Foxtons and alleged mortgage rule changes

Emy1501

My wife got a call from Countrywide advising that we should get an MIP through them now as loads of sales were falling through due to people not being able to get the mortgage due to these sort of changes. I suspect it just a ploy to get people to see their Mortgage arm.

At the same time My Mortgage broker did advise that many lenders are no longer simply using the 4X rule etc and its all about affordability etc. So I suspect there is some truth in some people putting in offers and then only finding out at a later date that the lender won't lend.

DVardysShadow

I think it goes to show, if you have a house for sale, a serious risk is that your agent will deter buyers by bullying them in to see their mortgage advisor.

Agents have argued to me that it is in the vendor's interests that they have an in house mortgage broker, to have the best chance of ensuring your potential buyers have funds. That argument has been shot to pieces I think.

greenmoneysaver_2

Avoid! Although I did get my first mortgage with AH!

However, the whole agent/finance deal is rarely a good one and decent EA's accept it when you say you have a better deal, name the bank (at the mo HSBC doing most of the best) but smile and say you are happy to speak to their advisor, but would that delay viewings/offers??

Bairstow/Countrywide group are just as bad, we once saw one of their guys and he dreamt up an extra 1800 a month that we had coming to fund a huge mortgage! I earn alot less than OH and thought maybe he earned more than I thought! After the meeting I asked him where the guy got the extar 1800 a month from and he said he didn't know!!!!!!!!!!!!!!!!!!!!!!!!!!! The guy was so crap, was just putting in any old figures into hi computer!

I was a tad disappointed as I though I had missed OH getting a 20k pay rise!

sebtomato

ILW wrote: »

Foxtons make a big deal that they will sell your house at a higher price than any other agent. Not so clever if you are a buyer. I would go elsewhere.

I agree, if I was selling, I would give it to Foxtons (negociating their 3% down). However, if you are a buyer, you need to be very wise to cut through the BS, as those guys are good. They even have dedicated negociators talking to you when you make an offer.

jockosjungle

Its not just Foxtons, Countrywide do the same. We had to avoid an EA in St Helens because they tried bullying us so badly, wouldn't even let us ask about a house until we'd had a 1 hour high pressure pitch from the MA and agreed to a mortgage with him - we walked away and got our own on a better rate.

My advice is to look for the best rate yourself - they say HSBC turn people down as they cannot get close to matching their rates. Since HSBC don't deal with MA at all, there is no way a MA would ever know that.

R

neverdespairgirl

If I were to shake Foxton's hand, I'd count my fingers afterwards.

jonewer

colli wrote: »

I was told something similar by Connells a few months ago and that my AIP was worthless as HSBC (who issued it) were declining 80% of mortgages even where an AIP was in place.

I had major issues with connells also.

We once went into a branch and asked for properties matching a certain criteria. They asked us about our mortgage and we refused to see their mortgage broker.

In return they flatly denied they had anything for sale at all despite there being hundreds of places in the window.

Many agents make a lot of money from mortgage brokering and back-handers, so never ever ever speak to the agent's mortgage broker. They do not have your best interests at heart.

betmunch

jonewer wrote: »

never ever ever speak to the agent's mortgage broker. They do not have your best interests at heart.

This is simply not true, I know where your coming from as I am aware of the reputation that has been built up by the corporates.

Its all down to the individual and how they handle the pressures from management

There are some very good advisors available in EA branches

jockosjungle

True there are some good brokers in branches, usually the local independant estate agents with an independant MA.

However one in a chain, who works for a chain of MA's who look at a small panel of lenders simply are not. How can they sit there and say they can get you a better rate when they know they cannot? That they tell you lies that only they can get you a mortgage and you cannot get it yourself.

The one we had to see in a Countrywide, had clearly been on a course in bullying you into using them, he even had a brochure to further justify his points.

I don't think you'd keep your job betmunch if you told everyone who went through your door that if they went direct to HSBC or the Post Office they could get a better rate and they didn't need you. Chances are people can get a better rate with such lenders without using a MA, no offence intended but you obviously don't tell people they can get a better rate without using you, so what do you tell them?

R

googler

Papers are full of the FSA's proposed shake-up of the mortgage market, but probably not specific to a certain price band or demographic.....

http://scotlandonsunday.scotsman.com/business/Housing-market-39faces-abyss39-over.6425794.jp