Estate agent wants me to attend meeting for in-house mortgage advice

davevincent

I'm a first time buyer. I've been looking at the property market for a couple of months. I've recently put offers in on a house I'm interested in. The first 2 were rejected, the latest one is pending (since last week).

The estate agent is adamant I must attend a mortgage interview with their advisor in-house. I assume this means before my offer is accepted or rejected. They want to see what mortgages I can get, and credit check me. I am reluctant, but if the agent tells me the vendors want this to happen, want else can I do?

Does anyone have any advice on this?

MoneySavingUser

davevincent wrote: »

They want to see what mortgages I can get, and credit check me.

Possibly - but they also want you to get a mortgage from someone who will pay them a load of commission which might not be right for you.

Get additional advice preferably independent and shop around!

DannyboyMidlands

I had this as a FTB and politely refused. I said that in that case, your vendor can sell to somebody else. A week later they tried a different angle, I needed to be checked in order to get onto their prefered buyers list. I refused again. Another week later they had given up and I was viewing houses with them as normal.

They want to try and flog you a mortgage (you can probably find better yourself in 5 minutes online) and get an idea of your salary/budget etc. to help their vendor in any future negotiations. However, I don't see why they are being so pushy, its not as though buyers are banging on the door. When I was looking I must have dealt with 8 EA's. Do they really expect me to see all of their mortgage advisors? Ridiculous.

DON'T DO IT.

Going4TheDream

davevincent wrote: »

I'm a first time buyer. I've been looking at the property market for a couple of months. I've recently put offers in on a house I'm interested in. The first 2 were rejected, the latest one is pending (since last week).

The estate agent is adamant I must attend a mortgage interview with their advisor in-house. I assume this means before my offer is accepted or rejected. They want to see what mortgages I can get, and credit check me. I am reluctant, but if the agent tells me the vendors want this to happen, want else can I do?

Does anyone have any advice on this?

You can apply to borrow from who ever you wish.... they are only going to get you to go in and see if they can 'sell' you a mortgage, and then insurance etc

I'd call the agents bluff and suggest that if they dont stop hassling me then I will withdraw my offer on the house

sirmosh

You should have a mortgage agreement in principle before you start making offers, go get one and when they pester you tell them you have an AIP. That way the vendors know you're serious and the estate agents know you're not going to fall for their games.

Oh, and please, please, please see an independent mortgage advisor before applying for a mortgage, all to often people just go with their bank or the first lender they find and miss out on getting the best deal.

davevincent

Thanks guys, great advice. I already have a decision in principle from an online broker which I've sent the agent, but still to no avail. I just got a bit shirty with the agent about the whole thing, and asked specifically whether this was something the agent had advised their client to do or whether this was something the client wanted - no clear answer. Anyway, I did eventually threaten to withdraw the offer. I mean, if they don't like my offer, turn it down!!!!! I HATE estate agents, the stories are true.

Gromitt

One particular estate agent told me that I needed both life insurance and payment protection insurance on top of any mortgage offer and their in house staff could get me a great deal. After an argument stating that my bank told me I didn't need either unless I specifically requested them, it came to this:

"As I've already said, I already have an AIP with my bank. Here is the deal they offered me. If you can beat it, I'll come see your advisor, otherwise just pass my offer on or I'll find some other house."

They agreed that they couldn't actually find a better deal (Offset mortgage 2.49% above BEBR, about 6 months ago) and left me alone. Offer was still rejected by the vendor however.

WhiteHorse

davevincent wrote: »

The estate agent is adamant I must attend a mortgage interview with their advisor in-house. I assume this means before my offer is accepted or rejected. They want to see what mortgages I can get, and credit check me. I am reluctant, but if the agent tells me the vendors want this to happen, want else can I do?

Their behaviour is thoroughly dishonest.

brit1234

The estate agent is on the vendors side, their job is to get the best offer they can. They are not your buddies, they just want to milk you. By going to their mortgage advisor not only do they know how far you can go but they can also get you hooked on a worse deal.

Just flash your mortgage in principle and if they don't like it walk away.

Property_Auctions

Age old trick from the agent and totally wrong!

The agreement in principle is the only proof the vendor requires. I would imagine that the vendor has no idea what their agent is up to.

Good luck.

katejo

Property_Auctions wrote: »

Age old trick from the agent and totally wrong!

The agreement in principle is the only proof the vendor requires. I would imagine that the vendor has no idea what their agent is up to.

Good luck.

Way back in about 1993 I walked out on an estate agent mortgage advisor who was trying to pressure me into having an endowment mortgage when I was determined to have a repayment one. I got my way in the end. As long as you can show that you have a mortgage offer in principle, that is all you need.

That said, sometimes it is worthwhile talking to a broker attached to an agent. my current mortgage is a lifetime fee free tracker at 0.27% above base rate. I would not have found it without help from the advisor/broker.