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  • FIRST POST
    • Tannen79
    • By Tannen79 4th Oct 17, 11:37 AM
    • 3Posts
    • 0Thanks
    Tannen79
    Estate Agent doesn't recognise London & Country
    • #1
    • 4th Oct 17, 11:37 AM
    Estate Agent doesn't recognise London & Country 4th Oct 17 at 11:37 AM
    Hello

    Having put in a good offer on a house, the Estate Agent asked to see my mortgage decision in principle. I got this from London & Country, after reading recommendations on this website. However, the Estate Agent said they will not accept the decision in principle from them. They have instead put me in touch with their recommended mortgage adviser who have said:

    "Historically London & Country's really not worth the paper they're written on. It's because they don't actually do a decision in principle, they just send you the certificate of affordability without doing that credit check on you".

    As a first time buyer I'm a bit confused now. Are they saying I can't use London & Country to find a mortgage for me? Anyone had a similar issue?

    Thanks.
Page 1
    • getmore4less
    • By getmore4less 4th Oct 17, 11:40 AM
    • 30,006 Posts
    • 17,934 Thanks
    getmore4less
    • #2
    • 4th Oct 17, 11:40 AM
    • #2
    • 4th Oct 17, 11:40 AM
    they want their cutback from their preferred broker.

    Tell the vendor the EA are refusing offers.
    • David White
    • By David White 4th Oct 17, 11:41 AM
    • 835 Posts
    • 360 Thanks
    David White
    • #3
    • 4th Oct 17, 11:41 AM
    • #3
    • 4th Oct 17, 11:41 AM
    I'd suggest two things are happening here:

    1) L&C have a questionable reputation depending on who you speak to and the Estate Agent is aware of this.
    2) The Estate Agent has a strict sales target and will say anything to get you to use their adviser.

    You have the right to use whichever mortgage adviser/broker you want... or dare I say to handle the case yourself.

    This type of behaviour is why Estate Agencies have such a bad reputation, don't let them bully you!.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • ACG
    • By ACG 4th Oct 17, 12:15 PM
    • 15,525 Posts
    • 7,871 Thanks
    ACG
    • #4
    • 4th Oct 17, 12:15 PM
    • #4
    • 4th Oct 17, 12:15 PM
    Get a proper Decision in principle from a lender - via L&C if you wish.

    As much as I do not like estate agents, I can see the agents point of view. I have a letter I give to my clients which confirms credit reports and bank statements have been assessed, not all agents accept that either.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • dunstonh
    • By dunstonh 4th Oct 17, 12:16 PM
    • 89,852 Posts
    • 55,457 Thanks
    dunstonh
    • #5
    • 4th Oct 17, 12:16 PM
    • #5
    • 4th Oct 17, 12:16 PM
    However, the Estate Agent said they will not accept the decision in principle from them.
    L&C do have issues. However, the estate agent is not allowed to block you. You should make the vendor aware if they continue to do this.

    They have instead put me in touch with their recommended mortgage adviser who have said:
    It is unlikely to be their recommended mortgage adviser. It is someone that works for them in-house. Only small independent estate agents use local mortgage brokers. The regionals and national estate agents have their own salesforce.

    So, as mentioned above, you are being hit with two things. Poor reputation with L&C and their decision in principle not well considered but also the estate agent telling you porkies and trying to get you to use them.

    You are not required to use the estate agent broker and you shouldnt (small local independents being the exception). Estate agent brokers have an awful reputation for good reason. Most are also tied for insurance purposes as well.
    • mrginge
    • By mrginge 4th Oct 17, 12:22 PM
    • 4,208 Posts
    • 7,481 Thanks
    mrginge
    • #6
    • 4th Oct 17, 12:22 PM
    • #6
    • 4th Oct 17, 12:22 PM
    Forward their response on to L&c, advising them that this third party suggests their service is worthless and could they offer their comments.

    Make sure to cc the estate agent in aswell
    • minimike2
    • By minimike2 4th Oct 17, 3:23 PM
    • 1,909 Posts
    • 1,404 Thanks
    minimike2
    • #7
    • 4th Oct 17, 3:23 PM
    • #7
    • 4th Oct 17, 3:23 PM
    Can you confirm, has the EA actually put your offer to the vendor or are they refusing to because of the stated issue.

    As stated, they are not allowed to not put in your offer and you should remind them of this....
    I am a mortgage industry professional. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice
    • Jaglad111
    • By Jaglad111 4th Oct 17, 4:31 PM
    • 123 Posts
    • 184 Thanks
    Jaglad111
    • #8
    • 4th Oct 17, 4:31 PM
    • #8
    • 4th Oct 17, 4:31 PM
    Why haven't you just got a DIP online from Halifax/TSB/Nationwide......

    DIP's are generally crap, especially the soft search ones. If it keeps the EA happy then get one, or go direct to the vendor and blow the EA up.

    House buying isn't for the faint hearted, its stressful (as I'm finding out). Grow a pair, get assertive, be direct. You are about to potentially spend a huge sum of cash. If you have a broker be 100% honest regardless of anything potentially embarrassing in your finances.

