The reason most of the best deals are only available direct is dual pricing by lenders and the deals they offer at 90% LTV that brokers can’t get at.
I see a lot of first-time buyers who only have small deposits so I tell them to go direct to lenders as I can’t compete with their rates. Of course, lenders want this business direct so they can then sell top-up products.
But if you look at deals at 75% LTV and below lenders want our business as it is lower risk. This is mainly remortgage work so fewer top-up products can be sold.
Lenders are not treating customers fairly – they are looking after their own interests.
If the FSA was truly acting in the interests of consumers it would have stopped dual pricing by lenders ages ago.
As for Moneysupermarket.com, it’s only trying to promote its own site. Clients need advice. I don’t know how many times I’ve had clients tell me that they have seen a cheaper deal on a comparison site, but when I look into it they are not eligible for it.
Many clients still want advice during the mortgage process but the way the lenders are trying to extinguish the broker sector this may soon become a thing of the past.
So FSA, please do something for consumers rather than banks before it’s too late – even if it’s your final act.
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