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Estate agent wants us to speak to their 'mortgage consultant'
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Personally as a seller, I would want proof of deposit and AIP. I wouldn't care whether that is through a Mortgage Advisor or the EA, but I think it is reasonable.0
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Initial consultation is likely to be free and can give you some useful information such as which lenders they think it is worth going for. It can give you ideas that you have not considered.Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.0
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This happened to me when I was buying. The EA actually refused to put my offer to a vendor unless I saw their mortgage broker. I had a AIP but they weren’t interested. I ended up buying another house and that EA accepted proof of deposit and my AIP. That to me qualifies you as a buyer. Some EA put pressure on their staff to force you to see their mortgage advisor for the commission and it results in these tactics.
I think in your position, if it’s just a call then I would accept it, tell them the deal you have and see if they can beat it. Nothing to lose. But if they can beat it be carefully to check their broker fees and take that into account.0 -
If the EA you are buying through is Countrywide (or part of) , then they are targeted on appointments with their FA and on conveyancing. Yes, they have a duty of care and a legal money laundering obligation to see proof of funds to qualify you for the house purchase. Most of the time your DIP / Bank statements (if cash) should be sufficient.
I will just say, that if you have a DIP direct from your bank, it's likely this is not the most competitive rate, brokers get better rates a lot of the time. Could be worth seeing them, but don't be pressured.
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Connels/Sequence/Sharman Quinney the same. If you are going broker you want a whole of market that don't charge a fee if you can. If you have more challenging circumstances then you might need to pay a broker fee, but it is worth it for their experience and expertise.Sammyd159 said:If the EA you are buying through is Countrywide (or part of) , then they are targeted on appointments with their FA and on conveyancing. Yes, they have a duty of care and a legal money laundering obligation to see proof of funds to qualify you for the house purchase. Most of the time your DIP / Bank statements (if cash) should be sufficient.
I will just say, that if you have a DIP direct from your bank, it's likely this is not the most competitive rate, brokers get better rates a lot of the time. Could be worth seeing them, but don't be pressured.I am a Protection Adviser. You should note that this site doesn't check my status as a Protection Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Far be it from me to defend estate agents, but (once again) the EA is bound by the EA Act (1979) to establish the buyer has the ability to "proceed quickly to unconditional exchange of contracts" and sadly, once again, the Act is silent on how that is achieved. Hence EAs get to make it up as they go along...I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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I wonder if an ea refused to pass on offer without seeing mortgage advisor, and you made offer directly to seller, could seller refuse to pay ea as they didn't really do their job?An answer isn't spam just because you don't like it......0
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No, because the seller will be in a contract with the EA that states if the EA introduces the purchaser to the seller then the EA have to be paid their fee. Bear in mind most EA's put up boards in the garden, so if your buyer knocks your door because they've seen the board in your garden the vendor will still have to pay the fee (well that's what I've been told whilst a mortgage consultant in an EA before).diggingdude said:I wonder if an ea refused to pass on offer without seeing mortgage advisor, and you made offer directly to seller, could seller refuse to pay ea as they didn't really do their job?I am a Protection Adviser. You should note that this site doesn't check my status as a Protection Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Despite the fact that the estate agent refused to pass on any offer?fullofcold said:
No, because the seller will be in a contract with the EA that states if the EA introduces the purchaser to the seller then the EA have to be paid their fee. Bear in mind most EA's put up boards in the garden, so if your buyer knocks your door because they've seen the board in your garden the vendor will still have to pay the fee (well that's what I've been told whilst a mortgage consultant in an EA before).diggingdude said:I wonder if an ea refused to pass on offer without seeing mortgage advisor, and you made offer directly to seller, could seller refuse to pay ea as they didn't really do their job?An answer isn't spam just because you don't like it......0
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