First Direct Mortgage Interviews

[barrydidit]

By law do the advisors have to take that course ?

CEMAP qualification to be a mortgage advisor, i think. You can't give advice if you're not qualified. You can't process a mortgage (to non high net worth or mortgage professionals) unless you can advise the customer.

The customer cannot be trusted to choose for themselves.

[Mark McBurney@CMME]

CEMAP qualification to be a mortgage advisor, i think. You can't give advice if you're not qualified. You can't process a mortgage (to non high net worth or mortgage professionals) unless you can advise the customer.

The customer cannot be trusted to choose for themselves.

For further info; there are three levels of CEMAP, and you're only fully qualified after achieving all three, however a lot of 'chain' brokers such as Countrywide or Connells will use people with only CEMAP 1 & 2 (sometimes only 1) as they're working under the 'umbrella' of the overall company, and are working from a lending panel.

Shocking really!

The 'customer not allowed to choose' thing is purely as a result of there now being no such this as 'execution only' whereby am EO broker used to essentially be an 'enabler' for whichever mortgage you chose, as this had the potential to be abused and for people to offer advice incorrectly anyway.

If you use a decent broker now (there are several contractor-friendly firms, Contractor Mortgages Made Easy (us), Freelancer Financials, Contractor Money and Contractor Financials to name but a few, who are all very experienced in the contractor process and use fully qualified people), you won't notice a great deal of difference to this time last year, pre-MMR.

[Martin@AS Financial]

I heard they were bad but I didnt really believe it till now, in total I have had nearly 4 hours of calls with them, the last interview was 2.5hrs long, it was like a police interview with them trying to catch me out it left me exhausted.

Is it just FD that are this anal or other banks interviews the same ?

thanks

As per Mark's comment, you really are not alone. You can see below how many clients have experienced them over promising and under delivering.

First Direct Mortgages Reviews | Mortgage Lenders | Review Centre

It is delays such as these that lead to clients being gazumped on the property of their dreams as the vendor eventually loses confidence and goes with another buyer.

There are a few of us Advisers here on the forum (Mark, Ben and myself) all of whom would be delighted to help.

[jamesbrown]

A variation of it, yes. A good broker will be fully qualified (at least three professional qualifications).

Unfortunately your situation is a good advert for using a good broker; thereby eliminating the need for a pointless, lengthy interview with a lender. As mentioned above, this is pretty much a direct result of MMR, and you're by no means alone.

While I completely agree with this, it's worth pointing out that some lenders (often with the strictest lending criteria, but the best deals for someone with a 40%+ deposit and self-employed lending terms) do not deal with intermediaries. First Direct is one example.

[NotAllThere]

Things have clearly changed in the past 8 years. Mine took 10 minutes...

Things have clearly changed in the last 16 years. I had them calling me....

[MaryPoppins]

Think yourself lucky - for every 5 minutes you sat there, I've spent an hour in a workshop arguing the toss over various additional steps which were being put in place. Although, at least I was billing for my time

I'm wondering if I was in those meetings with you.

[Zero Liability]

Even applying for a current account with FD can be quite long-winded. However, they're the best of the banks I've dealt with, and certainly the most efficient.

[Freelancer Financials]

While I completely agree with this, it's worth pointing out that some lenders (often with the strictest lending criteria, but the best deals for someone with a 40%+ deposit and self-employed lending terms) do not deal with intermediaries. First Direct is one example.

Even HSBC and First Direct are now looking at the Intermediary Route. It's just not practical now for them to continue down the direct route with MMR and stricter compliance.

[Mark McBurney@CMME]

Even HSBC and First Direct are now looking at the Intermediary Route. It's just not practical now for them to continue down the direct route with MMR and stricter compliance.

+1 - really is a sign of the times if HSBC/FD are even realising this!

[Power Mortgages Ltd]

I have had first hand experience of the HSBC application process recently. I think all in, I spent around 5 hours on the phone and I am a fully qualified Mortgage Professional. This was also just for a further advance I may add, not even a house purchase or remortgage application.

I know there are a few people who would never use a broker because they feel we are simply a middle man and why bother when you can do it yourself. However, I think the feedback from those who have gone through the direct appointment approach speaks volumes. After all, how much time off of work would you need to get it done and how much could that potentially cost you in missed invoicing?

It is good to hear that the lenders may be taking note though and considering using intermediaries to recommend their products.