Mortage through estate agents or building society?

Queen_B_3

Hello

Me and my boyfriend are currently in the process of buying our first house. We had a meeting with Nationwide last week and they went through what they could offer us and prices etc etc which all seemed good to me.

We've found a house and now the estate agents want us to see thier financial advisor, do you think they will be better or would we get a better deal through the building society?

Any advice apreciated

apk1

Nationwide are not bad, but only sell their own mortgages, how about the estate agent what can they sell ? Really you should be speaking to someone who can advise from the whole of the market, as Nationwide are rarely the best mortgage in the market. Certainly you should not be paying for the advice, and also don't be pressured, you should be guided and advised, but it's your choice. The estate agent is pushing you to their advisor as the agent will get a cut, if they insist in anyway they are acting illegally.

MarkyMarkD

More than likely the advisor will be able to offer you a better deal than Nationwide as Nationwide aren't best buy in many categories. But equally well any whole of market advisor would be able to do the same - or maybe better, if the estate agents' advisor is not whole of market.

So in increasing order of likelihood of best advice:

- Nationwide (or any other lender);
- An advisor who isn't whole of market;
- An advisor who IS whole of market.

terrierlady

make sure the F.A is a an independent, he or she can then offer a variety of products which will suit you ,remember you dont have to use them , also remember the introducer at the estate agents will get a fee its all part of the job.

riad_2

It never hurts at all to speak to the estate agent's F.A... you never know, they might be able to find you a really good deal! I managed to get a mortgage which was perfect for my situation from an estate agent's F.A. which another 'all of market' broker wasn't able to obtain!

Worth speaking to to get an idea of what they could offer you. Keep an open mind is all I say!

dunstonh

Make sure the adviser is whole of market on both mortgages and protection and has no hidden fees (the key facts document they give should outline the charging structure and look for words like clawback - BAD).

Dan_Collins_2

Most smaller estate agents use brokers that are whole of market. Corporates normally have a panel so they can have more control over what goes on. nationwide have not been pushing for a few months now, they seem to have eased off, although as a lender they are very good, thing is money talks!

If the EA broker is whole of market and you feel that comfortable go for it. I have 2 estate agents and I am whole of markt but make sure of this and check the relationship between the EA and broker is not 2 close!

Rafter

Just make sure you are getting a better deal than Nationwide.

Compare the 'total cost' over x years (where x is the number of years of the mortgage deal). Some mortgages are 'dressed up' to look like great deals with small initial payments or have low rates subsidised by very high fees or penalties if you end the deal early.

Won't do any harm talking to an independent advisor though.

R.