    Never get a titty lip and always be preparred to walk away, the market is stagnent, EA's need sales and everything is open to negotiations.
    • amnblog
    • By amnblog 4th Oct 17, 5:39 PM
    • 9,877 Posts
    • 3,828 Thanks
    amnblog
    • #9
    • 4th Oct 17, 5:39 PM
    • #9
    • 4th Oct 17, 5:39 PM
    Don't make this your problem.

    Give it to L & C to sort out for you.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • stator
    • By stator 4th Oct 17, 5:39 PM
    • 5,864 Posts
    • 3,851 Thanks
    stator
    All DIP are not worth the paper they are written on to be honest.
    But get one from a proper bank. Some banks you can do it on the phone.
    Otherwise tell the EA to get lost
    Changing the world, one sarcastic comment at a time.
    • mortgageFTB
    • By mortgageFTB 4th Oct 17, 6:09 PM
    • 95 Posts
    • 88 Thanks
    mortgageFTB
    Nationwide DIP is a hard search FYI (unless they’ve changed that since i went through this process a couple of years ago now)
    • Amst
    • By Amst 4th Oct 17, 8:06 PM
    • 30 Posts
    • 16 Thanks
    Amst
    L&C can't give you a DIP as they're not a lender, they're an intermediary. They will have recommended you a lender and/or product on the market so get the branded dip they've done via this lender and then tell the EA to stay out of your business and you'll deal with the lender and solicitor only once you've put the offer in.
    • amnblog
    • By amnblog 5th Oct 17, 7:38 AM
    • 9,877 Posts
    • 3,828 Thanks
    amnblog
    L & C know that if they run DIPs on the basis of giving Clients something to show to Estate Agents, they will end up with thousands of credit scores being run with dozens of Lenders with no eventual result.

    Not something that is good for the Borrowers, the Lenders, the Broker, or the Regulator. Running dips does not suit a high volume, factory style, brokerage.

    Most of the Brokers on here, running bespoke operations will tell you they will:

    Avoid running dips until a sale is moving forward

    Speak to and satisfy Estate Agents about the clients position where necessary to make things simple for the Client

    In our case, we avoid discussing detail like Lender and Product with the EA as will happily tell them it is none of their business. Certainly, they will struggle to our clients DIP certificate out of us.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • David White
    • By David White 5th Oct 17, 9:01 AM
    • 835 Posts
    • 360 Thanks
    David White
    All DIP are not worth the paper they are written on
    Originally posted by stator
    I see this time and time again on here and I don't really understand it.

    If a client has been completely transparent and honest about their situation with me then very few of my DIP's decline on a full application.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • VFR-Rider
    • By VFR-Rider 5th Oct 17, 9:57 AM
    • 108 Posts
    • 115 Thanks
    VFR-Rider
    On my house purchase the EA tried the same thing.

    My broker (from this very parish) told them to swing it (I believe he was slightly more professional).

    My entire argument with dealing with an in house adviser is I have no confidence my budget wouldn't be divulged massively impacting my negotiating position...
    saving, saving, saving!
    • Tannen79
    • By Tannen79 5th Oct 17, 10:12 AM
    • 3 Posts
    • 0 Thanks
    Tannen79
    Thank you all for your comments.

    I spoke to the mortgage adviser suggested by the Estate Agent (both companies run by the same person). They just took some basic details (the same as London & Country did) and then instructed the Estate Agent to accept my offer.

    I have a meeting in a week's time with their mortgage adviser to go through all the details and get a mortgage, but now I have an email confirming my offer has been accepted (subject to contract) then I understand I can get a mortgage from whoever I like, rather than using the one recommended by the Estate Agent. So I think I'll go back to L&C.

    Thanks!
    • Tannen79
    • By Tannen79 5th Oct 17, 10:15 AM
    • 3 Posts
    • 0 Thanks
    Tannen79
    Can you confirm, has the EA actually put your offer to the vendor or are they refusing to because of the stated issue.

    As stated, they are not allowed to not put in your offer and you should remind them of this....
    Originally posted by minimike2
    I have now left a reply to this thread below, but I spoke to the mortgage adviser suggested by the Estate Agent (both companies run by the same person). They just took some basic details (the same as London & Country did) and then instructed the Estate Agent to accept my offer.

    Now it is accepted I know I can talk to whoever I like to get my mortgage.

    Thanks.
    • amnblog
    • By amnblog 5th Oct 17, 10:18 AM
    • 9,877 Posts
    • 3,828 Thanks
    amnblog
    So I think I'll go back to L&C.
    Originally posted by Tannen79
    Not because they have covered themselves in glory.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • stator
    • By stator 5th Oct 17, 12:25 PM
    • 5,864 Posts
    • 3,851 Thanks
    stator
    I see this time and time again on here and I don't really understand it.

    If a client has been completely transparent and honest about their situation with me then very few of my DIP's decline on a full application.
    Originally posted by David White
    How does the vendor know if the buyer was honest with their mortgage broker?
    Changing the world, one sarcastic comment at a time.
    • dunstonh
    • By dunstonh 5th Oct 17, 12:39 PM
    • 89,852 Posts
    • 55,457 Thanks
    dunstonh
    In the past, the old DIPs were useless. Nothing more than a marketing gimmick.

    Nowadays, they go a bit deeper on the checks than they used to. Although they still rely on the individual telling the truth and no new adverse information coming to light later.
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