Home Visit Mortgage Advisor? Is this right?

sadiebobs

Hi there!

I have just spoken to a mortgage advisor recommended by our new build developer. He states that he does not have an office, and does mortgage applications over the phone or can visit us in our home.

Question is I've never heard of this, is it ok? Or would we be better going for another advisor, that hasn't been recommend by the new build developer, and works within an office?

Any advice would be appreciated!

Thanks

Sadiejwilson

hcb42

Up to you, depends if you trust him. I had one who visited at home years ago.

mrchiggles

I've had a home visit one too, didn't see it as a problem

dunstonh

Question is I've never heard of this, is it ok?

Its the norm. The industry is still very much a cottage industry and most advisers work from home. Home visits to you is by far the most common method.

sadiebobs

Ok, thanks for the replies. Is it also acceptable to go with a mortgage advisor recommended by a housing develpment from whom we are buying our new build house?

Thanks

Sadie

dunstonh

Is it also acceptable to go with a mortgage advisor recommended by a housing develpment from whom we are buying our new build house?

Normally I would say avoid if the developer is a National builder. A local independent would be fine or where the developer uses a local firm externally. However, in house ones do tend to have poor reputations. Mainly as, unlike a local firm where reputations are important, the developer will move on and the in-house adviser only has one chance to sell to you. So, you tend to find the reputation is that they will be heavy on sales talk. Some of the things that decent advisers consider bad tends to come from developer advisers and estate agent advisers (noting above caveat to those that use local firms externally).

I would ask them the costs and compare with local firms of your choosing. I would also check their status for insurance. Many are single tied or small panel and not whole of market (they may be whole of market on mortgages and often use that to give the impression they are on everything but usually they are single tied or panel on insurance - that means they will cost more than an IFA or independent mortgage adviser).