George Wimpey New Homes..financial advisors

LionKing

I have just reserved a house with George Wimpey and the sales rep is insisting i have to get a mortgage via there Independent Financial Advisor (New Homes). I have my own IFA and want to use them instead as they i have a strong relationship and they are aware of my investments, savings, outgoings etc.

The George Wimpey sales rep was adamant i had to use their IFA. Is this normal or do they get paid commission on referrals?

Altarf

The sales rep lied to you.

Plasticman

Tell them to b*gger off.

Woby_Tide

what would they have done if you were a cash buyer?

Ring up his head office and query the policy, and name him to them

terrierlady

of course the sales negotiators get paid commission , usually £25.00 but because the 28 day exchange deadline is tight (to qualify for incentives) the developers tend to use their own F.A. Also the F.A. knows the local solicitors who will often exchange contracts on a faxed copy of the mortgage offer which helps if build stage is tight and extras required.
The F.A. will also keep the sales negotiator up to date with a weekly report on the stage of the application etc.
They are used to working under pressure for quick exchanges etc.
Maybe, just worth speaking to them to see if they can beat the offers available elsewhere.

LionKing

Hi guys,

Thanks for the input.

TerrierLady -There is a tight deadline for completion....(4 weeks away). I am a first time buyer and assume 4 weeks is more than sufficient for my IFA to sort my mortgage out. They have given me a discount incentive to buy the house but can't see problem with using my IFA.

terrierlady

There is No problem with you using your own IFA, the reasons I gave still stand, main reason for using the IFA working for the developer is ease for the sales negotiator and yourself,they know the score on how demanding developers are re deadlines etc and some developers will say they will withhold incentives if you don't exchange in 28 days,On your reservation form it usually states that incentives are subject to a 28 day exchange.
Don't panic ,just a ruse to get quick exchange.
A ftbyr is usually able to exchange in 28 days and some even have the mortgage agreed in principal before reserving their new home.
You and your IFA can expect a weekly telephone call by the sales negotiator for an update on your mortgage application as he /she writes a written report on each sale on site which goes to the area sales manager.They presume that way, any problems will get sorted before the 28 day expires.
Make sure you let your personnel officer know to expect a letter as this can sometimes get lost in the in tray in a busy office.
make sure that your deposit is ready and given to your solicitor before the exchange date as a cheque needs time to clear.

aeu97137

I've also heard of a a home builder called Bellway insisting that their financial advisers are used for their special house buying offers.

In my opinion I don't think it has so much to do with timing, more likely to be potential commission!!

terrierlady

yes you are right as i said before all sales negotiators get commission but final choice is the purchasers, developers may tell you that you must use their F.A. but who is buying the property? YOU ARE.You call the shots.
Sometimes just sometimes, the approved F.A. has come up with a better deal and managed also to get a larger mortgage which means a 3bed instead of a 2 bed home in some cases, also sorted out the mortgage on a Sunday afternoon etc, so I say again, at no cost to you it may just prove worthwhile speaking to the approved F.A. nothing to lose is there?.