Never go with an estate agents broker.

Toptom1

I don't know if you have been following the situation with the house which fell through in which I was going to purchase but ive learnt a valuable lesson to never trust estate agents and there brokers.


When It came to setting up a mortgage the estate agents offered me there broker who said for £499 I get free mortgages application, no fees and a valuation report. So I thought blimary its a bargain and when its too good to be true it is!!


I've looked at what rates etc I could of got in the situation I was in then and I could get a lot lower rate, save myself £30,000 over the 30 year period from a 100k 15% LTV.


Not only that there was only 1 mortgage lender to offer a no fee and free valuation report which was platform. So basically the broker didn't look out for my interests but a free and easy £500 in which was the brokers fees.


I was so naïve.

sinizterguy

Depends on whether the broken was all of the market or limited panel of lenders, etc.

They would have disclosed this to you at the beginning of the process.

Also, your credit report, affordability, etc plays into what you can get. Just because a rate is available does not mean that you can get it.

Brokers will get paid no matter what ... It is probably not in their best interest to screw someone over to make a quick buck.

Some may of course do so, but I don't think it is that common.

I did go with Estate Agent brokers (not from the same EA as purchase) for 3 purchases and they got me a good deal - as good as anything I could find for my situation.

G_M

Yup. You were.

Posters on this board consistantly advise people not use EA's recommended brokers, or conveyancers, but to find their own.

Just common sense.

lalab3

Same with us! Awful experience. ..out of pocket... and no mortgage. .. in the process of a complaint against them. Barnard Marcus. .. sequence!

strawberries1

Bairstow Eves keep trying to get me to use theirs - Countrywide but thank God for the FTB manual on this site! http://www.moneysavingexpert.com/mortgages/mortgage-guide Use L&C

tom9980

While L&C may be better than an in house agent broker chances are an independent broker who is local will provide a better service. I sought recommendations from everyone I knew who bought in the past few years and as it happened that was the independent broker recommended by the estate agent. I have no regrets making that choice either she did a great job for us.

Toptom1

tom9980 wrote: »

While L&C may be better than an in house agent broker chances are an independent broker who is local will provide a better service. I sought recommendations from everyone I knew who bought in the past few years and as it happened that was the independent broker recommended by the estate agent. I have no regrets making that choice either she did a great job for us.

As far as you are aware they did a good job until you do your own homework.