Agent insisting I use a mortgage advisor?

shinythings_2

Hello wise MSE-ers,

Can someone tell me if this seems normal...

I called an estate agent today to arrange a viewing, and they are insisting that i have a 45 minute appointment with their in-house mortgage advisor before I am allowed to view the property.

Is this standard practice these days?

The asking price of house I am interested in viewing is only £10k more than than that of the flat I am selling, I can afford this and plan on sticking with my current lender... I have told the estate agent this but they are still insisting i must see their advisor and give them access to 3 months of bank statements and payslips!

I feel like they are just trying to drum up business for their mortgage broker, or this this some new requirement for estate agents?

Thanks,

Pixie5740

It's the former. The estate agent is just trying to drum up business for their mortgage broker.

shinythings_2

Thanks Pixie,

I thought so but this is the first place i have tried to view this time round so wanted to check. Cheeky sods, implied it was some kind of legal requirement!

skintpaul

could see them, but say have ££ in place, or unable to discuss until property seen..

DandelionPatrol

shinythings wrote: »

Hello wise MSE-ers,

Can someone tell me if this seems normal...

I called an estate agent today to arrange a viewing, and they are insisting that i have a 45 minute appointment with their in-house mortgage advisor before I am allowed to view the property.

Is this standard practice these days?

The asking price of house I am interested in viewing is only £10k more than than that of the flat I am selling, I can afford this and plan on sticking with my current lender... I have told the estate agent this but they are still insisting i must see their advisor and give them access to 3 months of bank statements and payslips!

I feel like they are just trying to drum up business for their mortgage broker, or this this some new requirement for estate agents?

Thanks,

No it is not standard practice and it is not a new requirement for estate agents. It is purely a dishonest, self interested and corrupt practice by disreputable agents.

In your position, I would suggest firstly going to the agent with a witness and asking for a viewing but refusing to take a mortgage advisor appointment.

If you are refused again, you could approach the owner directly stating that the agent has refused a viewing. If you and your witness provide to the seller signed statements as to the refusal, the seller will have grounds to deny the agent his fee, which might give you a 1% advantage on any offer.

If I were seller, I would sack the agent on the spot.

kinger101

Just tell them that never in a million years will you use any service recommended by them -- that they know why, and it's not open for discussion. If they persist, approach the vendor directly, explaining how their EA is being obstructive.

Malmo

See below for a relevant thread on this topic.

https://forums.moneysavingexpert.com/discussion/5168049

dimbo61

You could report them to the government redress scheme

shinythings_2

Thanks everyone. Thanks for the link Malmo, that's really useful.

nidO

An alternative, if you have the time, could be going along to the meeting and engage with the broker as much as possible, be positive and keen with them, ask every vaguely related question you can think of, and generally stretch the meeting out as long as you possibly can.
Then when they come to ask you to commit to anything, just tell them "oh, no, I have a lender already sorted thanks. The only reason i'm here is because the agent you're in bed with felt it necessary to waste both of our time. can I go now?"

The look on their face should be pretty worthwhile, if nothing else.

stator

Name and shame the estate agents. I'm willing to bet they are part of a large national chain.
Personally I'm boycotting them.