Advice needed please re: estate agency FAs

backtomum

Hi - hope someone can advise me. We are going to view a house tomorrow - we haven't a mortgage set up yet as we were going to wait a bit longer before venturing into the market again. If we like the house and put an offer in which in turn is accepted is it inadviseable to get a mortgage through the broker the estate agency uses or better to go through an on-line broker. In other words would it be quicker to set up this way and be a better way of securing the house - I have an idea of the best buys. We have a 30% deposit.

Thanks in advance.

mic200202

I used to provide this service for an Estates agent so here's the inside track. Dont forget the agent's client is first and foremost his vendor.It will make life easier for them if you use their internal mortgage service since they will be more able to keep tabs on how your mortgage app is going and spot any early warning signs if there are problems.This gives them a good overall view of the whole transaction.By taking the mortgage through them,yes, they will make a few £'s on this as well as from their vendor.It may also be inferred that by doing the FS through them will put you in a better position to have this house agreed to you...(in this market, less likely).

If you want to keep your finance arrangements separate, then use your own broker.If this is an important house move use an independent mortgage broker (not whole of market) and I most definitely advise you to use a face to face broker service in your own area.You can find a list on unbiased.co.uk.This will get you a much better quality of service and someone who knows the local market,with links to other parties such as solicitors,surveyors etc.An online broker will just not be able to do this.

backtomum

Thanks for your reply. The house is priced quite keenly and I suppose I was thinking that if we did a mortgage through the agent it would be more favourable but I will certainly take on board your advice. It is very much appreciated.

dunstonh

I would avoid in-house advisers at estate agents unless its a small independent estate agent.

is it inadviseable to get a mortgage through the broker the estate agency uses or better to go through an on-line broker.

Why are you limiting yourself to those options. What about a local independent adviser?

Ian_Griffiths_Halifax

mic200202 wrote: »

I used to provide this service for an Estates agent so here's the inside track. Dont forget the agent's client is first and foremost his vendor.It will make life easier for them if you use their internal mortgage service since they will be more able to keep tabs on how your mortgage app is going and spot any early warning signs if there are problems.This gives them a good overall view of the whole transaction.By taking the mortgage through them,yes, they will make a few £'s on this as well as from their vendor.It may also be inferred that by doing the FS through them will put you in a better position to have this house agreed to you...(in this market, less likely).
.

For these very reasons I would always recommend that buyers don't use in house brokers. Aside of the Data Protection breaches mentioned above, the in house broker knows what your borrowing limit is and this often gets passed on to the sales side so that they know how much you can offer up to. This takes away your ability to negotiate a good buying price.

Ask your friends, relatives and workmates if they have used a broker they would recommend.

koexelek

dunstonh wrote: »

I would avoid in-house advisers at estate agents unless its a small independent estate agent.

Agreed, the big boys are likely to be working off a preferred panel of lenders and are likely to try to flog you expensive insurances to go with the mortgage

backtomum

Thanks for your replies. Who do you think is the best on line broker? Is there a search I could use for an independent local broker (no fee)? I live in the Liverpool area.

Ian_Griffiths_Halifax

backtomum wrote: »

Thanks for your replies. Who do you think is the best on line broker? Is there a search I could use for an independent local broker (no fee)? I live in the Liverpool area.

I personally wouldn't want to deal with you if you think I'm not worth paying. What makes you think I should work for free?

backtomum

Ian_Griffiths_Halifax wrote: »

I personally wouldn't want to deal with you if you think I'm not worth paying. What makes you think I should work for free?

Didn't mean to offend - I'm only following Martin's advice re: brokers.

Ian_Griffiths_Halifax

backtomum wrote: »

Didn't mean to offend - I'm only following Martin's advice re: brokers.

Well just remember when choosing your broker, that you get what you pay for, or don't, as the case may be.

Many brokers have access to the same deals. Some have access to some that other don't and vice versa, but it's the Advice you receive that is often invaluable.

dunstonh

I'm only following Martin's advice re: brokers.

Which could actually result in you paying more or not receiving best advice. Martin's advice is not perfect and is his opinion. Remember that this site is all about getting the cheapest. Not about getting the best.