Mortgage broker question

My mortgage broker told me via Email "If you want to take out a new loan in the future get in touch……otherwise don’t.". We have disagreement over a botched refinance / credit release.

I wonder what can you do if you no longer can work with your mortgage broker?

Would a new mortgage broker would look after my existing loans?

 

hi @kennyboi, you could find a new broker to work with, it is your choice.

re the existing loans, if they were written by your previous broker, they will stay. unless your new broker re write these loans.

better find a broker who can resonate with you and work with you for the long term, that way you could achieve a lot more.

 

I disagreed with my previous broker... they wrote a bunch of loans for me.
The new broker (who I've now been using for the last few years), rewrote some of the loans and left the others - the new broker looked after MY interest, not theirs.

Good brokers are NOT about getting ALL your loans, they are about looking after YOU!
(However only you can decide that - people can recommend, but it still up to you).

PM me if you would like to know more.

 

Wow, that's a bit narky of them!

If your new broker re-writes the existing loans, they can take them over but otherwise they'll stay under your current broker - this isn't an issue though as your new broker should be able to help you if you need to reprice or split etc, or they can advise the best way if they can't help.

 

as if you would get in touch for a new loan after that!

 

You can move onto another broker

Your existing broker will continue being paid trail on existing loans unless those loans are refinanced by the new broker

Cheers

Jamie

 

Life and business is a two way street. Relationships change and sometimes a new start with someone else is best.

I was recently made aware of some clients of mine committing non disclosure fraud on a large scale with a direct to bank application (that failed servicing by $9000 / month). Interestingly as it was a top up of a loan that I had written a few years earlier the lenders solicitor included me in communications and as such I was able to see a copy of the application data that showed $2M less in liabilities than they actually had. I am sure it was the clients not the bank as they had some form in this regard even asking me to do it on their behalf. Once the top up settled I discretely asked the bank to remove those loans from my book which they did. Kept lots of file notes and emails.Was tempted to notify the bank of the fraud but also didn't want to drop my clients in the sh&t.

A few months later they emailed me to see if I could do better on some existing loan rates. I didn't tell them about the above just advised I no longer wanted to be their broker. I think they knew I knew.