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Mortgage Broker conflict of interest Need URGENT ADVISE.
seven4774
Posts: 9 Forumite
We need urgent advise re a situation we are in
- We have previously sold our house and in rented while waiting to buy a new house and the sale on the new house with Estate Agent A was progressing fine (we are close to exchanging contracts but the seller keeps messing us around and threatening to pull out) but have just seen a repossession property come onto the market at £20,000 less with Estate Agent B, which we want to have a crack at but the process is very uncertain as we could be out bid or find faults with the repossession.
We don't want to blow the other house out the water yet in case the survey on the repossession house comes back faulty or there is other unforeseen issues but we think our mortgage broker may have a conflict of interest as he works for estate agent A and need him to organize the survey and mortgage offer for the repossession property
Is he bound by any code of conduct not to tell Estate Agent A till we are ready ?
Any advise on how to run the 2 properties till we have more information on the repossession property
- We have previously sold our house and in rented while waiting to buy a new house and the sale on the new house with Estate Agent A was progressing fine (we are close to exchanging contracts but the seller keeps messing us around and threatening to pull out) but have just seen a repossession property come onto the market at £20,000 less with Estate Agent B, which we want to have a crack at but the process is very uncertain as we could be out bid or find faults with the repossession.
We don't want to blow the other house out the water yet in case the survey on the repossession house comes back faulty or there is other unforeseen issues but we think our mortgage broker may have a conflict of interest as he works for estate agent A and need him to organize the survey and mortgage offer for the repossession property
Is he bound by any code of conduct not to tell Estate Agent A till we are ready ?
Any advise on how to run the 2 properties till we have more information on the repossession property
0
Comments
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A mortgage broker, employed by the EA or not, should keep your info to them self. This is an issue with EA brokers, a weeker or more influenced broker may leak information if pressed, or may not give a damn and use your information to earn as many bucks as possible.
I would like to think most brokers in an EA would behave correctly. They do have rules and laws to follow.
The OFT and FSA have info on their websites about this I believe.
Also, in most cases the broker gets commision on your mortgage not the sale of a house!"Banking establishments are more dangerous than standing armies." Thomas Jefferson
"How can I believe in God when just last week I got my tongue caught in the roller of an electric typewriter?" Woody Allen
Debt Apr 2010 £00
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