Why are estate agents asking mortgage brokers questions?

KK90

Hello, 
We are currently looking at buying our first home. We have a mortgage in principle and have contacted a few estate agents. We have one viewing on Saturday- just booked us in, sorted. 

Another estate agency is asking for a financial check before we can even view the properties! There are two on their books that we are really interested in- but they want to know our salaries and all our out goings. We went through this with the mortgage broker. The two houses are £75k under the highest we could buy with our MIP and deposit together. So more than likely we would be accepted if we offered the asking prices. 

Is this normal now? Seems very odd to us. Like they just want our details so they can try and get us to go with them for the mortgage? Are we over thinking it? 

Thank you in advance. 

CKhalvashi

There are some legal requirements in relation to AML, however nothing going into this much detail.

They are likely attempting to get the most money from you that it's possible to do so. I haven't seen any agent going into this much detail and wouldn't want to give this much information to a third party just for a viewing.

jazzyja

When I tried to view some properties they wanted proof of deposit and decision in principle. Which was annoying because at the time I was approx 1k short as I was waiting to get paid....they actually wouldnt allow me to view! So I got a decision in principle with 95% LTV instead! Had no intention of putting 5% down but that's the only way I could view! My broker said its just the current market and they don't want time wasters. I certainly wouldn't be divulging my salary etc its nothing to do with them, they aren't the lenders! 

lesalanos

It's a way to try to get you to use their brokers 

AnotherJoe

The EA i bought through wanted proof of funds (which i guess is the same as proof of mortgage in principle). Salary and outgoings Id tell them to take a running jump. Do you have a mortgage in principle offer you can show them?

fishfingerbutties

Very odd if you have a DIP already, that should be enough. 

KK90

AnotherJoe said:

The EA i bought through wanted proof of funds (which i guess is the same as proof of mortgage in principle). Salary and outgoings Id tell them to take a running jump. Do you have a mortgage in principle offer you can show them?

Yes we have one- we had one before I called them. Informed them how much we could go up etc, which is £75k higher than the asking price. We emailed them last night saying we didn’t feel comfortable giving our information to them- we were happy to give them/show them our mortgage in principle, but that is it. Will wait for the reply. Thank you for replying. 

KK90

AnotherJoe said:

The EA i bought through wanted proof of funds (which i guess is the same as proof of mortgage in principle). Salary and outgoings Id tell them to take a running jump. Do you have a mortgage in principle offer you can show them?

Yes we have one- we had one before I called them. Informed them how much we could go up etc, which is £75k higher than the asking price. We emailed them last night saying we didn’t feel comfortable giving our information to them- we were happy to give them/show them our mortgage in principle, but that is it. Will wait for the reply. Thank you for replying. 

wewilldoit

Maybe as it’s so busy at the moment and Covid they need to make sure they are not wasting their time with someone that can’t afford it or just viewing for the sake of it.

K_S

@kk90 It's a common tactic right now unfortunately in a lot of overheated markets, to try make you use their in-house/partner mortgage broker. 

The extreme end is estate agents who give priority viewings only to buyers who have been "qualified" by their broker.

Some EAs will be ok with me calling or sending them an email confirming that my client's finances are in order and that they are good for the offer, a minority will stand their ground and make it as painful as they can for the buyer.

These are the kinds of markets where it doesn't usually doesn't matter much to them as there are 10 willing buyers to a house.

Weathergirl_76

I know that a lot of agents are not allowing viewings unless you are in a position to proceed, which clearly you are. To ask for outgoings and information that isn’t relevant to arrange a viewing, sounds to me like an referral exercise for their mortgage broker to maybe provide a quote. I would argue it’s not necessary at all to be able to view a property.