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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 2
    • David White
    • By David White 5th Oct 17, 12:58 PM
    • 863 Posts
    • 378 Thanks
    David White
    How does the vendor know if the buyer was honest with their mortgage broker?
    Originally posted by stator
    The vendor will always have to take a leap of faith otherwise they'd never sell the property to anyone other than a cash buyer holding a big suitcase.

    My point still stands though, if a client is honest and a broker knows what they're doing then the majority of DIP's should pass on full app.
    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.
    • amnblog
    • By amnblog 5th Oct 17, 3:33 PM
    • 10,071 Posts
    • 3,926 Thanks
    amnblog
    How does the vendor know if the buyer was honest with their mortgage broker?
    Originally posted by stator
    If you want catch a buyer fibbing the best question to use is, what have you done about your mortgage so far?
    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.
    • RancidM
    • By RancidM 6th Oct 17, 2:51 PM
    • 65 Posts
    • 62 Thanks
    RancidM
    right-move are a !!!!! for this sort of thing.

    We had a memorandum of sale for our house in SW16, a copy of our current mortgage commitment and a MIP from L&C for less than a third of the asking price.

    We put an offer in on a house and RightMove said they had been instructed by the vendor not to put forward any offers until the buyer had been financial "qualified" and the only person who do that was their own in house mortgage broker.

    crooks...
  • LandCmortgages
    We’re sorry to hear that your estate agent wouldn’t accept our decision in principle recently. Our decision in principle aims to give you a good idea of how much you might be able to borrow, taking into account the circumstances and credit details that customers have disclosed to us. As with any decision in principle this is not a guarantee that you will definitely be offered a mortgage – when you make a full application and lenders see more information, the lender may change their decision or offer you different terms. Generally however it’s a good guide to help you look for properties in your price range and give sellers the confidence that you’re ready to buy and have already engaged with a mortgage adviser.

    In contrast, a mortgage offer is an official confirmation that a lender will lend to you. You’ll only be given a mortgage offer once you’ve gone through the full mortgage application process, and provided the lender with all the information they need.

    Getting an agreement in principle from a lender will involve a credit search and in most cases will leave a footprint on your file. If over the time you end up taking multiple agreements in principle it can mean multiple credit searches, which could damage your credit score.

    As a broker with access to over 90 lenders, we aim to choose the best mortgage deal for you and then submit one mortgage application at the right time. Here’s some more information on the effect of multiple credit searches on your credit score from the MSE website: https://www.moneysavingexpert.com/loans/credit-rating-credit-score
    Official Company Representative
    I am the official company representative of L&C Mortgages . MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"
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