Suppose you are a First Time Buyer in Nottingham looking for your first home or a Home Mover with your house already on the property market. It will likely have become known that some of the larger estate agents and builders would instead prefer you use their in-house mortgage advisor and conveyancing services.
As a standalone Mortgage Broker in Nottingham, we don’t have ties to banks, building societies, or estate agents. We often contact many customers who have been compelled by some estate agents to use their financial services. Please note that these situations are illegal. Examples of these stories include:
Many estate agents have declined to put an offer forward because you decide to use an external Mortgage Broker in Nottingham instead of their in-house advisor. Other situations include favoring another lower offer over yours because you already have your mortgage dealt with.
One More common tactic is quoting enormously overpriced conveyancing fees. Sadly, we had one client who got quoted more than £1,500 for a simple purchase with an estate agent.
With the help of one of our dedicated mortgage advisors, we got this cost down. Following this, we recommended that the client use another conveyancer in the nearby area and get this down to £750. That’s precisely half of the quoted price from the estate agent.
Picture the scenario you’ve made an offer and are now waiting to see if it will get accepted. You might expect a phone call detailing whether or not this is the case, that seems pretty logical. However, the estate agent will call up and demand to know whom you used for conveyancing in some cases.
What follows is the estate agent refusing to take the property off the market, unless you proceed with their in-house service. Generally, their quotations will be extortionately overpriced and completely unfair. However, they will put you on the spot and make you feel like you have no choice, a Mortgage Broker in Nottingham like ourselves can help you prepare.
Is it really within your best interests for the person selling the property you’re looking to buy, to know your financial situation and potentially know how much you’re able to borrow? Something which they can then use against you to convince you to use their services?
End of the day It’s your mortgage, your offer, your potential future home. Getting in touch with a trusted Mortgage Advisor in Nottingham will put you in the best possible place to be prepared for these tactics beforehand.