Post Office Mortgage?

JAMES1882_2

Hi,

I am new to the forum but have been a reader for a while.

I am currently buying my first property and have decided a 3 year fixed rate mortgage is best for me. I have found a good deal with The Post Office and everything is ticking over.

The Estate agent are so keen for me to see there mortgage broker, I am really not interested I have past experience of mortgage brokers and have come to the conclusion they can't get me any deal I can't get myself there role is old fashion now (internet, search engines etc). Besides the guy keeps ringing me saying I should go for a tracker or fix for 2 years...I have done my research and am happy with my decision to fix for 3 years.

The estate agent is now saying the post office take 12 weeks and I should really go through there guy or risk loosing the flat....

Do the post office take this long? I have read another thread about them and it seemed positive. Any past experiences or feedback would be much appreciated.

Sorry I have gone on a bit just thought it would be good to know the background.

JournalGirl

Sorry, no specific information about Post Office, but there is no way I would use that broker, sounds like a cosy deal between him and Estate Agent. Why not contact Post Office and ask them for a realistic expectation of timescale. If you want a second opinion, talk to an independent mortgage broker, not this linked one.

JAMES1882_2

Thanks for your reply, I don't feel I need a second opinion I will ring the post office monday and speak to them about it.

I am really not a fan of people making money off me buying this flat, it feels like the estate agent gets a back hander for introducing me then the mortgage broker goes off and gets commission for finding me a deal.

Senior_Paper_Monitor

While I disagree with your sweeping statement that "there (sic) role is old fashion (sic) now" totally - your own situation/experience may well not need one (that does not apply to the great majority of the clients who pass through our doors - virtual or otherwise), there would appear absolutley no reason why you should see the EA broker (and a couple of valid reasons why you should not).

I gather PO processing times are very good on clean/simple cases (can't warranty that statement as we don't dela with them - or vice versa).

You may find the follwoing document that we hand to our clients in such circumstances helpful ....


We regularly have clients advise us that the estate agents for the property are ‘pressurising’ that “unless you use their broker you may not be able to get the property”- we have no problem with you seeing anyone you wish, BUT it is not legal to ‘make you do so’, nor to indicate that it will ‘impact on your ability to buy the property ifyou do not’.

Additionally, extra ‘credit checks’ / ‘Decisions in Principal’ may adversely affect your credit rating …..

You may find the following extract useful:

Extract from The Property Ombudsman Code of Practice for Residential Sales (as of 22.02.10)

· as recognized by the National Association of Estate Agents (NAEA)

· as approved by the Office of Fair Trading under its Consumer Codes and Approval Scheme

6. Submission of Offers

6a By law, you must tell sellers as soon as it is reasonablypossible about all offers that you receive at any time until contracts have been exchanged (in Scotland, missives have been concluded) unless the offer is an amount or type which the seller has specifically instructed you, in writing, not to pass on. You must confirm each offer in writing to the seller, and to the buyer who made it, within two working days.

6b You must keep written or computerised record of all offers your receive – including the date and time of such offers – and the seller’s response. Such records should be made promptly.

Discrimination

6c By law you must not discriminate, or threaten to discriminate, against a prospective buyer of the seller’s property because that person declines to accept that you will (directly or indirectly) provide services to them. Discrimination includes – but is not limited to – the following:

· Failing to tell the seller of an offer to buy the property.

· Telling the seller of an offer less quickly than other offers you have received.

· Misrepresenting the nature of the offer or that of rival offers.

· Giving details of properties for sale first to those who have indicated they are prepared to let you provide services to them.

· Making it a condition that the person wanting to buy the property must use any other service provided byyou or anyone else.

DVardysShadow

JAMES1882 wrote: »

Hi,

I am new to the forum but have been a reader for a while.

Crossposted https://forums.moneysavingexpert.com/discussion/3245176

If you must crosspost, at least say that you have. Please.