quickie: are mortgage lenders flexible? can i barter?

hamblettamaud

i already have a mortgage offer, but haven't signed to it yet.

i've found a better offer, and the new lender seems keen to go ahead with it. (they phoned me touting for the business.)

if i decide to go ahead with the better offer, can i barter with them over the cost of the new survey which i will need to get carried out? i would like to be able to say (with confidence) "ok, i'll sign up for your mortgage if you agree to absorb the cost of the survey after signing."

are the sales people flexible in this (like car salesmen) or will i just get laughed at?

thanks, hamble

chickmug

Not sure how you will get on direct with a lender. But you can barter with brokers and brokers do barter with lneders. Try it as you have nothing to lose.

_Andy_

This isn't going to happen I'm afraid, save your energy. You can't 'barter' with a broker as we don't set the prices (although technically you could, I guess, barter over broker fees).
Lenders price themselves poorly through brokers anyway and I can assure you we have no clout with them at the moment!

Jorgan_2

Just make sure you are taking the better offer. Just because a rate is lower than another one, doesn't mean the mortgage is going to work out cheaper in the long run. Arrangements fees, survey fees & etc need to be taken into account.

trulysaintly

I can only echo Andy's thoughts.

Lenders are of the opinion that they can do without brokers at present - they are trying to cut us out of the loop to boost their own direct business.

I have heard of instances where clients have cut a deal with their existing lender over arrangement fees, but I haven't been able to verify it with the lender.

As far as Survey fees are concerned, I fear that you will have very little leeway - this is one area where lenders rake in the money when times are tough.