Estate Agent Advise

princessamy86

IHS88 probably meant that, as a general rule, NTC houses are unmortgageable. I know there are some types that are, (as yours seems to be) but most aren't. IHS88 was probably just advising to save yourself the heartache of falling in love with a property only to find you can't buy it, possibly after you have spent money in the pursuit of purchasing it.

pie81

princessamy86 wrote: »

You need to be further qualified because nobody has actually agreed to lend you 90% on this actual property. It's all well and good in theory but until they have proof that you can mortgage this property, they can't be sure that you can buy it.

Yes but surely that proof is only going to come when the mortgage company's surveyor does his valuation.

it is not going to come by sitting down with the agent's in house mortgage broker/financial adviser. that just gives the agent more information about the OP's finances, not about whether banks will give mortgages on this property.

princessamy86

No I know that pie, but the OP will need an AIP which says the lender is willing to lend 90% on this type of house-there will probably be specific products available. Financial advisers are not allowed to give agents info about client's finances.

pie81

princessamy86 wrote: »

No I know that pie, but the OP will need an AIP which says the lender is willing to lend 90% on this type of house-there will probably be specific products available. Financial advisers are not allowed to give agents info about client's finances.

ok - but in that case the OP should go back to his own broker/lender and ask for an AIP which says this - no reason why he has to go through the agent's broker.

I know they're not supposed to leak the info but there are quite a few reports where this has happened ... and I can't really see why else the EA is insisting on a meeting with his in house broker rather than simply asking for proof that the OP can get a mortgage on this sort of property?

roger196

pie81 wrote: »

the danger is not just that they try to sell you a mortgage they recommend. the REAL danger is that they have all your financial details so they know how much you can afford and they pass that info to the estate agents who then use that information to try to push up your offer. Foxtons have been slapped on wrist for doing exactly this. I would say NO, all that should concern them is whether you have a concrete mortgage offer in place.

I strongly agree with this. You are under no obligation to disclose your personal financial details. I always say i will be happy to meet their financial advisers if they will produce their firms bank statements, financial and management accounts for the last three years. Stangely enough they have always backed down. If they say they will refuse to pass your offer to the vendor, tell them that you will then deal with the vendor direct and they are likely to lose their commission.

PaulyH

Well the point is the mortgage offers I have in place are subject not just to a valution survey but a full intrusive survey. So sitting down with the agents broker won't reveal anymore about prospective success with the purchase. Of course I'm not willing to pay for 2 (in one case very expensive) surveys on a property on which no offer has been formally accepted.

princessamy86

pie81 wrote: »

ok - but in that case the OP should go back to his own broker/lender and ask for an AIP which says this - no reason why he has to go through the agent's broker.

I know they're not supposed to leak the info but there are quite a few reports where this has happened ... and I can't really see why else the EA is insisting on a meeting with his in house broker rather than simply asking for proof that the OP can get a mortgage on this sort of property?

I didn't say he needed to get a mortgage through the agency broker, merely that meeting with the broker once he has a new AIP would be the best course of action if the agents are insistent. I did say in my post above that he was under no obligation to buy a mortgage through them! I also told him that he should stand his ground. It is standard to ask the broker to financially qualify people, yes they will try and sell products at the same time but there is no obligation for the OP to buy. I may be an agent, but I'm not a scummy 2 faced one, I promise . Also, many many buyers will not even entertain the thought of showing the agent their AIP, a lot feel more comfortable with showing it to somebody who is actually regulated through a proper body-fair enough. Easier to book them in with the broker then!

pie81

princessamy86 wrote: »

I didn't say he needed to get a mortgage through the agency broker, merely that meeting with the broker once he has a new AIP would be the best course of action if the agents are insistent. I did say in my post above that he was under no obligation to buy a mortgage through them! I also told him that he should stand his ground. It is standard to ask the broker to financially qualify people, yes they will try and sell products at the same time but there is no obligation for the OP to buy. I may be an agent, but I'm not a scummy 2 faced one, I promise . Also, many many buyers will not even entertain the thought of showing the agent their AIP, a lot feel more comfortable with showing it to somebody who is actually regulated through a proper body-fair enough. Easier to book them in with the broker then!

oh yes, agree, no issue at all with him showing the AIP to the in house broker. it was just that it sounded more like the in house broker was going to have a detailed comb through his finances - no need for that! think we are on the same page

PaulyH

A detailed comb through is what they have implied is required. Pay slips, bank statements the lot. Will find out tomorrow I guess.

princessamy86

They can stick that! Don't take any of it with you, none of their business whatsoever. Just keep waving your AIP about, they'll get the message eventually.