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Multiple mortgage brokers
blammo
Posts: 95 Forumite
This is possibly a silly question but was just wondering if it's bad etiquette to start engaging with more than one mortgage broker when looking for a new mortgage?
My thinking was that one might go to a sizable amount of effort for me to then turn them down and go through a different broker, or indeed go to a lender direct myself.
My thinking was that one might go to a sizable amount of effort for me to then turn them down and go through a different broker, or indeed go to a lender direct myself.
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Comments
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Is it because you want to save some money from the broker fees?"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
It is a sure fire way to shoot yourself in the foot.
If a potential borrower comes to us and is already speaking to a broker we will not progress until we are the only party dealing with the case.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
It is a sure fire way to shoot yourself in the foot.
If a potential borrower comes to us and is already speaking to a broker we will not progress until we are the only party dealing with the case.
But if the OP never told you they are being dealt with by another broker, there could be a problem there"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Then the consequences are their own fault.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Then the consequences are their own fault.
However it seems the OP wants free advice from a paid on results broker and using that information prior to mortgage APP to forward his own goals
I guess as long as no Application has not been made, they won't suffer any issues."It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Im with amn, if a client told me they were speaking to multiple brokers I would turn the business away.
If the client never told me then they risk getting conflicting information, causing confusion among other things. There is a lot that could go wrong by doing things that way. There is nothing wrong with speaking to various brokers until you find one you are happy with but you should really only be instructing one.
You either trust someone with the largest transaction of your life or you do not. Its a lot to risk just to save a few quid.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Third vote for turning someone like this away.
I'll do an initial meeting to put myself across, but I expect to know I'll be the broker doing the application before doing a DIPI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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