I could brokers be truely independant when there is such moeny sloshing around
I presume that was ment to be "how".
In the current market what can a broker do that would make you question independance?
You are more than able to go out and apply for a mortgage yourself, with the broker usually used to help get a higher figure or help get the lender a loan where they are on the threshold of criteria.
They really just do the dog work of assessing which loans people may/would qualify for where people don't wish to (or feel they don't have the ability to) do it themselves and want to have the security of having someone else help them choose the best deal.
Again, the fees are covered by the banks, that 1%, as the broker has done the work of one of the banks lenders in putting the deal to the client.
From a brokers point of view. The potential gains from kickbacks etc. would be, IMHO, fairly slim. The potential of higher volume from customer feedback to friends & family to use a specific broker would (purely an opinion, I've no facts/figures/inside knowledge to base any of this on) be worth far more to them (not to question the legal side of it).
[No connection with any broker or any element of the property business in general]