This facility has opened so many doors for clients and brokers alike but has also encouraged some get rich quick merchants into the market who are charging outrageous fees up front and in some cases not returning the fees if the case does not proceed.
We do not need firms like this in our market place when the general public have been bashed around by our greedy bankers who have taken the pot of gold and run off into the sunset leaving us to pick up the tab, and we have a slightly new breed of screw the client persons who we are left to explain to the client why the deal cannot go ahead and they have lost the up front fees.
It is and always has been buyer beware, but it is the adviser who is left with egg on our face trying to explain the position to the client. The answer is if the lender charges large up front fees do not under any circumstances use them and when the business dries up maybe the lender will think again.
We have to take charge and make it clear to our clients that we are not here to rip them off, we want to do business and yes we expect to be paid a fair fee for doing exactly that, but we want to keep our clients and get recommendations from them , rip them off and they will not come back and you will not get any recommendations , the best advert you can ever have.
Michael J Alexander acommercialmortgage4you.co.uk
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