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I have just made a first offer on a property and to my suprise the agent would like me to speak to one of their financial advisors to validate my financial status and the affordability of the offer. Alarm bells rang immediately as I have never had this type of conversation on previous purchases and after the BBC Whistleblower expose a few weeks ago where "in-house" financial advisors for agents passed on buyer's financial information in order that the agents knew how much to push buyers up on the price, I am quite sceptical. Has anyone else experienced this kind of thing ?
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Most agents in my area try and force their own FAs onto purchasers, so it is not uncommon.
Most of them claim to be independent, but it is 'strange' how they tend to push for just one lender's products.
Do you have an agreement in principle from any lender yet? Have you applied for a mortgage?
If not, seek out a fee free whole of market independent financial advisor. They may even get you a better deal than you can yourself, then get your FA to clarify your offer to the EA.
If you have, just give their details to the agent and they can verify with them directly. If you haven't, you don't have to speak to their advisor but you will need an agreement in principal from a mortgage lender to prove that you're a bonafide buyer. If their broker is independent and whole of market, there should be no harm in speaking to them otherwise you need to find an independent, quick smart! You may have to speak to their person to keep the vendor happy in the meantime - you don't have to commit to a mortgage through them.
Strangely, the EAs from whom I am buying have not asked for any proof of financial viability from us, nor have they asked us to see their FA. I guess my sellers aren't too concerned.
DFD - WAS: a while ago
NOW - not sure, due to boyfriend going back to uni for masters and now pgce. Worth it in the long run!
Proud to be dealing with my debts!
DFD - WAS: a while ago
NOW - not sure, due to boyfriend going back to uni for masters and now pgce. Worth it in the long run!
Proud to be dealing with my debts!
DFD - WAS: a while ago
NOW - not sure, due to boyfriend going back to uni for masters and now pgce. Worth it in the long run!
Proud to be dealing with my debts!
If you are in any doubt get your FA to speak with the EA FA and tell him simply whether he has an agreement for the mortgage sufficient for the offer being put forward. No nother information need be given at this stage.
Andy