Buyer incentive - must see EA broker

I've had one of those (apparently sold as "buyer vetting" to the seller). I went along, wasn't asked for any proof of any of my numbers, and then pulled up the MSE comparison to show the dozen or so better offers that were available compared to the ones the broker had access to (several from large high street banks that there's really no excuse to not cover).

(The house turned out to be rather rubbish - but I have to hand it to the EA's photographer for making the kitchen look a reasonable size despite it being essentially a cupboard)

Do you have the viewing booked as well? Give them a call to reschedule the mortgage brokering until after the viewing, then cancel it later if the viewing doesn't work out.

When I was looking, I told the agents upfront that I had an AIP/DIP of £x, (which was about 85% of the purchase price) and had a deposit to cover the rest, but didn't say how large the deposit was. This allowed the EA to ascertain I wasn't a timewaster, but didn't provide enough info to guess my budget. I don't recall being prevented from viewing places without seeing the in-house broker, but I was firm in my assertion that I already had a whole of market broker lined up and didn't need to see anyone else.

Finally, just a couple of thoughts:

• You're not a cash buyer if you need a mortgage. A cash buyer has the entire purchase price sitting in their bank account. You don't.
• A mortgage offer on (say) property A isn't very helpful when trying to buy property B, as the banks may not lend as much on B as they would on A. A generic AIP/DIP is more useful in this case.

You might want to tighten up on your terminology, as they way you've described it makes you sound like you don't really know what you're talking about, and a shifty agent may try and make a fast buck out of that. By contrast, if you can correctly understand and explain the situation you're in, and politely but firmly decline the offer to see the in-house broker, you stand a better chance of being taken seriously, and keeping your cards close to your chest.

ReadingTim wrote: »

• A mortgage offer on (say) property A isn't very helpful when trying to buy property B, as the banks may not lend as much on B as they would on A. A generic AIP/DIP is more useful in this case.

Why do you say that? A mortgage offer on another property but on the same borrowers shows that lender was willing to lend a certain amount to those borrowers, having done a hard search, and verified income, credit history, other debts, etc.

An AIP/DIP is just based on the headline numbers that the borrowers tell the lender, noone has verified whether this is correct or gone in much detail.

Both (mortgage offer on another property and an AIP/DIP) show the lender is willing to lend a certain amount to those people, subject to the property but the offer is a much stronger check.

I had the exact same experience with WH Brown. Was told i had to see their broker before my offer on a property with them could be 'ratified' with the seller.

I went and listened, told them i wanted to discuss it with my parents as I am FTB and already had a AIP with an independent broker (even through i knew i wasn't gonna be going with them).

Strangely after being told during the meeting that i had the best offer and the other party couldn't do any higher. After refusing to use their broker and the other party using their EA's broker they suddenly found more funds - which i half suspected would happen.

Was angry at the time but have had an offer accepted on a much better property now :rotfl:- I'd say stick to your gut and refuse.