Who has been pressured to use an in house broker

NewHomeOwner_2

A few weeks ago Connells wouldn't let me view a property because I wouldn't speak to their in house broker BEFORE viewing. I told them I already had a broker and an agreement in principle, plus an existing mortgage on my current property. And they told me I had to get my mortgage through them as an agreement in principle 'mean't nothing' and the only way they would be satisfied with my finances was if I did it all through them.

Needless to say I didn't view the property.

No one else has been that bad but I did get the hard sell with every single agent I viewed a property with.

MortgageMamma

NewHomeOwner wrote: »

A few weeks ago Connells wouldn't let me view a property because I wouldn't speak to their in house broker BEFORE viewing. I told them I already had a broker and an agreement in principle, plus an existing mortgage on my current property. And they told me I had to get my mortgage through them as an agreement in principle 'mean't nothing' and the only way they would be satisfied with my finances was if I did it all through them.

Needless to say I didn't view the property.

No one else has been that bad but I did get the hard sell with every single agent I viewed a property with.

That must have been extremely frustrating. it is hard enough finding a property to buy without obstacles like that. I personally would have knocked on the door of the property and arranged a viewing directly with the owner. Don't give up or walk away, knock on doors, post notes, leave your phone number with seller, always tell the seller what the agent is up to - because most of the time they are hindering a sellers house sale by doing this.

ACG

The biggest issue (aside from the agents themselves) is that people will not complain before completing for fear of losing the purchase and after it is no longer a priority. If nobody complains, nothing will get done.

banks4u

It's so wrong!! I even told the agent that I used to be an underwriter and compliance officer for a bit broker so I know my stuff. But guess what they didn't want to know me!!

Surely as the FCA regulated mortgage advice this could be seen against the FCA principles. Also Data protection also means the broker can't actually disclose anything to the agent without your consent.

MortgageMamma

there are a lot of drawbacks for the poor people being forced to use in house brokers, the main one being if something goes wrong with the mortgage the seller knows about it and can select another purchaser leaving the original buyer out of pocket. That's an unfair practice that has to stop.

banks4u

That's really bad as the broker shouldn't be discussing anything with the agent.

Wake_up_call

This very topic came up on the forum a couple of days back - https://forums.moneysavingexpert.com/discussion/5463983