Estate agents mortgage advisors

SomeDaySoon_2

What are people views on the mortgage advisors every estate agent tries to get you to see? Alarm bells ring automatically for me but i dont know if im just being overly cautious.

marksoton

DNU.

It's as simple as that. But in fairness not every EA does so.

Pixie5740

1) You want a whole of market broker.

2) If you use the EA broker then they know exactly how much you can afford and how much you can be pushed when you find somewhere you'd like to buy.

[Deleted User]

Someone who works out of an estate agents office will always be busy whether they are any good or not. An independent broker relies on recommendations of satisfied customers - so they have to be good!

Ask everyone you know who moved recently for their recommendations.

Rizla300

As with marssoton do not use estate agents in-house mortgage broker because

(a) estate agent will know how much you can spend
(b) in-house mortgage adviser will only have a select panel as opposed to whole of market
(c) you'll still have to pay a fee to mortgage adviser of around £900 even if you get rejected later

I've also read horror stories that once they sign you up for mortgage services and get their fee you don't hear from them again. Also one in-house adviser never let on to buyer that they failed their first mortgage application and made multiple applications behind the buyer's back and this affecting their credit rating!

I went through an independent 'whole of market' mortgage adviser whose services were free! Even when I pulled out of first house early on in the buying stage he still arranged mortgage for current house with no fee. His fee was paid directly by the mortgage lender. He also always kept me up to date and was helpful in advising on life insurance etc.

For those who feel pressurised to take out a mortgage with estate agent stay strong and be firm that you already have an AIP or mortgage offer. Legally they can't force you. Also do not believe the lies that the vendor would feel more secure/happy that if you went in-house either with the mortgage. I remember one open day the vendor was leaving the house and while agents back was turned I quickly asked does it matter if my mortgage is not with EA and he looked at me quizzically and firmly said he didn't care which mortgage anyone took.