A KNOCKOUT NIGHT FOR THE MORTGAGE CHAMPION
13 May '06
A knockout night for The Mortgage Champion
The Mortgage Champion
was proud to sponsor a feast of entertainment from the home of british
boxing York Hall on Saturday May 13th.
Frank Warren`s Sports Network promoted the sold out Brat Pack championship
boxing event which featured “Dagenham Destroyer” Kevin
Mitchell alongside young stars Ross Minter and Danny Hunt.
Wayne Smethurst
managing director commented “it was a fantastic
night for young boxing talent and it will generate a real buzz for
The Mortgage Champion.”
The coverage was live on ITV Sport. Click
here to check out some
of the action.
MORTGAGE BROKERS FAIL FAIRNESS TEST
April 29th '06
Mystery shop reveals wide discrepancies in non-conforming fee charges
Mortgage brokers are cynically overcharging vulnerable customers
by quoting broker fees of up to £5,000* depending on their circumstances. The
more desperate their financial situation the higher the fees they
are likely to pay, a new survey has revealed.
The findings fly in the face of the Financial Services Authority (FSA) 'Treating Customers Fairly' initiative which aims to promote a culture of openness and transparency within the industry.
The survey, conducted as a 'mystery shopping' exercise by independent firm The Wriglesworth Consultancy, targeted the 10 most visible mortgage brokers advertising in the Press, on Television and Internet.
The results were analysed to produce a table of best and worst performers
for transparency on fees and living up to the principles outlined
by the FSA. The best brokers were The Mortgage Champion and
Charcol. The worst, according to the survey, was Iron Market Mortgages.
The report finds many firms are not being open and transparent about
their charging structures. "It is clear that a number of firms are not treating their customers fairly in this regard," the
report states.
Another concern was the frequent insistence of carrying out credit checks at an early stage in customer enquiries, sometimes against the express wishes of the customer, thereby jeopardising their credit rating.
This put the customer in the position that "either he could accept this condition and suffer the negative consequences, or he would not get the information he needed to make an informed decision," the
report says.
Some brokers were anxious to point the customer towards a self-certification
mortgage. The
Mortgage Lender (TML) asked the shopper: "Can you prove a total
income of £45,000, yes or no? Don't worry if it's a 'no' ".
Wayne Smethurst, MD of The Mortgage Champion, said: "It is perfectly
acceptable to charge broker fees but not acceptable to base that
fee on a person's circumstances.
"It is no longer the case that processing applications are different or more difficult because of an individual's situation. That
is just an excuse to charge more if someone will pay more.
"The Mortgage Champion does not charge any fee and also subsidises down to zero valuation and legal fees. I
believe this is a model of best practice for the future."
*Earth Mortgages.
SMETHURST WAS BEHIND BOXING MATCH MYSTERY
By Rebecca Atkinson - 13-Mar-2006
An enigmatic logo spotted by Mortgage Strategy at the Joe Calzaghe vs Jeff Lacy fight on March 4 has been linked with Wayne Smethurst, senior partner at The Finance Centre. The striking blue and red logo of previously unknown firm The Mortgage Champion was pasted on the ring and in the background of the press conference and weigh-in prior to the super-middleweight unification fight at Manchester's MEN arena, sparking speculation in the industry.
Smethurst has now come forward as the man behind the logo, but declines to elaborate on what The Mortgage Champion is other than "a unique approach to remortgages".
He adds: "When I look in any tabloid newspaper I see broker fees of £3,000 and APRs of 11.4% advertised. They will find it hard to compete with The Mortgage Champion. We're going to knock them out."
Taken with permission from Mortgage Strategy - http://www.mortgagestrategy.co.uk
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