"I am sorry if that upsets small local brokers – over kebab or cab shops – who believe they are excellent."
Following Paul Lewis of BBC Money Box saying in The i paper that "the way to get the best possible deal is to go to one of the big, national, independent mortgage brokers – don’t find a mortgage broker over the local cab shop in the high street", he has now responded to the negative response he received from mortgage brokers yesterday.
Explaining his initial comment, Paul Lewis said: "Never apologise, never explain. One of those quotes attributed to many people. And generally good advice when it comes to Twitter or the press. So I’ll do both. The quote in Jessie Hewitson’s excellent piece in The i paper was accurate – though I thought I said kebab shop not ‘cab’ shop – but that is no matter. I have said similar things in several of the interviews I have done. In my book, which Jessie was kindly writing about, I say this:
"That is why it is a good idea to go to a broker that is what is called ‘whole of market’. They will look at every one of those 4000 mortgages and find the number one for you. Also, it is better to find a big national chain that is not here today and gone tomorrow. Never ask your bank. They cannot find you the best deal.
"Many of the comments have (a) criticised big national broking firms and (b) praised their own small, excellent, experienced, dedicated local firm.
"All that is understandable. But just as I say always find an independent, chartered financial adviser and admit that excludes some good, restricted advisers and some good IFAs who are not chartered, finding them amongst the rest is impossible. Hence my general advice. Which inevitably excludes some good guys – even those with an office over a kebab shop.
"But you cannot in 34 words, or even 67, list all the good brokers in the country even if I knew who they were. Nor is there any set of rules that people can use to pick the good ones and exclude the bad or the mediocre. But I have to give general rules. Saying ‘find a good local mortgage broker’ is pointless because the next question is ‘how do I know if they are good?’ Like a good plumber or a good builder it is impossible to say. And there is no time in people’s lives for trial and error over a mortgage. So I stick with the big national, whole of market chains who I have found excellent in the past.
“I am sorry if that upsets small local brokers – over kebab or cab shops – who believe they are excellent. And I await the torrent of abuse which I am sure this apology and explanation will bring down. Which is why you should never... etc.”
