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No Need to be GREEDY with the NEEDY |
| Written by Adrian Lithgow | |
| Tuesday, 30 May 2006 | |
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New fees free broker issues industry challenge to ditch remortgage arrangement fees. The Mortgage Champion, the New FEES FREE remortgage service, today issues a strong challenge to mortgage brokers to follow its example and slash fees on remortgage business. The Mortgage Champion has introduced a new streamline and high-tech processing model that allow it to make sufficient margin from lenders without having to charge borrowers as well. In a recent mystery shop survey independent firm The Wriglesworth Consultancy, targeted the 10 most visible mortgage brokers and found that in remortgage cases brokers customarily penalise customers facing financial difficulty by charging higher fees, in some cases as much as £5,000. Wayne Smethurst, Managing Director of The Mortgage Champion commented, “I’m now challenging others to follow our example and stop being greedy with the needy.
“It can make financial sense to remortgage your home and release equity to pay off high interest loans, overdrafts and credit cards. But, most homeowners, especially those with credit problems, are not aware of the significant differences in fee levels between brokers and are just grateful to be accepted for a new mortgage and reduce their monthly payments.”
“It`s impossible to justify excessive fees for remortgages. They involve much simpler process than mortgages whatever customers’ circumstances, and mortgage brokers are already paid an introduction fee from the lender.” As well as charging no broker fee, The Mortgage Champion also pay its customers valuation and legal fees. “There is no reason for them ever to have to pay these often excessive charges ever again”, Smethurst said.- ends- For further information or an interview with Wayne Smethurst please contact: Adrian Lithgow George Berkeley Public Relations 1, Berkeley Street London W1J 1DJ Tel: 020 7016 9858 Mob: 0776 4194719 Email: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it Contact information for The Mortgage Champion: Web: www.themortgagechampion.com Tel: 0800 043 1234
Notes for Editors: The Mortgage Champion (TMC) The Mortgage Champion (TMC) is a new fees-free remortgage broker committed to giving customers a great deal when they remortgage. Mortgage brokers normally charge a fee to the customer to arrange a mortgage for them – often up to 5% of the loan amount. TMC will never charge fees. Like all other brokers TMC gets paid an introduction fee by the Lender. It believes this is sufficient reward for what we do without loading costs on our customers. In fact, TMC goes one step further and pay any valuation and legal fees as part of their remortgage service. The company has invested in £1 million worth of new technology that hugely simplifies the application process. Its panel of lenders are all linked into its system which makes processing highly efficient, fast and drives down costs. The Mortgage Champion Limited is an appointed representative of Glow Group Limited who are directly authorised by the Financial Services Authority. It strongly adheres to FSA regulations and welcomes the fact regulation of the Mortgage Industry is on a statutory basis. The company has been founded by Wayne Smethurst with Ron Taylor Walker and other directors. Wayne, a leading industry figure, and Ron established The Finance Centre in Warrington in 1991 as a secured loans brokerage. In 1996 the business entered the mortgage packaging market. It is one of the few mortgage packagers to receive ISO 9001 Quality Accreditation. The Mortgage Champion Remortgage hotline is 0800 043 1234. A free guide to remortgages is available from www.themortgagechampion.com TMC can also be contacted on 0845 257 0020, fax 0845 257 0030 or Email This e-mail address is being protected from spam bots, you need JavaScript enabled to view it , via website www.themortgagechampion.com or by letter PO BOX 333, Warrington, WA1 1SB. The Wriglesworth Consultancy The Mortgage Champion commissioned The Wriglesworth Consultancy to undertake a mystery shopping exercise to investigate how a customer with a poor credit record seeking to remortgage his home would be treated by a range of mortgage brokers. The aim of the shopping exercise was to examine how well brokers are matching up to FSA guidelines: how fairly brokers treat their different customers, how transparent they are about the way they do business and about their fees and how readily they responded to customers’ questions and provided information. A copy of the Remortgage Mystery Shop survey is available via the link: www.georgeberkeley.co.uk/reports/MysteryShop.pdf
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