Mortgage Advisor Told Estate Agent My Budget!

homer_j_3

If the sales negs want to understand what the person can afford, they know not to ask me because I will say not say "Oh they can borrow x amount" on the basis that the information has no bearing on their jobs.

They will never go back to a seller and tell them - dont accept it becuase they can afford more. That would be illegal and immoral in my opinion. Also the way we base our fees for selling means the negs earn the same money no matter what it sells at.

If my clients offer is the highest and the seller will not accept, I will ask the agents what it will take to get the property and I will go back to my client giving them the option if I feel its within their means of affordability.

If the client decides the property is not worth more then I will advise them to keep looking after all it is them that have to live there.

If we are talking about other agents trying to get information out then I will not get into that conversation full stop other than the same as above - tell me what it takes and they will come back to you if its acceptable.

I have to take responsibility of my advice and I have to be able to stand up and fully justify why I felt my client could afford x amount or borrow x amount. I do not ever want to be accused of stuffing my clients because of a few measly quid and to please my sales manager. I do well at my job and am slowly building up a reputation in the area where I work where people will come to me because of my beliefs in explaining everything and understanding my clients needs and giving good solid advice. That to me tells me that I am doing the job correctly not some figures on a spreadsheet each week.

MortgageMamma

homer_j wrote: »

If the sales negs want to understand what the person can afford, they know not to ask me because I will say not say "Oh they can borrow x amount" on the basis that the information has no bearing on their jobs.

They will never go back to a seller and tell them - dont accept it becuase they can afford more. That would be illegal and immoral in my opinion. Also the way we base our fees for selling means the negs earn the same money no matter what it sells at.

If my clients offer is the highest and the seller will not accept, I will ask the agents what it will take to get the property and I will go back to my client giving them the option if I feel its within their means of affordability.

If the client decides the property is not worth more then I will advise them to keep looking after all it is them that have to live there.

If we are talking about other agents trying to get information out then I will not get into that conversation full stop other than the same as above - tell me what it takes and they will come back to you if its acceptable.

I have to take responsibility of my advice and I have to be able to stand up and fully justify why I felt my client could afford x amount or borrow x amount. I do not ever want to be accused of stuffing my clients because of a few measly quid and to please my sales manager. I do well at my job and am slowly building up a reputation in the area where I work where people will come to me because of my beliefs in explaining everything and understanding my clients needs and giving good solid advice. That to me tells me that I am doing the job correctly not some figures on a spreadsheet each week.

You know homer, you are possibly the most highly principled and dignified adviser I know. You are such an honest and considerate guy your clients are very fortunate :T

Smileysunflower

SloppySaver wrote: »

yes, that's what I was thinking. Your argument for the reduction in house price was not based on your ability to pay, but on whether the house was over valued. Obviously the vendor doesn't think the house is overvalued and so has refused your offer. Sounds to me like you're trying to get a bit of compensation for a "miss-buying".

Get over it. Dumbass.

I think it's YOU who is the dumb***. What an offensive posting.

MortgageMamma

Ignore him smiley. he's just a joker, you dumbass!

LOL (joke)

MM x

homer_j_3

you know that my principals are everything. I will not comrimise for no-oone.

MortgageMamma

No you wont, dont ever change mate Has your employer issued you their TCF analysis? I wouldnt mind having something to compare mine with....

MM

drummer_boy_2

MortgageMamma wrote: »

No you wont, dont ever change mate Has your employer issued you their TCF analysis? I wouldnt mind having something to compare mine with....

MM

Hi Mortgagemamma
Don't know if this will help but I am a member of the Sesame network and they are offering a TCF evaluation tool to outside members for £200 + vat, I have used it for my business and found it helped me think more about what I do and Don't do in relation to TCF.......Just a thought

drummer boy x

MortgageMamma

drummer_boy wrote: »

Hi Mortgagemamma
Don't know if this will help but I am a member of the Sesame network and they are offering a TCF evaluation tool to outside members for £200 + vat, I have used it for my business and found it helped me think more about what I do and Don't do in relation to TCF.......Just a thought

drummer boy x

Hi Drummer Boy

I have a friend in Eastbourne who is a Sesame AR and he emailed me his whole TCF analysis to have a look at, however his business model is very different from mine - that gave me a really good starting point

Being with Sesame I take it you will have done your intial TCF analysis?

drummer_boy_2

MM

Yes I have, although I think there is still quite a few who haven't to date. Personally I think to ignore TCF is foolish because I think the regulator will become more interested in smaller firms from now on

db

kenshaz

homer_j wrote: »

you know that my principals are everything. I will not comrimise for no-oone.

I wish that others who posted had your ethics .
I note that you do not include additional contact links and a website in your profile,because they would be of no assistance ,I presume.