Letter of the Month: Easy pickings accusation shows lack of knowledge

From Malcolm Davies
I wonder how many brokers were angered by the uninformed and potentially damaging article in the Daily Mail by journalist and Mortgage Strategy columnist Guy Anker on June 13?

Entitled ‘Brokers add thousands to cost of mortgage’, the article covered the supposedly easy pickings enjoyed by brokers arranging sub-prime mortgages and especially the sales of mortgage-related protection policies.

The article suggests that, based on a 32-year-old couple with a 100,000 mortgage, a typical life and critical illness policy could “hand your broker 1,000”. It then suggests the broker could get 100 more in earnings from a home insurance sale and even more from mortgage payment protection policies.

Is it not strange these sales are being made by genuine hard working brokers throughout the country and are increasingly being viewed by the Financial Services Authority as best advice?

One of my clients when diagnosed with cancer earlier this year was delighted to have been recommended critical illness cover and was even more delighted to have made a good recovery and have had their mortgage paid off in full by their insurer.

I am sure my client feels I earned my fee rather than had it handed to me!

Malcolm Davies

mortgage and general insurance broker,

The Personal Mortgage Service