Estate Agent doesn't recognise London & Country

Tannen79

Hello

Having put in a good offer on a house, the Estate Agent asked to see my mortgage decision in principle. I got this from London & Country, after reading recommendations on this website. However, the Estate Agent said they will not accept the decision in principle from them. They have instead put me in touch with their recommended mortgage adviser who have said:

"Historically London & Country's really not worth the paper they're written on. It's because they don't actually do a decision in principle, they just send you the certificate of affordability without doing that credit check on you".

As a first time buyer I'm a bit confused now. Are they saying I can't use London & Country to find a mortgage for me? Anyone had a similar issue?

Thanks.

getmore4less

they want their cutback from their preferred broker.

Tell the vendor the EA are refusing offers.

David_White

I'd suggest two things are happening here:

1) L&C have a questionable reputation depending on who you speak to and the Estate Agent is aware of this.
2) The Estate Agent has a strict sales target and will say anything to get you to use their adviser.

You have the right to use whichever mortgage adviser/broker you want... or dare I say to handle the case yourself.

This type of behaviour is why Estate Agencies have such a bad reputation, don't let them bully you!.

ACG

Get a proper Decision in principle from a lender - via L&C if you wish.

As much as I do not like estate agents, I can see the agents point of view. I have a letter I give to my clients which confirms credit reports and bank statements have been assessed, not all agents accept that either.

dunstonh

However, the Estate Agent said they will not accept the decision in principle from them.

L&C do have issues. However, the estate agent is not allowed to block you. You should make the vendor aware if they continue to do this.

They have instead put me in touch with their recommended mortgage adviser who have said:

It is unlikely to be their recommended mortgage adviser. It is someone that works for them in-house. Only small independent estate agents use local mortgage brokers. The regionals and national estate agents have their own salesforce.

So, as mentioned above, you are being hit with two things. Poor reputation with L&C and their decision in principle not well considered but also the estate agent telling you porkies and trying to get you to use them.

You are not required to use the estate agent broker and you shouldnt (small local independents being the exception). Estate agent brokers have an awful reputation for good reason. Most are also tied for insurance purposes as well.

mrginge

Forward their response on to L&c, advising them that this third party suggests their service is worthless and could they offer their comments.

Make sure to cc the estate agent in aswell

minimike2

Can you confirm, has the EA actually put your offer to the vendor or are they refusing to because of the stated issue.

As stated, they are not allowed to not put in your offer and you should remind them of this....

Jaglad111

Why haven't you just got a DIP online from Halifax/TSB/Nationwide......

DIP's are generally crap, especially the soft search ones. If it keeps the EA happy then get one, or go direct to the vendor and blow the EA up.

House buying isn't for the faint hearted, its stressful (as I'm finding out). Grow a pair, get assertive, be direct. You are about to potentially spend a huge sum of cash. If you have a broker be 100% honest regardless of anything potentially embarrassing in your finances.

Never get a titty lip and always be preparred to walk away, the market is stagnent, EA's need sales and everything is open to negotiations.

amnblog

Don't make this your problem.

Give it to L & C to sort out for you.

stator

All DIP are not worth the paper they are written on to be honest.
But get one from a proper bank. Some banks you can do it on the phone.
Otherwise tell the EA to get lost

Amst

L&C can't give you a DIP as they're not a lender, they're an intermediary. They will have recommended you a lender and/or product on the market so get the branded dip they've done via this lender and then tell the EA to stay out of your business and you'll deal with the lender and solicitor only once you've put the offer in.