Troubled online agency Yopa has launched an in-house subsidiary to sell mortgages and other financial services - and not just to Yopa buyers and sellers.
So far there are four members of staff at what Yopa has called Scout Financial Services: the agency says there will be 10 by the end of March next year.
Neil Weston, heading up mortgage sales, says: “With Scout we’re offering a one-off lifetime fee, meaning we can support our customers through every stage of their financial lives.”
The brokers will be based in Yopa’s premises in Watford and Hinckley and will work from 0800 to 1900 on weekdays and 0900 to 1700 on Saturdays.
“As well as mortgages, our brokers are able to offer additional services such as Life Insurance, Critical Illness Cover and Income Protection. This is an exciting time for Yopa as we venture into the Financial Services space and look for new ways to improve customer experience” says Weston.
Meanwhile trade publications this morning say that Purplebricks has increased its charges to customers.
Fees have risen from £899 to £999 outside of London; outside the capital they have gone up from £1,399 to £1,499.
This is the second fee increase in just under a year.
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One-off lifetime fee?! I love these kinds of brokers - NOT. You cannot guarantee to get someone a mortgage over their borrowing lifetime. Missed payments, changes in circumstances, etc. can easily prevent a mortgage being granted in the future. It will be one big upfront fee (added to the loan and incurring interest, no doubt) then you're on your own.
Isn't this illegal - we are not allowed to do it!
Nobody will pay a life time fee for a service that’s unlikely to last a lifetime
A lot of established brokers struggle to justify fees of £400-£700, so I am not quite sure how a new business trying to establish some market share and credibility with customers is going to charge what I assume will be a fee higher than this if it is being branded as a one off lifetime fee, and force people at the same time to commit to them forever. Who commits to any contractual arrangement for life with their accountant, solicitor, insurer, and yes mortgage broker?
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