saying no to a mortgage in principle

gellykibson

We have had a offer accepted on a house so we went with the estate agents mortgage advisor however he made it seem Like such Hard work finding a mortgage for us and basically said he could only find us one to suit us because we had no credit rating (we never get anything we cant afford and always pay things off in full) we sent off for the mortgage in principle but In the mean time we got a really good deal with our bank and got accepted there and then!! Would we be able to turn down the one with the estate agents mortgage advisor and accept the bank??

ACG

Yes - but double check if you signed any fee agreements etc.

Having no credit is not a reason to not be able to get a competitive deal - as you have found.

kingstreet

Many EA chains don't offer independent mortgage advice and have panels of lenders who pay them more and give them survey work because of the amount of business they generate.

This obviously means nothing to you and you may be able to get a better deal elsewhere, either direct or via a broker without a limited panel.

If you've made no commitment to the EA advisor, do what you want. Tell them you've got a better deal elsewhere.

Find yourself a decent solicitor and insurance too, as I suspect you'll also have been told their in-house services are so much better when they aren't.

gellykibson

kingstreet wrote: »

Many EA chains don't offer independent mortgage advice and have panels of lenders who pay them more and give them survey work because of the amount of business they generate.

This obviously means nothing to you and you may be able to get a better deal elsewhere, either direct or via a broker without a limited panel.

If you've made no commitment to the EA advisor, do what you want. Tell them you've got a better deal elsewhere.

Find yourself a decent solicitor and insurance too, as I suspect you'll also have been told their in-house services are so much better when they aren't.

We haven't paid Anything to the mortgage advisor he said he would want a fee of 499 once the mortgage in principle is agreed we had to sign documents to send to hanleys the mortgage company but that was only saying we agree all info we have given is correct and gave bank details to show where the payments will come from but not agreed to anything only asked for it in principle x

ACG

gellykibson wrote: »

We haven't paid Anything to the mortgage advisor he said he would want a fee of 499 once the mortgage in principle is agreed we had to sign documents to send to hanleys the mortgage company but that was only saying we agree all info we have given is correct and gave bank details to show where the payments will come from but not agreed to anything only asked for it in principle x

Who are Hanleys? Never heard of a bank or building society called hanleys - is that the estate agent? [Ignore this, just come across hanley economic building society]

If you have signed something to say you will pay them £499 on acceptance of an agreement in principle - they have provided that...

gellykibson

kingstreet wrote: »

Many EA chains don't offer independent mortgage advice and have panels of lenders who pay them more and give them survey work because of the amount of business they generate.

This obviously means nothing to you and you may be able to get a better deal elsewhere, either direct or via a broker without a limited panel.

If you've made no commitment to the EA advisor, do what you want. Tell them you've got a better deal elsewhere.

Find yourself a decent solicitor and insurance too, as I suspect you'll also have been told their in-house services are so much better when they aren't.

ACG wrote: »

Who are Hanleys? Never heard of a bank or building society called hanleys - is that the estate agent? [Ignore this, just come across hanley economic building society]

If you have signed something to say you will pay them £499 on acceptance of an agreement in principle - they have provided that...

No I didn't sign I would pay Anything only if I agreed to the mortgage I would be able to pay it that's all. he said by word that he would be asking for a payment at the point of applying for the actual mortgage after the mortgage in principle is issued x