Estate Agent doesn't recognise London & Country

amnblog

L & C know that if they run DIPs on the basis of giving Clients something to show to Estate Agents, they will end up with thousands of credit scores being run with dozens of Lenders with no eventual result.

Not something that is good for the Borrowers, the Lenders, the Broker, or the Regulator. Running dips does not suit a high volume, factory style, brokerage.

Most of the Brokers on here, running bespoke operations will tell you they will:

Avoid running dips until a sale is moving forward

Speak to and satisfy Estate Agents about the clients position where necessary to make things simple for the Client

In our case, we avoid discussing detail like Lender and Product with the EA as will happily tell them it is none of their business. Certainly, they will struggle to our clients DIP certificate out of us.

David_White

stator wrote: »

All DIP are not worth the paper they are written on

I see this time and time again on here and I don't really understand it.

If a client has been completely transparent and honest about their situation with me then very few of my DIP's decline on a full application.

VFR-Rider

On my house purchase the EA tried the same thing.

My broker (from this very parish) told them to swing it (I believe he was slightly more professional).

My entire argument with dealing with an in house adviser is I have no confidence my budget wouldn't be divulged massively impacting my negotiating position...

Tannen79

Thank you all for your comments.

I spoke to the mortgage adviser suggested by the Estate Agent (both companies run by the same person). They just took some basic details (the same as London & Country did) and then instructed the Estate Agent to accept my offer.

I have a meeting in a week's time with their mortgage adviser to go through all the details and get a mortgage, but now I have an email confirming my offer has been accepted (subject to contract) then I understand I can get a mortgage from whoever I like, rather than using the one recommended by the Estate Agent. So I think I'll go back to L&C.

Thanks!

Tannen79

minimike2 wrote: »

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....

I have now left a reply to this thread below, but I spoke to the mortgage adviser suggested by the Estate Agent (both companies run by the same person). They just took some basic details (the same as London & Country did) and then instructed the Estate Agent to accept my offer.

Now it is accepted I know I can talk to whoever I like to get my mortgage.

Thanks.

amnblog

Tannen79 wrote: »

So I think I'll go back to L&C.

Not because they have covered themselves in glory.

stator

David_White wrote: »

I see this time and time again on here and I don't really understand it.

If a client has been completely transparent and honest about their situation with me then very few of my DIP's decline on a full application.

How does the vendor know if the buyer was honest with their mortgage broker?

dunstonh

In the past, the old DIPs were useless. Nothing more than a marketing gimmick.

Nowadays, they go a bit deeper on the checks than they used to. Although they still rely on the individual telling the truth and no new adverse information coming to light later.

David_White

stator wrote: »

How does the vendor know if the buyer was honest with their mortgage broker?

The vendor will always have to take a leap of faith otherwise they'd never sell the property to anyone other than a cash buyer holding a big suitcase.

My point still stands though, if a client is honest and a broker knows what they're doing then the majority of DIP's should pass on full app.

amnblog

stator wrote: »

How does the vendor know if the buyer was honest with their mortgage broker?

If you want catch a buyer fibbing the best question to use is, what have you done about your mortgage so far?