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New buyer advice: mortgage check
bureauchief
Posts: 1 Newbie
Hello
I’m in the process of buying my first home and have put in an offer on a flat. I have a mortgage broker and an agreement in principle.
The estate agents acting for the seller have said:
“Our normal process for offers is to financial verify for our clients as far as we can. When someone is a full cash buyer we would ask to see proof of cash. In This instance where you are using a mortgage we ask that you have a quick chat with the broker we work with. This is to ask you a few simple questions (all verbal) and then he will email me to say all sounds fine on your offer or will highlight any issues to me if he thinks there could be any. Whats the best time for my colleague from the mortgage advice bureau to call you?”
Is this a normal part of the process? I’ve never heard of this or read it anywhere. I explained I have a broker already and said I can show them my AIP
I’m worried that this will simply reveal my financial situation, and could lead me at a disadvantage in negotiating the best price, since the questions they ask might reveal my budget and savings, and therefore reveal the upper amount I could pay.
Any advice would be appreciated, thanks
I’m in the process of buying my first home and have put in an offer on a flat. I have a mortgage broker and an agreement in principle.
The estate agents acting for the seller have said:
“Our normal process for offers is to financial verify for our clients as far as we can. When someone is a full cash buyer we would ask to see proof of cash. In This instance where you are using a mortgage we ask that you have a quick chat with the broker we work with. This is to ask you a few simple questions (all verbal) and then he will email me to say all sounds fine on your offer or will highlight any issues to me if he thinks there could be any. Whats the best time for my colleague from the mortgage advice bureau to call you?”
Is this a normal part of the process? I’ve never heard of this or read it anywhere. I explained I have a broker already and said I can show them my AIP
I’m worried that this will simply reveal my financial situation, and could lead me at a disadvantage in negotiating the best price, since the questions they ask might reveal my budget and savings, and therefore reveal the upper amount I could pay.
Any advice would be appreciated, thanks
0
Comments
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On one hand, an EA has a duty to make sure that you are a credible proceedable buyer.
On the other hand, they may want to find a way of selling you their mortgage services.
As a starting point, you could say that you will have the discussion if/when your offer is accepted.
Once your offer has been accepted, you'll be in stronger position to 'change your mind' about the discussion, or limit what you say in the discussion.0 -
This happened to me. I just agreed to go because I loved the property and just wanted to show the estate agent I was serious. Their broker looked over our finances and tried to find us a better deal than the AIP we had, but couldn’t. She said she guessed we’d be sticking with our free online broker as we already had the best deal for us and wished us good luck, then was able to tell the seller we could definitely afford what we’d offered.0
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You could always ask your broker to call the estate and confirm your finances are in order.Mortgage started 2020, aiming to clear 31/12/2029.0
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When I worked in property sales I would tell a potential buyer if they had a mortgage advisor already to get them to call me. I was not a fan of trying to sell additional services.0
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If you are buying a new property, then you will more than likely need to be financially verified before they will treat you seriously.0
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