using estate agents financial advisor/broker

Starside

I am looking to buy a house as a first time buyer. I am 34 and have a huge deposit (about 40% on a house worth £160k).

I have not found the right house yet, and I have not put in any offers. I have arranged a meeting with a mortgage broker who is linked to one of my local estate agents. I have spoke to the broker on the phone and she tells me she is independent and whole of market and she chargers no fee (commission only). She has an office in the same premises as the estate agents.

I asked her if she can be my broker even if I bought through another estate agents and she said that she can its not a problem.

My question is, should I trust a broker who has some tie in with an estate agent. I feel that if I reveal my finances and salary etc, and if I put in a low offer, the broker could tell the estate agents that I can afford more, and the estate agents might try to push me for more. Has anyone used a broker who is ‘linked’ to the estate agents and what was your experience?

I am also sceptical that the broker will just go on moneysupermarket and pick the best mortgage deal for my circumstances. Surely I can do this myself??
Many thanks

phill99

How can a mortgage broker who shares an office with an estate agent be truely independent and have YOUR and only YOUR best interests at heart?

BitterAndTwisted

I think your reservations are entirely correct. In your position I would try to find a truly independent broker.

john_white

I think your logic is flawed.
The EA can't make you offer more than you want. Even if the MA did tell them you could afford more it doesn't mean you want to spend more.

seven-day-weekend

Maybe the mortgage broker just rents the office at the EA's premises and has no particular connection with them?

I think they are useful if your situation is in any way unusual.

My son was a first-time buyer with a gifted deposit, low income and no credit history, buying a flat with a short lease and the broker got him a really good affordable deal with Santander. So they can be useful!

We are going back to see him for ourselves as we want a BTL mortgage but don't have the income required by high street lenders.

Starside

Thanks for the advice. I don't consider my situation unusual so I will go along anyway and see what they can offer, but if its just an internet search, I will probably go it alone.

I will report back once I have had the meeting tomorrow.

john_white wrote: »

I think your logic is flawed.
The EA can't make you offer more than you want. Even if the MA did tell them you could afford more it doesn't mean you want to spend more.

My thinking was that the EA may make up other bids, tempting me to up my bid.