Is my broker being pushy?

ontopofmalvern

Have recently started an application through a broker and I feel I am being leaned on a bit. He claims the mortgage market is 'mad at the moment' and lenders are 'pulling' products and he fears if I don't complete application in next few days the product will not available. Is this just being pushy or is this happening at the moment - I see nothing in the news to suggest this and a representative of the lender in question was not aware of of any likely sudden changes.

Many thanks
Richard

kingstreet

There are Barclays and Santander product changes coming and NatWest changed yesterday.

dunstonh

Have recently started an application through a broker and I feel I am being leaned on a bit.

Broker has nothing to gain from leaning on you.

He claims the mortgage market is 'mad at the moment' and lenders are 'pulling' products and he fears if I don't complete application in next few days the product will not available.

It is good to see he is warning you of current market conditions. It's a shame you see that as a negative.

I see nothing in the news to suggest this and a representative of the lender in question was not aware of of any likely sudden changes.

You wouldnt see in the press and representatives of lenders are always the last to know.

Verix

I agree with the above, Halifax increased their rates again at the weekend, NatWest pushed up theirs yesterday, Barclays are going up tomorrow.

This sort of industry knowledge is (I would say) one of the benefits of using a mortgage broker. Perhaps he just phrased it poorly?

kingstreet

Accord as well...

MortgageMamma

Why don't you call the lender in question and ask them if the rates are going up for their intermediary products?


As the other brokers have said, there is a huge amount of change constantly in the mortgage markets, sometimes brokers are given less than 24 hours notice to get applications submitted. Its a pain for the brokers too.

amnblog

Your Broker is unaffected whether you apply this week or next, he is not on a bonus.

He is simply trying to stop you wasting money.

bike_saving_expert

I took a new mortgage days ago I looked up the equivalent rate today and has gone up 0.1% in days

AnotherJoe

Meanwhile, in an alternative universe one week from now ;

My broker is incompetent, despite knowing through his industry contacts that rates were rising he didnt advise me to get my application in ASAP, as a result of which I've lost many hundreds of pounds in additional interest I'll have to pay. Did he do this because with ahigher mortgage rate he gets more commission ?

ACG

AnotherJoe wrote: »

Meanwhile, in an alternative universe one week from now ;

Financial services in general has a bad reputation. I am sure many people see us on par with a dodgy mechanic or window salesman...let me call the boss and see if we can get you this amazing price, I shouldnt be doing it really, but just for you....

So I can see the OPs point and there is no harm in getting a second opinion.