Must you deal with Estate Agents Mortgage Advisor?

hieveryone

Hi all

I have previously had some advice re: buying a house on here which was very helpful.

Just a quick question - the house builders are releasing a new phase of build. They have appointed an agent to act on their behalf re: selling of the plots.

When discussing the plots the agent is being very cagey with the details, seemingly desperate to get us in to the branch in order to see any plans/details.

I am then been given the hard sell re: mortgage advisor. She said something that I feel cannot possibly be true, but want to double check.

What she stated was that in order to go ahead with one of these plots, we MUST see the agents mortgage advisor to check affordability. She states this is a new legislation that in order to reserve/buy a house with this builder/agent, we have to go through this very specific process, including seeing this advisor.

My head is telling me this is nonsense, but just wanted to double check!

Thanks

Pixie5740

Nope. in fact is's probably better to go and find you're own whole-of-market mortgage broker.

chanz4

ask her to email it in writting then complain, and ask her for the legislation details

princeofpounds

It's a lie.

The builder will want them to check proceedability, but there is a world of difference between that and a mortgage broking appointment.

Personally, I would be speaking to the developer direct if they aren't linked.

dominoman

If you can just go and see them with some statements of income. Nothing to lose other than a bit of time, and perhaps they will beat your current quote.

Don't use their solicitor though. You need total independence.

sartois

I had this as well with the new build that I bought... they didn't insist on it but they did heavily incentivize the use of their own broker and solicitor by paying £5000 towards the stamp duty IF I used their broker. Given that choice it was quite easy to go with their broker.

I had no problems whatsoever in my case.. both broker and solicitor were fine.

ladyabouttown

To put your bid forward we just need £250 to cover searches etc...

T&Cs: if it turns out you can't actually get a mortgage you lose the £250...

Ask them at the start if this is free...

warehouse

Estate Agents don't always lie, but when they do their lips move.

hieveryone

Thanks all, thought it sounded slightly wrong!

We do have a whole-of-market broker who we like and who helped us massively previously.

I have a couple of slight niggles in my credit file, which is why I am reluctant to go with someone else. (or would an agents mortgage advisor be independent/whole of market?)

I guess for an incentive like £5k I could be swayed....!

Thanks again

betmunch

I'm in a similar position, but I am the mortgage broker that people will have to see/be referred to.

When I was told of the plan that everyone would have to use me, I corrected them and said I was happy to do offer checks for them, but would not be seeing anyone who felt forced to use me.

As I am independent of the EA I can do this, employed brokers for the big chains cant!

Do not see any broker who is employed by the EA selling the house.

AndyT678

sartois wrote: »

I had this as well with the new build that I bought... they didn't insist on it but they did heavily incentivize the use of their own broker and solicitor by paying £5000 towards the stamp duty IF I used their broker. Given that choice it was quite easy to go with their broker.

Not if it means that you're paying £'000s more per year on your mortgage than you otherwise would have.

The £5,000 is not magic, free money conjured from nowhere. Ultimately there is only one source of cash and that’s you.