Mortgage brokers have hit out at a report claiming they charge too much for remortgages and earn more than barristers per hour.
The report from broker CashbackRemortgages.co.uk accused intermediaries of ‘hogging’ lenders’ commission payments, while it claimed they can deal with a remortgage in a couple of hours.
But Colin Payne, associate director, Chapelgate Private Finance, said: “The information they are providing is out of sync with reality.
“I find it quite unbelievable that someone in the broker market can turn around and say to other brokers that what they do on a remortgage is done and dusted in a couple of hours.
“We are all in the same industry. I don’t think you should be having a dig at other brokers.”
Payne claimed it takes a full day to complete a remortgage. He said it’s important to understand a client’s intentions, research the market, make a recommendation, then submit an application. Then there’s potential follow-on questions and chasing solicitors.
He said it takes half a day for product transfers.
Other brokers responded to the report on Twitter.
Gareth Davies, director of South Coast Mortgage Services, branded it “absolutely ludicrous” and a “poor attempt at self-promotion”.
And Stuart Gregory, managing director of Lentune Mortgage Consultancy, said: “Considered a rant but figured what’s the point? We all know that view is blatantly wrong and their ‘barrister’ comparison must be based on one paid minimum wage.”