Estate Agents

paye

Is it normal for estate agents to book you in for an appointment to see their mortgage adviser before putting an offer on a house?

I've seen a house I like and wanted to put an offer in , but the agent advised me before I can do that I will have to go see one of their mortgage advisers, they are asking me to take I.D,Bank statements, 3 months pay slips

I already mentioned that I already have an AIP but they are insisting that I see their advisor before I can put in a offer . I don't remember doing any of that when I bought my first property three years ago. Abit over the top i'd say.

Ladyhawk

Tell them to stop being so flipping nosy! You don't need to see their mortgage advisor and they will only use this nformation against you. Don't forget that they work for the seller and not for you!!

Linus2864

No, you are not obliged to meet with their mortgage advisor, especially if you already have an AIP.

The Estate Agent will earn commission from any mortgage you take out, hence the high pressure sales technique. Also, as Ladyhawk has pointed out, the Estate Agent will know how much you can afford and will try and make you up any offer accordingly.

My advice (and you are not obliged to take it) is to tell the Estate Agent to "do one". If they persist, you may want to let the vendor know you were intending to make an offer but were put off by the Estate Agent.

Hope this helps

L

paye

thanks guys, It should be illegal for estate agents to sell mortgage products. Bairstow Eves trying to sell me a dodgy mortgage.

Senior_Paper_Monitor

By no means the first time I have posted this ....


We regularly haveclients advise us that the estate agents for the property are ‘pressurising’that “unless you use their broker you may not be able to get the property”- we have no problem with you seeing anyoneyou wish, BUT it is not legal to ‘make you do so’,nor to indicate that it will ‘impact on your ability tobuy the property ifyou do not’.



Additionally, extra‘credit checks’ / ‘Decisions in Principal’ may adversely affect your creditrating …..



You may find thefollowing extract useful:



Extract from The Property Ombudsman Code of Practicefor Residential Sales (as of 22.02.10)



· as recognized by the National Association of Estate Agents (NAEA)



· as approved by the Office of Fair Trading under its Consumer Codes and Approval Scheme



6.Submission of Offers



6a By law, you must tell sellers as soon as itis reasonablypossible about alloffers that you receive at any time untilcontracts have been exchanged (in Scotland, missives have been concluded)unless the offer is an amount or type which the seller has specificallyinstructed you, in writing, not to pass on. You must confirm each offer inwriting to the seller, and to the buyer who made it, within two working days.



6b You must keepwritten or computerised record of all offers your receive – including the dateand time of such offers – and the seller’s response. Such records should bemade promptly.



Discrimination



6c By law you must not discriminate, orthreaten to discriminate, against a prospective buyer of the seller’s propertybecause that person declines to accept that you will (directly or indirectly)provide services to them. Discrimination includes – but is not limited to – thefollowing:



· Failing to tell the seller ofan offer to buy the property.



· Telling the seller of an offerless quickly than other offers you have received.



· Misrepresenting the nature ofthe offer or that of rival offers.



· Giving details of propertiesfor sale first to those who have indicated they are prepared to let you provideservices to them.



· Making it a condition that the person wanting to buythe property must use any other service providedbyyou or anyone else.

ValHaller

paye wrote: »

Is it normal for estate agents to book you in for an appointment to see their mortgage adviser before putting an offer on a house? I've seen a house I like and wanted to put an offer in but the agent told before I can do that I will have to go see one of there mortgage advisors, they are asking me to take I.D,Bank statements, 3 months pay slips , I already told them that I already have an AIP but they are insisting that I see their advisor before I can put in a offer . I don't remember doing any of that when I bought my house 3 years ago. Abit of the top i'd say.

I would absolutely refuse. The agent should not see this information before an accepted offer under any circumstances. They should only be concerned to ensure that you have the means to support an agreed offer. After the offer, your solicitor or broker can confirm that you have the means to meet your offer. Cheeky blighters.

If they cut up rough about it and refuse to take an offer, see the vendor