Who has been pressured to use an in house broker

banks4u

I used to work in mortgage compliance and I know inappropriate behaviour. I went to Haart to buy a house and clearly told them I had my own broker, didn't want to even know me. I complained to Haart and heard nothing back.

Post if you have had any similar issues.

stator

The first offer I had accepted they eventually got me to see their in house broker. I didn't take out a mortgage with them, I just showed them my DIP and they photocopied it. He said they couldn't get a better deal than I had and I wouldn't have used them anyway. They do use all the tricks in the book. I was denied viewing several houses from Connels group because I refused to see their mortgage broker.
The other 3 estate agents I used since didn't even offer a mortgage broker since they knew I had one arranged. It really is the national chains that are behaving so badly, the local agents seem much better.

banks4u

I agree, we went with a local agent.

richdeniro

As you saw on my thread I have been going through this now.

I only think my offer was accepted because when I first made my offer I acted as though I would be happy to use their 'in-house' broker.

When I made the offer they ummed and ahhed about it and said that the vendor wanted everything kept 'in-house' as a previous sale had collapsed. I said that I didn't see any reason why not to use their broker and they went to the seller and passed on my offer.

Did the whole sitting with their mortgage broker but even as he was going through the deals I knew I could do better myself, I even found better deals on here but then had the hassle of them saying there was a chance the seller would pull the sale if I didn't use them. Called their bluff and everything seems to still be going ahead.

banks4u

That is ridiculous I would complain to them and write to their compliance. In 2013 there was a big thing about it, all over the press. Seems nothing has changed. Which estate agent did you use?

banks4u

http://www.moneymarketing.co.uk/a-bit-naughty-channel-4s-dispatches-exposes-in-house-estate-agent-deals/

amnblog

Unfortunately, Estate Agents seem to be policed by Channel 4.

I do find it puzzling a Vet can sell pet insurance at £30pm and be regulated to death, yet someone else can sell a £300,000 property and not be accountable for how they do it.

Malmo

Last year, there was quite an extensive and revealing BBC Radio Three Counties expose on a particular agent - read this thread:

https://forums.moneysavingexpert.com/discussion/5196062

banks4u

Looks like nothing has changed. Terrible house buying needs to be regulated.

banks4u

I wonder how many people whom have taken up mortgages from in house brokers have been miss-sold. Check your suitability letters they need to clearly confirm why they have recommended that product, you can always complain and they have to have evidence why that mortgage was the most suitable. Even have a comparison eg from mortgage brain.

MortgageMamma

It happens all the time, I've had clients crying because of it. I had one client who was so bullied by an estate agent she thrust a few hundred quid at me (which I promptly gave her back) because she was so desperate not to lose the house she wanted in our village and she had a guilty conscience because I'd done a lot of work for her as he case was complex. The EA wouldn't even accept the decision in principle I had gotten her.

Its disgusting immoral behaviour. Its tantamount to the forced PPI sales of the past, forcing someone to use one financial insistution/adviser over another against their will in my mind should be ILLEGAL.

I know plenty of decent local estate agents, its the big chains that are the monsters, and it is such a shame that these monstrous chains are tarnishing the reputation of the decent local firms trying to earn a crust. I would be happy to see estate agents regulated the same way we are, and it beggars belief that this long standing issue has never been addressed.