Fecility J Lord needs to qualify me as a buyer?

okigen

eddddy said:

okigen said:

The agent who booked me in for that 5 min call (will be with one of their finance team) ...

As I say, I suspect the discussion will quickly move on to selling you their mortgage services, and last longer than 5 minutes...

Update: it is indeed a call with their mortgage advisor 😹 To her credit, it takes less than 5 mins and is a box ticking exercise asking how much I have for deposit and whether I have a MIP yet. Didn't offer mortgage although I'm sure I'll be called for that if I make an offer.

MaryNB

okigen said:

LAD917 said:

Pretty normal practice, in my experience?  The agent wants to understand if you're a serious buyer, can afford the property, etc.

During covid, some agents are doing additional screening to ensure you're proceedable - i.e., if you like the property, there is nothing stopping you from making a near-immediate offer.

Ah, thank you. The agent who booked me in for that 5 min call (will be with one of their finance team) said that they will ask general questions about my situation and how much deposit I have.

How specific should I be especially with regards to deposit and my mortgage amount? Is there any question that should be off-limit? My main concern is more that the landlord will try to negotiate up the price if they know how much I can afford.

I had to do a "financial check" with my seller's EA which was just a mortgage advice session and sales pitch. They knew I could afford more after seeing my financial docs but I was very firm with my second offer. My second was "best and final" and I told them I definitely wouldn't be going over asking price in the economic climate a the time (last summer when there was a lot more uncertainty due to covid).