Choosing a Mortgage Advisor- Help!

pickles13

So, our offer got accepted today (myself and my partner; we are FTB). Yippee! But I am now trying to choose between two brokers. We have been communicating with one that I found online, he has been very good so far but is based in Scotland (we are in Buckinghamshire). After the offer was accepted, the EA asked us to go in with our payslips/deposit evidence etc and to have a chat with their broker, as apparently this is routine to ensure we can afford the property. Anyway, I found the local broker really helpful and quite liked that it was done in person.

Who do I pick?!

The Guy based in Scotland, is free (which was why I contacted him initially). The guy based in our town has a fee (£399).

As well as this, the EA has given us a quote for their solicitor, also based in their office. Is it just easier to have the EA, broker and solicitor all under one roof, or is that unnecessary?!

GMS

If you were to play a game of poker would you have your cards face up for the opponents to see?

That's what giving your details to the estate agents broker does. They know what you can afford and could tell the agent you can get more. Another offer comes in and you get a call.

Cynical view of course.

Aside from this the agents brokers often have limited lender panels.

Plenty of threads on here about estate agent brokers

amnblog

GMS is right


I don't care if Mother Theresa is working the desk - do not use the Estate Agents broker, nor solicitor.


You do not want the Estate Agent - selling the property on behalf of the vendor, to know your situation back to front and to hold all the cards.

koexelek

amnblog wrote: »

GMS is right


I don't care if Mother Theresa is working the desk - do not use the Estate Agents broker, nor solicitor.


You do not want the Estate Agent - selling the property on behalf of the vendor, to know your situation back to front and to hold all the cards.

Agree with all of that, but WRONGLY, if you want a specific property you might have to
Totally illeigal to strong arm borrowers in this way, but it still happens a lot of the time

pickles13

We haven't been forced into using the estate agents broker; I did, however, have to take in our payslips in order for them to tell the seller that we are fine to actually offer the amount we have.

I definitely felt like they were telling me it would to our advantage to use them over the one we have already been communicating with.

amnblog

pickles13 wrote: »

We haven't been forced into using the estate agents broker; I did, however, have to take in our payslips in order for them to tell the seller that we are fine to actually offer the amount we have.

I definitely felt like they were telling me it would to our advantage to use them over the one we have already been communicating with.

I think you misheard them telling you it would be to their advantage.

amnblog

koexelek wrote: »

Agree with all of that, but WRONGLY, if you want a specific property you might have to
Totally illeigal to strong arm borrowers in this way, but it still happens a lot of the time

Practices prohibited by the estate agents Code of Conduct include telling the buyer acceptance of their offer is conditional on using the in-house mortgage or legal team.