Do Estate Agents have exclusive mortgage deals with banks?

zedyy

I think i better explain my scenario first incase I confuse anyone....


I went into my estate agents (A) a week ago and noticed that he was using a particular type of software to source mortgage deals. He also told me that if I took a particular product, such as an Abbey 2 Year tracker, that the lender would provide me with a free basic survey and no administration fee if i took that product. Now I've searched a lot of comparison websites and cannot find such deals.

My scenario - I have agreed to buy a house from an Estate Agent (B). I asked estate agent (A) how much it would cost to handle the transaction and he said approx 1-3% of the house value. To me that sounds like a lot of money that I want to save since the house needs some refurbishment.

I would prefer to conduct my own survey and instruct a solicitor saving me this money. My question Is that would it be wise of me to do such a thing? The only thing that is bugging me is that I may not be privy to the types of offers from lenders that the estate agent (A) is being able to provide me with if i were to go with him.

Your thoughts?

Doozergirl

Mortgage brokers are privy to 'broker only' deals which you, indeed, won't find on the high street.

I have no idea what you are talking about when you talk about paying EA A to handle a purchase for you? As a purchaser you will need a solicitor, a mortgage deal and potentially a separate surveyor if the lender that you choose don't offer you a competitive price on a survey above the basic valuation or they don't offer them at all.

If EA A has a mortgage deal that you find attractive, then you can go to them for your mortgage. You can employ a solicitor from wherever you like, indeed a separate surveyor if that is what you want.

I think you have misunderstood how this whole thing works and they have misunderstood your question. No EA will charge you a fee equivalent to the % of the purchase price for using their mortgage broker or the solicitor that they recommend. The vendor will be charged a % of the purchase price for marketing and for progressing the sale. You don't need a progressor yourself - that is what the vendor's agent is doing.

If you want the mortgage from EA A's mortgage person, go and ask for it - they will handle that for you. The person you are dealing with there is not an EA, they are a mortgage specialist. All they do is provide mortgages - it has nothing to do with who is marketing the house you want to buy - it should be no more expensive.

Fire_Fox

zedyy wrote: »

I went into my estate agents (A) a week ago and noticed that he was using a particular type of software to source mortgage deals. He also told me that if I took a particular product, such as an Abbey 2 Year tracker, that the lender would provide me with a free basic survey and no administration fee if i took that product. Now I've searched a lot of comparison websites and cannot find such deals.

I would prefer to conduct my own survey and instruct a solicitor saving me this money. My question Is that would it be wise of me to do such a thing? The only thing that is bugging me is that I may not be privy to the types of offers from lenders that the estate agent (A) is being able to provide me with if i were to go with him.

Your thoughts?

Free basic survey usually means valuation report, in which case the lender gets to choose who conducts it as this report is to protect them from investing in a turkey. If you mean you wish to conduct your own full structural survey then (unless you are qualified in this field?) I would strongly advise against this course of action. This is the biggest purchase of your life, you should be protected and insured to the hilt from something going catastrophically wrong.