Mortgage Advisor - Do I have to sign a paper to speak to them now?

sparth

Hi Guys,

I am putting an offer of £250,000 to a property that we have just viewed, and the estate agent has arranged me a meeting with their trusted mortgage advisor to validate my affordability.

My question is, the mortgage advisor asked me to sign a paper to agree that she can search for mortgate for me, including getting an Agreement in Principle before doing anything- I told her that I can't sign it, as I am concerned this will affect my credit, she said it's a soft check, hence does not affect my credit that much, and the effect will be gone in one month time, if I do not sign it then she could not validate my affordability.

I have seen a few mortgage advisors in the past, and they did not ask me to sign any paper, they just checked my payslip/P60 etc, and started searching for me.

Has things changed?

Thanks in advance for any helps.

sparth

by the way, we have been searching a house/home for more than a year now - I had an AIP in the past which has expired, that's why I am concerned - I am not sure if my offer will be accepted, the estate agent told me that there are a few parties have offered the same price, so I might not get it, if so then there are a big chance that my AIP will get expired as well.

ACG

Get your own agreement in principle either directly or with a broker you want to use.

Brokers should not be doing soft checks anymore and going off what i have been told this is something that will be stopping soon.

Bare in mind if their broker knows you can borrow £250-260 or even more, this may impact upon your negotiations.

If you get your own broker, they can or should be able to call up the agents and effectively say you are good for the money at the agreed offer price.

EDIT: Give them a copy of the old AIP, tell them its expired but you have passed it in the past and nothing negative has happened since then so you will be fine?

dunstonh

Our compliance leaves it optional for us to get the data protection disclosures signed or not. There is a signature box but its up to us to use it or not. Another adviser I know with a different compliance company require them to sign an express consent and a few other things that ours do not need. It is all down to interpretation and how each company chooses to act.

sparth

Thanks AGG & dunstonh, much appreciated.