Estate agent's Financial Advisor is demanding more than I expect

pinkteapot

Check the adviser is fully aware that you're not using him/her to get your mortgage. There's no need to send all that info unless they're your broker and they're doing your mortgage application.

jjlandlord

james.hope87 wrote: »

Now the Financial advisor is asking us to email him with scans of all our recent bank statements, proof we have the deposit money in our account (which we don't yet as it is currently being released from other investments) and to top it off a £2000 deposit before contracts are exchanged to secure the offer.

And that's why you don't use a mortgage broker who works for the agent...
This guy is supposed to be arranging the mortgage, nothing more and nothing less. Why does he make demands regarding the offer on the property?

james.hope87

Some people cant be helped!

Why would you NOT get someone on board , on YOUR side on a purchase of many thousands of pounds?

I am going to change solicitor, I will phone and confirm that after work today.
Should I just ask the EA for the contact details of the vendors?

Check the adviser is fully aware that you're not using him/her to get your mortgage. There's no need to send all that info unless they're your broker and they're doing your mortgage application.

We are using him at the moment. He has offered us better deals by far than anyone else.

woah! Major bad practice. Has he put that in writing?

Not yet, I will ask for it in writing and I will inform them that we will be using a different solicitor. It will cost us more but hopefully will be more on our side!

jjlandlord

Why do you want to change solicitor?

princeofpounds wrote: »

woah! Major bad practice. Has he put that in writing?

It is legal and allowed. But there are many caveats as to what it may binds both parties.

pinkteapot

james.hope87 wrote: »

We are using him at the moment. He has offered us better deals by far than anyone else.

In which case, the information that he asked for is perfectly reasonable. He will need to include your bank statements, pay slips, proof of deposit and where it's come from, along with ID and other bits and pieces, in the mortgage application he'll be doing.

The cash request is another matter entirely though! Assuming he means to secure the house. Are you sure he didn't mean that the mortgage you're applying for has a £2000 application fee? I'd be surprised, as £999 is about the maximum normally, but you never know...

james.hope87

pinkteapot wrote: »

In which case, the information that he asked for is perfectly reasonable. He will need to include your bank statements, pay slips, proof of deposit and where it's come from, along with ID and other bits and pieces, in the mortgage application he'll be doing.

The cash request is another matter entirely though! Assuming he means to secure the house. Are you sure he didn't mean that the mortgage you're applying for has a £2000 application fee? I'd be surprised, as £999 is about the maximum normally, but you never know...

There are some £2000 application fees. Though this is not what he was asking. I am going to phone and clarify after work. I was a little tired and dazed when talking to him yesterday it didn't really twig.

pinkteapot

james.hope87 wrote: »

There are some £2000 application fees. Though this is not what he was asking. I am going to phone and clarify after work. I was a little tired and dazed when talking to him yesterday it didn't really twig.

Worth doing... Giving him the benefit of the doubt, "secure the offer" might be his speak for secure the interest rate of the mortgage, though he could have been clearer if that's the case.

What any broker should give you is a key facts document, explaining what mortgage they're selling you. It should explain the interest rate and initial monthly repayment. It should also clearly list all the fees you'll have to pay, both to the mortgage company and the broker (if the broker's charging you a fee).

You should get the key facts information before he goes ahead and puts the application in, so that you can agree to it (or not).

A lot of "shoulds" in there! There are brokers on the mortgages and endowments board, so if you have other questions about your adviser's process then they'll be able to tell you if things are normal or not.

daydreamweaver

Hey james.hope,

I'm also in Bristol and house hunting. Do you mind if I ask which EA this is so I know to try to avoid? Pretty sure my mortgage advisor would have kittens!

james.hope87

daydreamweaver wrote: »

Hey james.hope,

I'm also in Bristol and house hunting. Do you mind if I ask which EA this is so I know to try to avoid? Pretty sure my mortgage advisor would have kittens!

I don't think I can name estate agents on this board.
But they are a national one and their Bristol office is on north street in southville.

pinkteapot

I believe you can name them. But if your username is your real name then expect to go to the bottom of the mortgage broker's list of clients to be nice to.