EA in house financial/mortgage advisor

[TangBloodyFastic]

AIBU to think that it’s a huge conflict of interest and not to want to use the EA advisor?
We’re having some issues with our current advisor and the EA is telling me their advisor may be able to get past this issue.
I’m not convinced but I’m tempted with the carrot they are dangling

Has anyone any experience?

[lalalonglegs]

I agree it's a huge conflict of interest. It might be ok if you have already had an offer accepted on a place and you just need to get the mortgage sorted out and are comfortable with the amount you are borrowing but if this offer falls through, the mortgage adviser - and therefore the EA - will know what your budget is on the next place (as opposed to what you tell the EA it is). The EA will start nudging up your price band, getting you into bidding wars etc. When I've made cash offers in the past, I won't even show EAs a bank statement, I instruct my solicitor to confirm that I have funds to purchase, I don't need an EA telling me how high I can afford to go .

[TangBloodyFastic]

won't even show EAs a bank statement, I instruct my solicitor to confirm that I have funds to purchase

I didn’t even think of that, they’re waiting for proof of funds.

We have already agreed a price but should anything come back from the survey they may not stand for any renegotiating knowing our financial situation

[JoJoSM2]

I don’t think a mortgage advisor is legally allowed to blab about your personal circumstances to third party?

However, they might be in the position to say that you are proceedable so the EA can relate that to the vendors. I imagine they might be worried if you’re struggling with getting a mortgage.

[TangBloodyFastic]

@JoJoSM2 the EA knows we’re struggling, not through financial reasons but because the house is not a “standard” house. This is why they’ve said to go with their financial advisor as “they have had experience with this type of property”

[parkview094]

As others have suggested, I don't believe the EA's mortgage advisor can share details with the EA. I believe they're often employed by a separate company, just operating on the same premesis.
I was very skeptical of speaking with a previous agents advisor, but agreed to a meeting to avoid the constant hassle from the agent. In the end I was actually very impressed with the advisor (countrywide) at the time. Although they couldn't beat our BS 'loyalty' rate we could at the time, they did have some very competitive offers I couldn't otherwise get myself. I ended up recommending them to several colleagues. As long as there's no fee, it's potentially worth a couple of hours of your time just in case..

[lalalonglegs]

They're not meant to pass on information but I'm absolutely certain it happens.

[GETTINGLIKEMYMOTHER]

A dd used the EA's mortgage advisor, but only after finding exactly the same deal online for two or three hundred less in fees. She told the in-house advisor and he said he'd match it. Certainly worth a try!

Dd (then a FTB) also used the EA's solicitor, which I would never have necessarily thought the best idea, but I have to say it all went very smoothly and was all wrapped up, from offer being accepted to getting the keys, in about 6 weeks.

I had told her to expect 3 months at least. She was in expensive temp. accommodation at the time, so it made quite a difference.
Presumably it was quick because the in-house people all have a vested interest in completing asap and thus getting their money in.

[TangBloodyFastic]

Thank you for your replies.

I’m keeping my options open, if our current advisor can’t get the outcome we need then the EA is telling me their people can.. I guess at that point it will be a case of what have we got to lose.