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  • Wanted & Recommendations

    A tale of two brokers

    I originally contacted a few brokers as I was a first time buyer looking for a BTL mortgage and there are only a few lenders who would consider my application.

     

    I dealt with Commercial Trust who found me a mortgage through Natwest. When I contacted Natwest direct I was offered the exact same rates as those offered through Commercial Trust who wanted to charge me £1,000 for the service they had provided – which basically amounted to finding out that Natwest would give me a mortgage.

     

    Once I had my offer for a flat accepted using Gazeal they referred me to Mandalay Financial. They were able to secure me an even better deal through Natwest saving me a couple of hundred pounds a month on my mortgage payments. They usually charge a fee of a few hundred pounds but tend to wave this if the client is referred.

     

    I was thoroughly impressed with Mandalay and the broker I dealt with, Kamil Waluszewski.

     

    I would recommend them for anyone looking for a mortgage or at re mortgaging.

     

    Diego

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    Dear Diego,

    Commercial Trust is a specialist broker of buy-to-let mortgages, commercial mortgages and bridging loans. We do not hide the fact that we charge a fee for our services, you will find a summary of our fees outlined on every page of our website and it is part of our process to discuss our fee in the first conversation we have with any prospective client.

    If we conduct work on your behalf to identify a product, which best fits your needs and circumstances, it may be that the outcome is a product that you could secure directly with the lender in question. However, without a product recommendation from a specialist, who is intimately acquainted with the criteria and products available from a huge range of lenders from across the marketplace, it is likely that it would be far more difficult for you to quickly and effectively identify said product.

    At a time when the buy-to-let marketplace has become ever more complex and difficult to navigate, we are confident that the service we offer adds value to our clients, not least because we have received (as at 26/06/17) 258 reviews of our service via Trustpilot, 92% of which are between 4-5 stars out of a maximum of 5 stars.

    The benefits of our service does not stop at our specialist expertise in terms of a product recommendation. We also offer our clients:

    • The dedicated services of a Mortgage Administrator, who collates all paperwork from our client and manages the dissemination of it to all relevant parties, chases up valuations, conveyancing solicitors and the lender to alleviate as much of the stress and hassle from the client as possible.
    • Access to exclusive deals which are a result of the size of our brokerage within our industry.
    • A promise to our clients that we will not charge any fee until we have established that we can secure a decision in principle from a lender. This means that we will invest the time of our expert advisors to undertake a detailed discussion with every prospective client, to understand everything we need to know about them to get that lender decision giving the client the comfort that we have demonstrated the value of our service before they part with any money – something many other brokers do not do.

    I am of course disappointed that we failed to convince you of the benefit of our service, such that you went elsewhere with the work we had done for you, but I hope the above clarifies why any client of Commercial Trust should expect:

    • A fantastic deal that meets their current and future investment strategy or (if a lender cannot be found) a clear picture of what is needed to secure a product in the future
    • World class customer service
    • A hassle free path to the completion of their deal
    • The ongoing support of a broker who truly believes in doing the very best for our clients today and everyday

    If ever you should find yourself in need of the above, any of the team here would be delighted to prove the worth of our service to you.

    With best wishes,

    Nicola Eaton
    Commercial Trust

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    Writer: Commercial Trust Limited Follow us on Twitter: @CommercialTrust Please note that anything I write is for information purposes only, and not to be construed as advice. Commercial Trust is regulated and authorised by the Financial Conduct Authority. Registration number 610175.


    Hi Nicola


    Thanks for your reply. And I do appreciate that you feel your service offers value for money. I'm sure you have many customers who agree.


    However, my view/feedback is that the above does not represent value for money. I received all of the above, plus a heavily discounted rate on my mortgage through Mandalay. They waived their fee as I was a referral. If I had been charged a fee this would not have been more than a few hundred pounds.


    So what we have here is a comparrison with others brokers in the marketplace that you occupy - the one I went for offered me the same service + a substantial discount on my mortgage for 20% of the cost (in actual fact it was 0% of the cost but I am using the fee they sometimes charge for illustrative purposes).


    Regards

    Diego

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    Dear Diego

    Everything that a broker can offer in mortgage terms, if they have like-for-like access to products in the marketplace, will be the same (in our case we are lucky to be able to also access exclusive deals). The point of difference is the service and added value offered to the clients they work for. I have done my best to give a flavour of the ways we assist our clients and add value to them, but of course there is a myriad of complexities and nuance in the work that we do which I could not cover here.

    As to your note on the discount on your rate, as you initially told me, the product we recommended to you before this broker’s work on your behalf was the same as the one they recommended, so you would have benefitted from that discount, regardless of the company you used.

    If yours was a very simple case, you may well find that a generalist broker can achieve a result for you. However, as you may have seen in the press, the realm of buy-to-let is becoming ever more complex and it is anticipated by a number of industry bodies that the utilising the knowledge of a specialist broker will put buy-to-let mortgage clients at an advantage.

    You may find this article on our website useful/of interest to illustrate some changes which are currently on the horizon:

    https://www.commercialtrust.co.uk/news/b...ting-pt-2/

    Wishing you all the very best with your property,

    Nicola

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    Writer: Commercial Trust Limited Follow us on Twitter: @CommercialTrust Please note that anything I write is for information purposes only, and not to be construed as advice. Commercial Trust is regulated and authorised by the Financial Conduct Authority. Registration number 610175.


    Hi Nicola


    To clarify the below point:


    "As to your note on the discount on your rate, as you initially told me, the product we recommended to you before this broker’s work on your behalf was the same as the one they recommended, so you would have benefitted from that discount, regardless of the company you used."


    The mortgage rate I was initially offered through Commercial Trust (a fee of £1,000 would have been payable) was identical to the rate I was offered when I contacted Natwest Direct. It was only when I went through Mandalay that I was able to secure the sizeable discount.


    Diego

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    Dear Diego

    Many thanks for this clarification. As I said previously, everything that a broker can offer in mortgage terms, if they have like-for-like access to products in the marketplace, will be the same. The point of difference is the service and added value offered to the clients they work for.

    Had you given us the opportunity to work with you, I am confident that we could have achieved the same discount. I welcome the opportunity to investigate this further, I have been unable to find anyone with the name Diego who has recently placed an enquiry with us, but I appreciate you may be using a pseudonym to preserve your anonymity in this public domain.

    Please do feel free to email me via info@commercialtrust.co.uk.

    Best wishes,

    Nicola

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    Writer: Commercial Trust Limited Follow us on Twitter: @CommercialTrust Please note that anything I write is for information purposes only, and not to be construed as advice. Commercial Trust is regulated and authorised by the Financial Conduct Authority. Registration number 610175.