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In house broker
renfirsttimebuy
Posts: 156 Forumite
I am tempted to look at In house broker as the agent said I will be more in favour in securing the property. What are your thoughts on this?
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renfirsttimebuy said:I am tempted to look at In house broker as the agent said I will be more in favour in securing the property. What are your thoughts on this?Yes, why not speak to them, it can't do any harm. You don't have to use them but you could get a good deal if you were to use a broker.The 1 in house broker I spoke to was very helpful.I'm wary of the claims I was told about the in house broker I used, oh we have access to more lenders than L&C (who I spoke to first).0
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The agent has to pass your offer to the seller, and the seller will sell the property to whomever makes the 'best' offer. As a FTB you are already in a favourable position with most sellers, so I wouldn't worry too much about a pushy agent - just be clear when you're making your offer why it's a good offer.
The EA may be pushing you to use their broker as they might have sales targets to meet, or they might get a kickback for every client referred; neither of those reasons is a benefit to you and the in house broker will likely have access to a limited panel of lenders so might not be able to secure you the best available rate - which could cost you thousands during the initial term of your mortgage.
If you decide to meet with the in-house broker, check the rates being offered to see if they're competitive and be careful what fees you are being asked to pay - and remember: just because you have an initial consult with them doesn't mean you have to let them submit the full application for you.
Choosing an adviser really ought to come down to their fees, whether they review a broad enough number of lenders to get you the product you need, and most importantly - do you trust them? This is likely the biggest financial commitment you're ever going to make... do you have reason to believe they going to give you a good service?
That sounds like a classic case of premature extrapolation.
House Bought July 2020 - 19 years 0 months remaining on term
Next Step: Bathroom renovation booked for January 2021
Goal: Keep the bigger picture in mind...1
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