credit the intelligence and astuteness of today’s mortgage customer. Try to pull the wool over their eyes at your peril.
    -Charlie finishes the article by asking the question, when did the interest
    of consumers ever matter in this country? Yet in the previous paragraph Charlie is saying that consumers should pay a fee for a professional service which mortgage brokers provide to consumers free of charge at present.
    Apologies for bending your ear but as someone who speaks to Charlie on a regular basis would be interested in your opinion on his motives for writing such an article.

  2. Éamonn

    The spread of Sharia finance is simply Silent Jihad, i.e., non-violent Jihad. Western civilizaion is committing suicide. Eyes right! Everybody face Mecca!

Trackbacks for this post

  1. uberVU - social comments
  2. Twitter Trackbacks for Irish Mortgage Brokers | Mortgage Brokers Dublin [] on

Leave a Comment

Awesome! You've decided to leave a comment. Please keep in mind that comments are moderated.