Have to speak to a mortgage financial company before reserving Barratts new home?

MrLiamScott

I am about to reserve a new build Barratt property and already have an agreement in principle to do this. Barratt are saying I have to speak to a company called Duprees a mortgage financial company recommended by Barratts to enable me to reserve my future home, is the A.I.P not sufficient enough? Would a check by this company come at a cost?

csgohan4

Looks like their trying to get you to use their MA, guess who gets the commission. No it is not mandatory to speak to them. On principle I would leave it with them, you want a buyer I am ready, if you want to jump through hoops so you can get commission, good bye

[Deleted User]

There is most likely an obligation on the brokers part to financial qualify all buyers.  This could be as simple as them getting your AIP and proof of deposit, it might be a mini questioning to ensure your AIP will stack up when it comes to application.  Or it might be a full appointment. 

If i was in your shoes I would say 'I am happy to speak to them once the price has been agreed'.  and then when you speak to them 'happy for you to verify my details but to be absolutely clear I wont be using your services and do not want to discuss rates or lenders today'

Most people aren't in the business of wasting their own time so will soon do the bare minimum required to verify your finances

AdrianC

I don't have a great issue with using the developer's mortgage broker - what's the worst that can happen? You waste half an hour, and don't get offered a better deal. Woo.

Their recommended solicitor, otoh...

chib

Before we could reserve with Taylor Wimpey last week they required an AIP from their broker - took a few minutes and the job was done. Didn't cost me any money.

I'm allowing them to come to the house to offer us options, if they aren't attractive there is no obligation for me to proceed with them and I'll use our local broker.

bucksbloke

I've used the recommended broker at a housing development twice and they have been exceptional. In fact I would say they are generally better, they will know which other lenders are on the site, and this helps to avoid down-valuations, over-exposed lenders etc. 

katkatmachine

Before we were able to reserve our Bellway new build we were asked to call their suggested mortgage broker to see if we can afford the property. Then the details of that broker were put in our reservation form. After a few days we got our own mortgage broker and called Bellway to change the details in the reservation form. Bellway didn’t really give a fuss about it and updated the form right away. So yeah, i guess all developer require their buyers to call their own brokers first. So i suggest just do it, takes less than half an hour. You can just change your broker afterwards if you already have your own. Good luck. 

chanz4

Dont use theres we did and they were really poor, you dont have to use their backhand commission way

Marvel1

I would carry on as asked but in my mind it's going to be a not interested state of mind whatever they recommend, they are wasting their time searching and trying to sales pitch me.

hotnoise

I'm in the process of buying a Barratt property and they also gave me the details for two mortgage brokers and said I'd need to choose one and get an AIP from them. One was free and the other charged a £200 fee. The Barratt salesperson was not at all pushy on which one to go for - he gave pros and cons of both.
In the end, I went with the free one and I couldn't be happier with the service so far. They've been really helpful in guiding me through the process, and have been extremely responsive, calling me exactly when they said they would etc. Night-and-day compared to the solicitor!

robatwork

Before you buy your shiny new Barratts home, just ask  the salesperson if it's possible for you to get a surveyor/professional snagger to inspect the house once built but BEFORE exchanging contracts. If they say no, ask yourself why.