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Mortgage/Estate Agent Question...
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harding1985
Posts: 224 Forumite
Hi All,
Had an offer accepted for a house at the weekend :D
We have decided to go with Nationwide directly for a mortgage, I've just called the estate agent to confirm this but they have said I still need to speak with there financial advisor on the phone to confirm everything is in order? Is this normal practice? The advisor is going to give me a call in a few hours, not sure what is going to ask etc the estate agent couldn't tell me either.
Any Idea?
Lee
Had an offer accepted for a house at the weekend :D
We have decided to go with Nationwide directly for a mortgage, I've just called the estate agent to confirm this but they have said I still need to speak with there financial advisor on the phone to confirm everything is in order? Is this normal practice? The advisor is going to give me a call in a few hours, not sure what is going to ask etc the estate agent couldn't tell me either.
Any Idea?
Lee
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Comments
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No you don't have to speak to their FA against all the rules and regulations. They would only need confirmation from your own FA that you have the mortgage in principleTo love and be loved is the greatest happiness of existance - Sydney Smith0
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They're just going to try to sell you a mortgage. Just tell them you've decided already and are applying with Nationwide (if you can get through the process quickly and show them the offer in principle from Nationwide so much the better).0
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they have said I still need to speak with there financial advisor on the phone to confirm everything is in order? Is this normal practice?
In your shoes I'd email them (polite, calm, ..) stating what they said and asking for confirmation of this "need". If they confirm the "need" then I'd contact their head office (eg write to directors at their home addresses, £1 fee from Companies House) and ask for comment.
Cheers!
Lodger0 -
Is it a repossession property? Sometimes the repo companies do require you to be financially qualified. It does sound like they want to sell you a mortgage though-which you can politely decline. However, I wouldn't have thought a ten minute tops phone conversation with their mortgage advisor would be too terrible, you never know, he/she might be able to offer you a better deal. I know our advisors are all self employed and can often beat rates from banks and building societies.Scar tissue that I wish you saw, sarcastic mister know it all, close your eyes and I'll kiss you cause with the birds I'll share this lonely view.0
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Thanks everyone i'm expecting a call shortly.... (next 10 minutes)
If they can beat it then they can beat it. I called the estate agents again and they said its just a policy they have in place to ensure all buyers are in a financial situation to purchase a property.
Ill report back lol no doubt he will say I CAN BEAT THAT QUOTE lol0 -
They're just going to try to sell you a mortgage. Just tell them you've decided already and are applying with Nationwide (if you can get through the process quickly and show them the offer in principle from Nationwide so much the better).
I did say we already have a mortgage in place, didnt make any difference still wanted to speak with me :rotfl:0 -
Yeah, this is a common EA line to try to sell you a mortgage. Whilst they do have a duty to check you have funds, your current mortgage offer and/or bank statement or bank proof of funds is enough. That's for repos too - it doesn't require a financial advisor to check anything.
The more unethical EAs will claim that your offer can't be passed through until you see the advisor. In this event, remind them that they have a legal duty to pass through any written offer and that you will contact the vendor direct if they don't facilitate the deal.0 -
Also remind them of the OEA and NAEA codes of practice which state that their member agents shall not discriminate against anyone who refuses either their services or the services of an associated business.
If they are members of either of the above, remind them of 'their' code of practice.
If they're not members, ask them why they feel they can act contrary to both accepted codes of practice.
Both codes easily found by googling.0 -
he didn't even call me in the end, oh well.
Off to Nationwide tomorrow to confirm the mortgage....
Thanks all again for your help :D:D0 -
And just for future record, what a number of OPS have found is that once they have a discussion with the in-house advisor, the EA gets more difficult because they now know exactly how much the OP has in the way of income and assets and they try to maximise the deal.The person who has not made a mistake, has made nothing0
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