Multiple Mortgage Brokers

ACG

Max_Hughes wrote: »

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?

Where to start...
Your not ready to apply until you have everythign in place, which includes the property and solicitors.

If you have an AIP, guess who is going to want to see it....

And then you save the best for last....why why why would you use the agents broker. The agent who works for the vendor. If it is a large chain of agents (think of the biggest 2-3) they are not even really whole of market, they are whole of market on a technicality with about 15 lenders, rather than the 50+ a real whole of market broker has. Added to the fact a real broker works for you and not the agent (and therefore the vendor).

SharkBite

Ok I think I get the picture. Independent is better and AIP’s are not everything.

Thanks everyone.

ACG

Not necessarily an independent Mortgage Broker, that is something different again. Just independent of any estate agents.

AIPs are a funny one, Estate agents tend to use a lack of one as a sales pitch.

You sound switched on though, so I am sure you will be fine.

amnblog

An application in principle is a major step forward in the Mortgage process.

Saying this, my view is that there is little value in an AIP if you have not identified a property to purchase.

The attraction to many poor quality brokers is that it is easy to run a credit score without worrying about studying a case in detail first. If the case passes the Broker has dodged some work. If it fails, they can then decide if they can be bothered or have the skills to work the case further.

Our view within our business is to do the work to understand a case and have a proven need to run an AIP before we take that step. That way we get very few failures and very few multiple searches on our clients files.

We will often talk to an estate agent and convince them we are in control even when we have not run an AIP.