Is this right (London and country)

maunders

Hi, I'm a FTB and been speaking to l and c about a mortgage. The advisor was very helpful. However he gave me their 'decision in principle' and told me once an offer is accepted on a property to call him and he will find a lender. Does that sound right? I've got a second viewing on a place tonight and the estate agent just phoned and said if I were to make an offer I'd need an AIP and they would want to know what lender I'd be going with!!?

Dave_Ham

L&C sound like they may have got you a soft foot print AIP until you find somewhere, which is plausible.

The Estate Agent sounds like they are checking where your mortgage is, to see how they justify you seeing their mortgage advisor.

I would suggest they tell you their advisor needs to verify your mortgage credentials and that you need an appointment - tell them rubbish and so long as you are happy, stick with L&C

Good luck

The_J

That is the best way round to do it, you only want to be sorting the mortgage after you've had an offer accepted in England and Wales (not Scotland).

littlesaint

I am in a very similar position. We have an offer in on a property, the vendor wants the weekend to decide and we provided the soft footprint AIP and the name of the broker when they asked for details of the lender. I spoke to L&C and they told me that you would always have an offer before getting a quote on a mortgage.

I have now just had a call from the agent's broker asking what L&C had quoted (which is out of date anyway), I told her and she came back with slightly better APR but she would not tell me the name of the lender because it was an "exclusive" product.

I would be interested in finding out more about the product but I am really wary about the fact that you would be applying for a mortgage without knowing who it was with. Should I tell the agent's broker that we are not interested?

The_J

Do not use the agent's broker. Definitely tell them to get stuffed.

APR is BS anyway, anyone selling a product on that basis should be banned.

Conrad

L&C are fee free, so as ever they cant committ much work unless they know you are definitely proceeding. Only a miority of enquirers actually end up using L&C (or any broker), so they cant take the chance on giving you time only for you nthen to go elsewhere.

Dave_Ham

Please, please, please, please do not even think any further about using an estate agent broker.

Firstly, they are hardly neutral are they? They share information with the negotiators and basically know your full circumstances.

When asking for the AIP to protect vendor, I personally have an issue with using this as a sales opportunity. Maybe just me..

What loan to value and what rate are they offering - I can quickly tell you how exclusive it is - any other details will speed this up about product fee etc...

Search this forum for estate agent mortgage or something similar

Conrad

Oh and remember, only complex cases need a broker. Everyone else should go direct where several dozens of non broker products exist with very decent lenders.

littlesaint

Hi guys,

I am self employed so I may be a good case for a broker. On reputation I don't want to use estate agent brokers. Just spoke to my husband and he agrees. Turns out he was contacted too about this is morning and said we'd think about it over the weekend as a stalling tactic.

So, the rates. There were three options - I'll provide all the info I can. All are based on 80% LTV.

#1. 2 year fix - 3.74%,
#2. 2 year tracker 3.29%
Arrangement fee £945 for both, valuation £145
#3. 3.49% tracker, fees £499.

That's all the info I have. Thanks.

Dave_Ham

littlesaint wrote: »

Hi guys,

I am self employed so I may be a good case for a broker. On reputation I don't want to use estate agent brokers. Just spoke to my husband and he agrees. Turns out he was contacted too about this is morning and said we'd think about it over the weekend as a stalling tactic.

So, the rates. There were three options - I'll provide all the info I can. All are based on 80% LTV.

#1. 2 year fix - 3.74%,
#2. 2 year tracker 3.29%
Arrangement fee £945 for both, valuation £145
#3. 3.49% tracker, fees £499.

That's all the info I have. Thanks.

The rates are in the right ballpark for your assumed circumstances. Its more about peace of mind and confidence in your broker/advisor doing the right things for you. Think you have come to a sensible decision.

Would see if either of you can a local broker recommended by friends/family.

Ask away any further questions, its a horrible process and thats just dealing with the Estate Agents...!

Good luck

Conrad

littlesaint wrote: »

Hi guys,

I am self employed so I may be a good case for a broker. On reputation I don't want to use estate agent brokers. Just spoke to my husband and he agrees. Turns out he was contacted too about this is morning and said we'd think about it over the weekend as a stalling tactic.

So, the rates. There were three options - I'll provide all the info I can. All are based on 80% LTV.

#1. 2 year fix - 3.74%,
#2. 2 year tracker 3.29%
Arrangement fee £945 for both, valuation £145
#3. 3.49% tracker, fees £499.

That's all the info I have. Thanks.

Typically an Estate Agent based broker lacks the years of experience and contacts needed to be able to effectively assist self employed people.

Can't comment on rates without knowing masses more info.