Is it wise to use estate agent mortgage advisor?

Discussion in 'Bulletin Board' started by Googs, Aug 23, 2022.

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  1. Googs

    Googs Well-Known Member

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    Not for me personally, just a friend at work. He's taken a shine to a property as a first time buyer, and the estate agent has booked him in for an appointment with their mortgage advisor. Firstly, is this stage usually free? Secondly, is it more advisable to sort out your own Advisor?

    Cheers
     
    Googs, Aug 23, 2022
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  2. KFC

    KFC Well-Known Member

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    KFC, Aug 23, 2022
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  3. Ton

    Tonjytyke Well-Known Member

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    Do you have a fox I can borrow to guard my chickens by any chance?
     
    Tonjytyke, Aug 23, 2022
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  4. Marc

    Marc Administrator Staff Member Admin

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    it's quite common for EAs to be tied to certain lenders, so there's always the chance you're not gonna get the full market view. they're also EAs, who aren't always the most ethical bunch in the world, which means you always run the risk of being cross-sold $hit you don't need

    personally I find the mortgage market relatively easy to understand, through comparison websites etc. easier than you might think to diy
     
    Marc, Aug 23, 2022
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  5. Hooky feller

    Hooky feller Well-Known Member

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    Usually the estate agent will get a commision. From the advisor.
    If you go to a mortgage lender. The advisor can be free in some cases. I'd say look for the best rate and ask.
     
    Hooky feller, Aug 23, 2022
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  6. Nor

    Northern Member

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    Through a Broker, you’ll get a wider range of lenders and exclusive products you wouldn’t get by going direct to a lender.

    Also, with criteria changing regularly it’s not that easy to simply use comparison sites, cheapest rate isn’t always the best deal.


    That’s where you would see the value of advice.

    happy to help - drop me an email;

    ahardcastle@tudorfcltd.co.uk

    **Im not tied to an estate agent or specific lender**

    I’ve helped a few fellow reds from BBS.
     
    Northern, Aug 23, 2022
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  7. Journo Tyke

    Journo Tyke Well-Known Member

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    Cross selling through estate agents is a blooming nightmare. You can DIY, however if you have any (potential) complications such as self employment, bad credit, property of unusual construction and a whole host of other things, it can be a minefield. I've done a couple recently where only one lender would do it for example.

    Sometimes the cheapest deal is a broker only deal too. Finally, it saves you anything from 10-20 hours of work yourself using a broker so depends how much you value your time.
     
    Journo Tyke, Aug 23, 2022
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  8. Til

    Tilertoes Well-Known Member

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    No
     
    Tilertoes, Aug 23, 2022
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  9. Mid

    Mido Well-Known Member

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    Use an independent broker, ours saved us loads of time, money and hassle and didn’t cost us a penny for her services.
     
    Mido, Aug 24, 2022
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  10. Austiniho

    Austiniho Well-Known Member

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    She did it for nowt?
     
    Austiniho, Aug 24, 2022
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  11. Fon

    Fonzie Well-Known Member

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    Don't touch anything that an EA recommends - be it mortgage advisors or solicitors. They're all in each others pocket and although it might save you a couple of quid, the experience will be an utter nightmare.
     
    Fonzie, Aug 24, 2022
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  12. lk3

    lk311 Well-Known Member

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    First house we bought, we went with Solicitors recommended by EA, second house different EA said use who you want, shop around, go with the cheapest as they all give the same service. We was shocked how expensive the first one used was when compared.
     
    lk311, Aug 24, 2022
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  13. x11barnsley

    x11barnsley Well-Known Member

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    Bit harsh …
    I take it you’ve never used an agent before ?
     
    x11barnsley, Aug 24, 2022
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  14. TitusMagee

    TitusMagee Well-Known Member

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    Totally agree with this. I used an agents when selling my house in Wakefield (Bridgfords) and the solicitors they recommended were terrible.

    When purchasing same house, I was forced by Persimmon to use their mortgage advisor. When I reminded them it is illegal to do so, they threatened to pull out.
     
    TitusMagee, Aug 24, 2022
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  15. Ton

    Tonjytyke Well-Known Member

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    Commission probably.
     
    Tonjytyke, Aug 24, 2022
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  16. Fon

    Fonzie Well-Known Member

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    Worked at 3 different agents over a 10 year period.

    They're all the same. Push our partners for commission.
     
    Fonzie, Aug 24, 2022
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  17. x11barnsley

    x11barnsley Well-Known Member

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    You’ve basically said that all agents, solicitors and advisors are dishonest so why employ or get employed by any of them ?
     
    x11barnsley, Aug 24, 2022
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  18. JamDrop

    JamDrop Well-Known Member

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    He didn’t say they were dishonest (they have to state if they get commission and therefore I presume it did state it in the terms), he said they were crap.
     
    JamDrop, Aug 24, 2022
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  19. Fon

    Fonzie Well-Known Member

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    No i haven't.

    I've said that it's in their best interest to push their solicitors due to financial reasons - its not dishonesty.

    If you're an Agent, you'll recommend your own solicitors.
     
    Fonzie, Aug 24, 2022
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  20. x11barnsley

    x11barnsley Well-Known Member

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    “ They’re all in each other’s pocket” seems to suggest dishonesty ?

    If agents recommend a solicitor or financial adviser, then it is because they are asked to do so.

    Anyway, all your experiences seem to have been utter nightmares so you can only speak on experience !
    Fair enough
     
    x11barnsley, Aug 24, 2022
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