Red flag? Mortgage broker trying to rush us into committing before potential BoE interest rate cut

dunstonh

The mortgage broker we’ve been dealing with was recommended by the estate agent selling the house

That explains everything.   The general rule of thumb is to avoid estate agent brokers unless it's an independent estate agent using local independent brokers.    Estate agent mortgage advisers have a very poor reputation and largely operate on a salesforce-type process, and have sales targets and sales pressures.

They also tend to be more expensive, especially on bolt-on products like insurance, referrals to conveyancers, etc.   And in this case, the mortgage adviser fee which is disgraceful at £1600 (unless they were fully refunding the mortgage commission).

readingroomred

dunstonh said:

The mortgage broker we’ve been dealing with was recommended by the estate agent selling the house

That explains everything.   The general rule of thumb is to avoid estate agent brokers unless it's an independent estate agent using local independent brokers.    Estate agent mortgage advisers have a very poor reputation and largely operate on a salesforce-type process, and have sales targets and sales pressures.

They also tend to be more expensive, especially on bolt-on products like insurance, referrals to conveyancers, etc.   And in this case, the mortgage adviser fee which is disgraceful at £1600 (unless they were fully refunding the mortgage commission).

In fairness it is a local independent family run estate agent who has recommended a local independent broker. But it’s clear it’s the fees that are the red flag more than anything judging by the feedback here. The person at the brokers we are dealing with really does come across as a bit immature if I’m honest so we’re looking at an alternative broker. 

Thank you so much for adding a comment, I appreciate all the replies I’m getting