What if any are the advantages of using a mortgage broker like moneypark?
Thanks
Hello
Er, can't think of any ... but a disadvantage is they will want some of your money.
If your situation is simple (salary sheets, historical tax declarations and liquidity that allow you to take mortgage according to general rules) then probably no advantages.
But things can get complex very quickly if -for example- you are self employed / LTD owner with high company turnover but low "official" income etc. Some financing institutions will not even look at such customers while others are fine with them. Moneypark knows which ones are more likely to accept you and this can be great time saver.
Also, they will evaluate properties for you and tell you what they think about value / predict bank estimates. Much more detailed then most online estimation tools.
Cheerss
Basically they will help you falsify your application to a 'friendly' bank, they will make 5-20k, you will get a shity deal, but a deal
This is a bold statement regarding falsification. Some finance institutions are friendlier to people with complex situations such as company ownership then others. That's all. Nothing is falsified.
As of the "shity deal", no one forces you to sign it if you can present a better deal on your own, they explicitly state this in their GTOs.
I also absolutely do not care how much they cash in on provision as long as they get me mortgage at a reasonable cost.
they are not good, they are not transparent and they won't find you the best mortgage.
Their contract states that if you don't take their deal (if it is better) you have to pay 2'000+ fine besides their 700chf membership cost.
My experience with them is that they didn't give me their deals until I told them what I had gotten on my own, and instead of helping me they started to compete with me and at the end it was too late for them to offer my anything.
So they only caused me issue as I assumed they would do all the work for me and be transparent.
I also question how they handled all my confidential documents as they kept losing them and changing the employees during the process.
Many people work there part-time and a few are students, based on the answers I got when I asked why nobody answers my emails or voice messages.
I would not use them again or recommend.
Sounds like a commission only sweatshop
It is 980 CHF fee now for a consulting contact with them. I guess YMMV and depends on consultant you are working with, mine has been so far fantastic and always takes his time to answer questions in video conferences.
This alone is worth 980 to me as I have lots of properties to look at and gain valuable insight on how banks valuate property.
But I am not through with the purchase yet, will provide feedback once I close my deal (with or without them).
Cheers
I tried them once. I would not recommend based on my experience.
I called one provider directly and they couldn't get anywhere near the offer. Worse rate, worse terms. I guess it's hard if they have to build in their profit.
The only way this might make sense if the alternative is you go to your high street bank and take the first offer they give you.
i paid for a consultation with them, costed 980 CHF
They made a virtual presentation for 1 hour, a day later i told am going with my local bank as they offered me better rates and terms
Now they tell me i have to pay 2500 CHF penalty !! why ? because i didnt tell them then and there in that meeting and now am contractually bound to pay this penalty. They put up four slides in a power point and expect me to commit to it without any documentation what so ever
has this happened to anyone ??
Did you sign anything? If yes what does it say?
Yes please advise, I got a call from them this week and they asked me for some details on my savings, current mortgage etc. I gave some info by mail but I haven't signed anything yet - from what I have read here I don't think I will...
Yes i signed a contract to get their consultation advice, they have a clause stating in the decision meeting i have to tell them if i have a better offer to go with,
There was no clear definition on what the "decision meeting" is, After agreeing to pay 980 CHF i got one call where a consultant showed me four slides with two offers, which they say is the decision meeting
Does it mention anything in regards of you changing your mind all together regarding a loan?
I dont see how they could force you to borrow money.
Yea i just dont get it, They scheduled a call, showed me two offers for 20 mins and the remaining 40 mins they tried to sell insurance (through indirect amortization), After that we decided the offer we get with local cantonal bank is much better and tell them the same.
Now they tell me this consultation call is nothing but the "decision call" (according to them) and in this call i didnt tell them i had a better offer, i pay 980 CHF for expert consultation and why should i tell them all the offers I have
If the "contract" is not clear I would dispute the claim in writting (registered letter) on those grounds.
If they continue to cause grief I would contact the Bank ombudsman http://www.bankingombudsman.ch/en/
Another option is to get legal advice through legal insurance.
For those that dont have legal insurance & can not afford a lawyer there is a possibiliry of free advice
This is a translation of two comments on the below linked forum:
"It was said free of charge, then they wanted me at the end of a contract signed with CHF 2'500 in the case if I would not conclude the contract with Moneypark, if they had better contracts than elsewhere.... there I cancelled everything ... free of charge it was said, then loss of time 3 hours, paper compilation .... that has cost me too .... I took everything away and said goodbye, from myself they want to earn money and not help me to earn.
Keep your hands off of this institution I have decided it so."
"A relationship with a bank is much more effective than this company.
The quality is extremely questionable and un-professional.
Within minutes two banks have granted much better conditions - without negotiation!
The consultation of 60 and 30 minutes costs CHF 2'500 for this unacceptable service.
Hands away from this company !! "
thanks much for you advice
In the same link "MoneyPark" themselves have written a comment where they say they will charge a customer "2500 CHF" only if the customer rejects their offer even though its a better one. Its the same thing they told me the first time i met them, Now they say regardless if i dont conclude a contract i have to pay 2500 CHF, this is cheating
The worst part is they tell me they can waiver this if i sign another insurance contract with them
Thank you for this advice. We were planning to consult them since I have a sole proprietorship and income from dividends and not all financial institutes are very happy to deal with that in their budget calculation.
Has anyone dealt with https://www.e-potek.ch/ before? They seem to offer the same kind of service as moneypark.ch and claim to be free.
FINMA maintains and publishes a warning list of companies and individuals who may be carrying out unauthorised services and are not supervised by FINMA. Make sure you are fully informed before you sign up for any services with any financial company.