estate agents cant do this can they

jackie_neave

we have seen a house we liked and was lured in to have a chat with connells estate agents.. about it with the morgage advisor.. we said we already have a broker and who was willing to give us a morgage.. so we go along and end up with them getting us a morgage at a better rate with the halifax, we had to provide the info wages, employment etc. and we have over 10% deposit nothing to sell
our credit rating came back an A and they offered to lend us 212,000, but now connells are having a meeting to decide whether to let this go through surley estate agents cannot take this apon thereselves to do this when we have already have been agreed by halifax connells say we have to sign you off they will ring us today, i feel we were dragged in just to get a morgage and the house we want has gone but they didint tell us that, can we just go straight to halifax and not through connells

_Andy_

Sorry but I don't understand your post, it's all in one sentence. Could you clarify what you mean about the etsate agents having a meeting to see whether to 'let it go through' - do you mean the mortgage or the house purchase?

maninthestreet

What was the deal their broker obtained for you? If the deal is available to their broker, it will be available via other brokers.

jackie_neave

we had a chat with connells the morgage advisor they spoke to halifax and halifax said our deposit credit rating and in and outgoings of our spending was fine, we had passed, halifax said they would be happy to lend us over 200,00 which we didnt want we only want 170,000 so all was ok then connells said but we have to sign you off as they put it to satisfy themselves that all was ok never heard of this before and were having a meeting this afternoon still not called back... so if they are not happy then they will refuse to put morgage through

homer_j_3

You need to learn punctuation as your posts are really hard to follow but I think that this is what you are saying:

You were told that you could get a mortgage through an adviser, who is not with the EA. You went to look at houses and found one that this EA had on their books.

After being told that you need to see their adviser to be financially qualified, so they (the EA) could be sure that you were in a position to proceed. You went to see the adviser with your proof of mortgage and they decide to see if they can beat it and they did.

The EA adviser then proceeded to make the application and you were offered significantly more than what was required. You were told that your application scored an "a" pass, which is really irrelevant to this at the moment.

The adviser then would have to let the EA staff know that your offer is good,as such, and this offer should be put forward to seller of that property.
The EA may suggest that the seller hold on and refuse your quote if they feel your offer is low or that they can get more but the only communication that should be taking place now at this stage is whether the seller will accept or not.

Now, you have to be careful here because the EA are likely to know your borrowing capacity or if they do not, the adviser may indicate that you can increase if the seller refuses.

You now need to wait to hear whether your offer has been accepted but if its not, you may have to remember - what you can borrow is not always what you can afford.

Leon_W

Think you're wrong homer

According to the first post the house is gone, which begs the question, what is this mortgage for ?

I'm even more confused.

homer_j_3

yeah - I wasn't sure whether it was a presumption that the house had gone because they haven't been told the offer has been accepted.

jackie_neave

i phoned them this afternoon ,the house we wanted had a higher offer and was excepted. we are waiting to hear from connells morgage advisor who is in a meeting with her boss, about wether or not we can afford the morgage ,even though halifax have said yes, and we can afford the mortgage no problem, this meeting is to satisfy connells not halifax, so can we bypass connells and go back to the halifax who will give us it anyway, god knows why connells have to get involved they are not giving us the money

Leon_W

So why are you worried about a mortgage that you don't need ? The house has gone.

jackie_neave

beacause i want a house so i need a morgage,i was under the impression from them that i had a good chance of getting it, so we was given a morgage in principle but its connells who say hold on we want to be sure you can afford it not halifax they are tripping over thereselves to give us money... its connells who are the problem they say they want to sign us off whatever that means

payless

Silly as it may seem to a consumer , an adviser actually does have a duty to ensure they can justify the affordability of a mortgage that they recommend - regardles to what a lender may or may not lend... However I doubt that is really the issue here.

If you are not ahppy with the EA adviser- then use another or go direct ( albeit liekly non-advised!! ) whichever you prefer . If EA puts obstacles in the way of your offers/ purchase then advise the vendor and the Office of Fair Trading