Buying first Home

shane291179

Hi All,

I've just put an offer in on my first House purchase.

The estate agent involved has said I need to go into the office to speak to their IFA to make sure I can afford the offer I have made. They asked for me to bring in payslips etc.

Now I haven't got a Mortgage sorted yet but I did speak to the Mortgage Manger at my Bank and went through what I could afford etc and what rates I would be paying which was all acceptable to me.

He said once I had made an offer to come back and we would go through with the application.

My question is do I need to take my payslips etc to the estate agent? I'm not happy with showing them my finances (the offer is well under my upper budget). I assumed that onc the offer was accepted that within reasonable time I had to prove that my mortgage application was either complete or progressing (I would say within 3-5 working days of my offer being accepted).

Any advice on this would be greatly appreciated.

Thanks,

Shane

Iamdave

You don't have to use their IFA but as that person is independent they should be bound not to reveal any financials to the agent.

You can go back to your bank and see what they offer or visit another IFA (you will get more options and potentially a better deal that way)

The reason they need your pay slips if proof of income for the mortgage application.

My best advice if you are uncomfortable is to visit a different IFA but I'd say its unethical for the IFA at your agents to discuss your finances with them. As long as they ratify you can afford the property the agent shouldn't need anything more.

hazyjo

I definitely would not be showing the EA (or their advisor) my payslips. You are not obliged to see their FA (independent or otherwise). Just get an AIP ('agreement in principle', which really should have been obtained before now) or get your mortgage sorted ASAP.

Also, don't feel obliged to get a mortgage from your own bank. Shop around and see what deals are best for you. Plenty of comparison sites on the internet, or see an all of market broker (which the EA's broker probably isn't).

Jx

sulphate

I suspect this is their tactical way of getting you in to see their advisors. You don't HAVE to see their advisors, but if they want to see proof that you can afford it I would forward them an agreement in principle/mortgage promise or whatever you can get from the lender you choose. I would not be showing them my financial information.

If they try to push you to go in query it, ask why it is necessary for you to prove your affordability when the mortgage application will cover that, and the solicitors will not let you proceed with the purchase until they have your mortgage offer.