Brokers can’t make a living in these turbulent conditions

Regarding Danny Lovey\'s spoof open letter to mortgage brokers from lenders (Mortgage Strategy April 14), brokers can\'t make a living.

Like many brokers, I visit clients and do fact-finds, get back to the office and find the best solutions, visit them again to go over my recommendations then head back to the office to print out the necessary documents.

After this I go back to clients for signatures and proof of identity. Then it’s back to the office to complete their app-lications and send them to lenders.

Then next day I find the products I have recommended withdrawn without any notice so I have to go through the whole process again.

Lending criteria are then altered during the application process and finally the base rate falls and my clients expect their deals to reflect this. And what happens? Lenders increase their rates.

Now, some are adding £1,000 booking fees to products.

After adding up all the fees clients have to pay, it’s sometimes cheaper for them to stay where they are if they are remortgaging.

Jonathan Hammond
Hammond Mortgage Services, Altrincham, Cheshire