Estate agent's mortgage broker

murphster

This is a continuation to my previous threads saga.

Background: I had my house up for sale with express estate agency, originally for 80,000 and reduced to 75,000 after two weeks for a quick sale. After another two-three weeks I decided I didn't want to sell and looked into letting it out and releasing some equity for a new purchase. Mu current mortgage in 46,000 so wanted 14,000 for the deposit, 90% of 138,000 purchase price.

I spoke to a mortgage broker, was told this was possible and got two AIPs from Nat West, buy to let re-mortgage and purchase mortgage. I applied fully stating a value of 80,000. I got the mortgage offer for the purchase quickly but the survey for the buy to let re-mortgage came back with a value of 70,000. This meant I had a shortfall of 7,500. I do have some savings but this was need for fees, solicitors, moving costs etc. I tried my current lender, thinking they may have valued it higher, I was rejected on affordability, so now I have three mortgage applications on my credit file.

I accepted that my move was not going to happen, resolved to save hard for the next 8-10 months to hopefully make up the shortfall and told all appropriate people i.e. estate agent and mortgage broker (this was a week and a half ago).

Anyway, this afternoon I had a phone call from Hunters, the estate agency selling the house I wanted to buy. The phone call was a bit odd as they asked me how things were progressing (I said they weren't and told the tale). They suggested I speak to one of their mortgage brokers who might be able to help, if I wanted them to call me back and discuss thing. I started to get a bit excited again and agreed.

Now I've settled down and thought about it a bit and can't see what they can do. The only options I can see are either a 95% mortgage which is going to be too expensive or try another building society and see if I can increase the value of the buy to let house, which is risky. Am I missing something. Has anybody any experience with these brokers or other estate agency brokers. Is this a common strategy of estate agencies. I just worry about applying for any more mortgages. At first I thought I had nothing to lose speaking to them, now I'm thinking all it's going to do is notch up another application.

amnblog

If the new broker going to make your current home 'worth' £80,000?


The Estate Agent does not care if you and their mortgage adviser waste further time on this situation. He was just looking for something to say to end the conversation gracefully.


Unless you want to sell for £70,000, or load up further debt from additional loans you cannot afford, you are correct that you need to keep saving.

murphster

I can't see what they can do. Like you said if Nat West's surveyor says 70,000 won't they all? It was the phone call itself that I found most odd. Why did the estate agent ring me at all, they knew I had pulled out and I told them the reason more than a week ago. I might just cancel the appointment, I'm not willing to pay a 95% mortgage or get into debt.

tlc678910

If the seller's agent are phoning you after you pulled out is it possible that the sellers are a bit desperate and the estate agent knows they would accept a lower offer (or perhaps if you pushed for it pay your solicitor fees for example?)
Tlc