independent advisors to business people with high expectations

We’re just helping a client raise a mortgage and restructure the business‘s banking arrangements  and we were reminded yet again about the tunnel vision of some professionals.

This is probably going to be a sweeping generalization that will upset a few people, but here goes anyway…

Mortgage brokers seem to think they are in the business of raising a mortgage for a person.  We think the job is bigger than that, and we think the mortgage broker stops short.

Surely what people want most is guidance about the overall structure of the mortgage (as well as the money of course!).   You want to know what’s in your best interests don’t you? … you want to know what’s going to do a great job for you in the long-run.

Sure you want the money, but don’t you also want to know how to have it working for you in the best possible way?  Raising the money is only part of the job, the other part of the job is about how that money gets structured, how that money works for you.  And that’s the part that doesn’t get done!

Mortgage brokers seem to be blind to this.  Why don’t they take a wider view of it?  It’s almost like their only concern is raising the mortgage and getting their commission.   You know in one way, the money’s the booby prize (not a bad booby prize we’ll admit) – but if the money’s not structured properly it ain’t gonna do the best job for YOU!

Well, maybe the mortgage broker’s job is just that … raising the mortgage.. finding the money for the client.. and how the money’s set up isn’t actually his domain or his concern.   We don’t think so, but it could be.

What do you think?   Have we got it wrong?

What’s your experience of mortgage brokers?  Do they do more than just raise the money for you?  Do they give you advice on how to structure the money so that it works best for you?

We’d be really interested in what you’ve got to say about this.  So what do you think the mortgage broker’s role is .. have they got it wrong .. or have we???

Do you have any questions?  Please don’t hesitate to contact us.  We’d be happy to discuss them with you.

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