Mortgage brokers within estate agents

[Beaniebeemer]

I've come to the conclusion that they are just after the best deal for them!

I saw the mortgage broker who works within the estate agent im using to sell my house. I'm reasonably savvy when it comes to mortgages and I have spoken to my existing lender at length about future borrowing when we sell and want to buy another property. As long as certain factors are in place they have verbally confirmed the level of borrowing that we have in mind.

The mortgage broker within the estate agents is saying that my existing lender won't lend me bugger all in addition and I need to jump ship pay a £6.5k redemption and go to a new lender. Bearing in mind my fixed rate deal is up in 10 months! Other things he said completely contradicted what the my existing lender has said to me. Oh and if he does the application for me I have to pay £450 for the privilege.

We ended up with nearly double from an independent (and that was on a non standard construction so a harder job) for the house we eventually bought after a straight no from in house on a different property and a still rubbish offer from our bank.

Also, there is the possibility that the in-house broker will disclose to the agent what you can afford. Will no doubt be against there code of conduct, but I'm sure still happens.

I went to see one just yesterday and didn't have that experience at all. She said within the first 5 minutes that my deal was excellent and that she could not match it. To be honest though unless you are requiring a mortgage that may be difficult to get (e.g. Self employed) then I reckon you can't get better than money saving expert.

Also, there is the possibility that the in-house broker will disclose to the agent what you can afford. Will no doubt be against there code of conduct, but I'm sure still happens.

I also worried about this. The one we tried was a great combination of useless, slow and persistent, while phoning me every three hours and calling me "Darling". We went elsewhere as I thought we'd lose the house.

Beaniebeemer I was always skeptical about any in-house services from estate agents - brokers, conveyancing solicitors etc. Agree with nomislotsirb got the feeling they would disclose information to the EA. If you need I can recommend an excellent 'whole of market' independent mortgage broker.

I work as a conveyancing solicitor and I've had two real shockers where estate agent brokers have acted caused mayhem. Check the qualifications of the person you've spoken to. In my experience, they are often unqualified and they certainly aren't independent. This may of course not be the case in this instance but I am dubious.

I have a close friend who works as a whole of market mortgage broker in an Estate agency and it would definitely be more than her job is worth to disclose anything regarding your finances to the estate agent. She would need your consent to disclose anything at all (i.e. she might say that you are proceedable, and give updates during the process but certainly would not disclose income or whether you can afford more etc).

I work in finance myself and would always recommend a local independent whole of market broker. Most should have an initial chat at least without charging a fee, many don't charge a fee at all.