Changing mortgage adviser after reservation

xthrash

Hi all

We reserved a new build a few days ago, I have been using my own mortgage adviser throughout the process for a DIP, advice, etc. When it came to making the reservation, we went for a different plot which was slightly more expensive. I tried to speak to my own mortgage adviser but I wasn't able to get hold of him, the sales adviser suggested we speak to their recommended adviser, which we did and everything went ahead after getting the go ahead from them. The sales adviser had put their recommended adviser on the reservation form and they contacted me today requesting all of the documents (statements, payslips, etc.) so they can apply for the mortgage.

Is it now too late to switch mortgage adviser? Are we in too deep, so to speak? My main concern is that we haven't spoke to a real mortgage adviser at the recommended company, it seems like they're just call centre people who know a bit about mortgages - when I asked them to compare some different scenarios I was told to wait until I speak to one of their advisers who can run the figures for definite. I'm sure they would be perfectly fine to use but they keep trying to push us to use a different bank when we have a huge ERC so want to port.

Thanks in advance!

Thrugelmir

Approach your current lender directly if your intention is to port. 

katkatmachine

The same thing happened to us when we reserved our new build. We were planning to get a mortgage adviser recommended by a friend, but when we reserved an off plan new build, the sales agent made us call their recommended mortgage broker before we can proceed with the reservation. Apparently this is required by the developer. Their suggested broker needs to conduct affordability checks through phone before we can reserve. So anyway, all the details of that mortgage broker was put in in the reservation form. 

Then after a few days we got our own mortgage broker and applied through them. The one recommended by the sales of the developer kept calling us for days and asking us to send documents so they can start our application. We eventually we told them that we were changing mortgage brokers, they tried to convince us to stay with them but we really wanted to have our own broker. After that we called our developer and sent the details of our new broker and requested for an updated reservation form as we need it for the HTB  Fortunately, the sales agent didn’t make a fuss about it and quickly sent the new reservation form through email. 

And that’s it! Just make sure to inform all parties about your decision to change mortgage broker. Good luck. 

lees80

It probably isn't too late to change, but you might still owe the first mortgage adviser for any work done to date. 

eddddy

xthrash said:

I'm sure they would be perfectly fine to use but they keep trying to push us to use a different bank when we have a huge ERC so want to port.

Thanks in advance!

As you want to port your mortgage, you should contact your mortgage provider, and ask them how their porting process works.

For example, they may want you to deal with their in-house advisors.

ncass

In my experience it'll be difficult getting a broker to be interested in porting as there isn't realistically going to be much in the way of commission for them and you definitely don't want to be paying them any fee to do what you can do yourself directly with your lender. Just give your mortgage provider a call and speak to one of their mortgage advisers