Does my mortgage provider offend estate agents?

Stixalot

Hi all due to some adverse credit i have had to get a mortgage with bluestone motgages who were able to offer me in my eyes a great deal in comparison to nothing at all from any of the high street lenders, We have been on the hunt for a house for the last few months and literally everything we go for there seems to be some random excuse why they wont sell, for example a cash bidder preference instead of mortgaged offers and people adding extra £5k on after agreeing an asking price twice! and estate agents doing 2 rounds of bidding on a house after an open day. After all of these failures the wife has gone full conspiracy mode and is blaming our mortgage provider, this is because the estate agents keep trying to force there mortgage guys on me even though they cant help me and she feels this leaves the agents prejudiced against us. Does this actually happen? i cant get a better rate or loan amount other than what i have after a lot of trying and research and i just want to calm the wifes nerves.

HopeAndDriftWood

It's not uncommon at the moment for people to prefer cash buyers, or to get offers over asking price... 

But there might also be some bias away from sub-prime lenders. Our buyer's first choice fell through and they're now using Kensington, as they are self-employed, and it's taken so long... most of our chain have been quite open that they wouldn't have stuck with the buyer if the buyer wouldn't use a normal mortgage provider. We're now six weeks into a sale that would have been a lot faster with a normal bank, because Kensington have different processes and are known for being slow, as are many of the other subprime lenders. 

I don't think it'd be enough to make people swerve you completely, but if we'd known that our buyer was going to use Kensington, we'd have gone with the other buyer, it's just an extra disadvantage that it all takes so much longer and isn't as standardised. If you're also going for a high LTV, those two things combined could play a part.

MaryNB

Stixalot said:

Hi all due to some adverse credit i have had to get a mortgage with bluestone motgages who were able to offer me in my eyes a great deal in comparison to nothing at all from any of the high street lenders, We have been on the hunt for a house for the last few months and literally everything we go for there seems to be some random excuse why they wont sell, for example a cash bidder preference instead of mortgaged offers and people adding extra £5k on after agreeing an asking price twice! and estate agents doing 2 rounds of bidding on a house after an open day. After all of these failures the wife has gone full conspiracy mode and is blaming our mortgage provider, this is because the estate agents keep trying to force there mortgage guys on me even though they cant help me and she feels this leaves the agents prejudiced against us. Does this actually happen? i cant get a better rate or loan amount other than what i have after a lot of trying and research and i just want to calm the wifes nerves.

This has nothing to do with your mortgage lender. This is the EA trying to sell you their mortgage advice services. They did the same to me when I bought my house last year even though I told them I was going with Halifax. I was told it would make my offer look better to the seller because I was going with the EA's advisor. I refused the appointment repeatedly and then I was told I had to do a "financial check" with their mortgage advisor - which was just a mortgage advice session and a sales pitch about their other services. Happens a lot. They can't refuse to sell you the house if you don't use their mortgage advisor but sometimes it easier just to play the game and do the "financial check" and just refuse their services. (Tbf if I was a seller I'd be keen to have my buyers vetted so no time is wasted).

Also, you not alone in your struggles to buy. Many people have had difficulties. The market has been crazy the last few months. 

Stixalot

this make me feel like i cant win ive spent years fighting debt and high interest rates to finally being able to get a mortgage with a great deposit only to be held up because my money isnt good enough it feels 

AFF8879

Stixalot said:

this make me feel like i cant win ive spent years fighting debt and high interest rates to finally being able to get a mortgage with a great deposit only to be held up because my money isnt good enough it feels 

I honestly think the choice of mortgage provider is far, far less of an issue than the general state of the housing market right now… you didn’t say whereabouts you’re looking, what type of property etc but good family homes all across the country (especially in rural/suburban areas) seem to be in a demand frenzy due to the “race for space” (I absolutely detest that term, but it’s kinda true).

Many people, with perfect credit and using mainstream lenders, are facing exactly the same issues as you are. I was one of them, hence why I have reserved a new build in order to avoid all the drama of a chain- maybe that’s something you can consider? Assuming you’re both FTBs you also might be eligible for help to buy.

TripleH

We gave had Estate Agents try the same trick on us about checking our finances as a pitch to 'use their mate who will sort his mate out alright 😉 for the recommendation.

He's chancing his arm, that won't be the reason he will look daft if he scuppers sales because you won't tow his line. If you do think he isn't passing info on, I would put a note with your number through the vendor's fron door and your offer. Once an offer is accepted, he'll have to cooperate to get his commission.

saajan_12

Probably causes a portion of the issues, but there'll be a lot more going on that is unrelated.. see inline

Stixalot said:

Hi all due to some adverse credit i have had to get a mortgage with bluestone motgages who were able to offer me in my eyes a great deal in comparison to nothing at all from any of the high street lenders, We have been on the hunt for a house for the last few months and literally everything we go for there seems to be some random excuse why they wont sell, for example
a cash bidder preference instead of mortgaged offers - this may be for any mortgage, subprime or not.. cash buyers can forego some searches etc to speed things up and the availability of funds aren't subject to a survey so they *can* still buy if a survey downvalues (may not want to but still)
and people adding extra £5k on after agreeing an asking price twice! - probably just bad luck or sellers trying their luck given the still strong market. 
and estate agents doing 2 rounds of bidding on a house after an open day. - if its popular enough to need an open day to get through viewers, and then enough of them  offer, then its not unlikely that there's multiple strong offers and the seller wants to maximise their sale price by further bidding. It may have been underpriced, but either way not unreasonable to want the most someone will pay. 
After all of these failures the wife has gone full conspiracy mode and is blaming our mortgage provider, this is because
the estate agents keep trying to force there mortgage guys on me even though they cant help me - this is fairly common, as the EA gets a commission from their mortgage guy for referring you. The EA probably won't think too much about any buyer's position, just try to get volume in the commissions. 
and she feels this leaves the agents prejudiced against us. Does this actually happen? i cant get a better rate or loan amount other than what i have after a lot of trying and research and i just want to calm the wifes nerves. - With the mortgage, if your priority is not losing properties, then just meet their mortgage guy, nod through, what a shame they don't have any products, go back to your lender.  

eddddy

EAs earn extra commission if a buyer uses their mortgage services.

It's against the law for an EA to show favouritism to somebody who is using their mortgage services - but I guess that may not stop some EAs.

Perhaps try playing a similar game with the EAs. When you make an offer, say something like:

"I'd really like to see if your mortgage people can get me a better deal. Once my offer is accepted, I'll come for a meeting with your mortgage people. (I don't want to waste time with a meeting if my offer isn't accepted)"


Then, if your offer is accepted, you can either have the meeting - or change your mind and not have the meeting.