Multiple Mortgage Brokers

SharkBite

Hello,

We've recently had a meeting with an independent mortgage broker and he gave us some initial rates and said we could go house shopping. He then said to give him a call or drop him an e-mail if we found somewhere and he could then work on some numbers to see if he could get us the amount we needed.

We went to see around 10 houses at the weekend and all of the estate agents we spoke to seemed baffled we hadn't been offered a AIP. They said we'd have a much better chance of having an offer accepted if we did have a AIP. It kind of makes sense as some houses have multiple offers on them and not having a AIP in place seems like a disadvantage.

Should the broker have ran through an AIP with us (or even offered to) prior to sending us off house hunting.

And

Is it an ok thing to do to see another broker to compare experiences and processes?

Thanks in advance!

Mortgage_Adviser

Esate agents are just trying to get a business for their own in house broker. The Decision in principle is not worth the paper it is written on.
Speak to your initial broker and he will be able to sort something out for you.

ACG

My stance is that I do not like to get an AIP until you are ready to make an application.

Rates change on a daily basis.
Critieria changes on a daily basis.
How much do you get an AIP for?
What happens if it expires? Another AIP?
Also, some AIPs show how much you can lend. The agents may use this against you when negotiating.

Your broker is right - in my opinion.

Sometimes agents insist on an AIP, in which case there is not a lot that can be done other than to get one. But I would not be getting one too early in the process.

CommitedToChange

I just had a letter from my broker stating that I was able to get a mortgage.

I had no problems getting an offer accepted on a house.

SharkBite

ACG wrote: »

My stance is that I do not like to get an AIP until you are ready to make an application.

Rates change on a daily basis.
Critieria changes on a daily basis.
How much do you get an AIP for?
What happens if it expires? Another AIP?
Also, some AIPs show how much you can lend. The agents may use this against you when negotiating.

Your broker is right - in my opinion.

Sometimes agents insist on an AIP, in which case there is not a lot that can be done other than to get one. But I would not be getting one too early in the process.

We are technically ready to apply, we just need to find the house. I would never disclose the details of the AIP with the agent, just that I have one.

Shamefully we're off to see an agent recommended broker tomorrow. What am I to look for and ask to ascertain he's not wanting to line his pockets?

amnblog

Cancel the appointment tomorrow is the best avenue.

You don't need two brokers and you definately don't need one who is working for the estate agent.

SharkBite

amnblog wrote: »

Cancel the appointment tomorrow is the best avenue.

You don't need two brokers and you definately don't need one who is working for the estate agent.

Oh dear are they that bad?

dimbo61

They may not have the whole of market approach that an Independant broker would use

SharkBite

dimbo61 wrote: »

They may not have the whole of market approach that an Independant broker would use

Got it thanks,

I do feel kind of bamboozled into this second broker appt tomorrow. FTB naivety I guess.

YHM

Why would you go to an estate agent referred broker when their client is the seller of the property. Complete conflict of interests.

Stick with the other guy

dunstonh

Many years ago, I had a pushy estate agent try his sales spin on me and how they needed their mortgage adviser to check I could get the mortgage and how they needed to prove to the vendor I was genuine. All the various lies they usually tell.

So I lied back to them and told them I worked as a compliance inspector for the financial services regulator and I was interested in some of these requirements as I don't recall them being necessary. The instant backtracking and excuses were a joy to behold.

Oh dear are they that bad?

Yes. They have the worst reputation of all the distribution chain methods. That will be unfair to some (mainly small local independent agents who use local advice firms). However, the chains really do have a poor reputation and rightly so.