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Original poster

Using EA's "no obligation" mortgage broker and solicitor

16 replies

DespairingInLondon · 12/01/2022 10:46

FTB here getting my head around the process and options.

Have just spoken to a local EA who suggested we speak with their mortgage advisor to prescreen us. They said they use this broker to qualify all offers they receive and by speaking with them at the start of the process, they can be confident we're in the financial position we claim to be in, and that once they know this, they can make sure we get notified of properties coming on the market before they're advertised. They emphasised there's no obligation, etc.

Any risks in doing this?

They also said their solicitor could contact us with summary of fees, etc.

We already have a mortgage advisor recommended through a friend, and we don't intend to use the EA's, so I'm thinking it's better to decline the offer. Same for solicitor. Am I on the right track?

OP posts:
mindutopia · 12/01/2022 11:11

No, I personally wouldn't. It's just because they want a cut of the fees, not because it's the better option for you.

We did end up using the EA's recommended solicitor (actually not to purchase their property as sellers pulled out and decided not to sell after all). But it was because we were buying an agricultural property and we asked for recommendations for someone who would have specialised knowledge in those sorts of properties. We ended up using him for our eventual purchase (not through that EA) and he was great. I think that's a unique case.

I did speak to the EA's mortgage advisor as well, just out of curiosity. But he was annoying and couldn't get us the same rates as the mortgage advisor we already had (who has been fantastic).

Pinkdelight3 · 12/01/2022 11:26

You're on the right track for sure. Go off friend's recommendations not hard sell from EA. I've rarely heard anything good, esp about the EA linked solicitors which tend to be big impersonal firms where you're just one on a huge pile. Smaller local firms and brokers have always tended to work out better.

RedWingBoots · 12/01/2022 11:32

Yes you are on the right track.

Use people recommended by family and friends you know.

Most decent people will not recommend someone they had issues with even if the issues are minor.

Original poster
DespairingInLondon · 12/01/2022 11:34

Thanks, everyone. Really appreciate the shared wisdom! :)

OP posts:
RidingMyBike · 12/01/2022 12:10

Definitely better to go off personal recommendation. We used EA recommended solicitor when selling DH's flat as we naively thought it would make it more straightforward and they were a total nightmare whereas other times we've used recommended ones and it's been much more positive.

Both times we've got friends,family, colleagues to recommend solicitors etc, then contacted them ourselves and assessed them based on the quality of the response they provided - I like a full breakdown of the fees and estimation of timescales rather than a 'we charge £x for a property at this price'.

Sorryusernamealreadyexists · 12/01/2022 21:16

The mortgage broker attached to the estate agent we viewed a property with, told the estate agent about our monetary situation. For that reason I would never use one.

Clickncollect · 12/01/2022 23:07

The mortgage broker attached to our EA wanted to charge a fee. No way was I paying a fee when there are plenty of mortgage brokers who don’t charge the applicant and take fees from the lender only.

leafeee · 13/01/2022 10:37

In terms of mortgage broker first off its worth contacting your bank/building society to see what they can offer before going into the whole buying process - as you use them already it should be easier in terms of them knowing your details. Then you can go in to the process with an agreement in principle to show the estate agent that you are serious buyers.

Your bank should be able to offer a good deal as they want to retain your custom and also wont have to pay commission to the broker.

Plus you wont have to pay the broker fee (if there is one on top) - when we moved this was £500 which DP ended up signing us up for when we could have got the same deal going directly to the bank; doing it yourself also adds a layer of separation between you and the estate agent

GETTINGLIKEMYMOTHER · 13/01/2022 21:02

When buying her first house my dd used both the EA’s mortgage advisor, and the solicitor. However she found the exact same mortgage offer online for about £150 less in fees - told the in-house one and he said he’d match it.
She used the sol because new to the area and had no other recommendation.

The purchase was all wrapped up, from offer accepted to getting the keys, in 6 weeks! I was amazed, having told her to expect a minimum of 3 months, but had to reluctantly conclude that it was at least partly down to the in house services - they all wanted their cuts and were pushing it along.

Before that I would never have thought it a good idea.

nodogz · 13/01/2022 21:18

I used to be an estate agent. We'd get commission on every mortgage appointment we made.

They were independent mortgage brokers from memory but they will have all your financial info. So nope.

A normal mortgage broker will provide proof of funds.

Same for sols, go with recommended by friends and family and it is worth paying for a good one (cos there's lots of crap out there)

anon12345anon · 14/01/2022 12:22

DO NOT GO WITH EA CONVEYANCERS!!

I talk from experience!!!!

Local or friend recommended! Smile

MinnieMountain · 14/01/2022 14:22

I work for a conveyancer that gets recommended. We get good reviews on Trust Pilot.

I’ve also used an independent firm for my conveyancing when I wasn’t working that was recommended by a friend and wasn’t impressed.

Look at the reviews. You get good and bad of both types.

GETTINGLIKEMYMOTHER · 14/01/2022 16:01

@anon12345anon

DO NOT GO WITH EA CONVEYANCERS!!

I talk from experience!!!!

Local or friend recommended! Smile

My dd’s experience was the opposite. Maybe she was just lucky, but at around the same time we were unlucky enough to pick a truly abysmal high st. EA for a property purchase. They honestly needed sticks of dynamite up their arses to get anything done. Plus they had told us they were familiar with issues involved with buying a freehold, when in fact they hadn’t a clue.
ConstanceL · 14/01/2022 23:48

We actually had the opposite experience; the solicitor and mortgage broker our EA recommended were both great. The solicitor was efficient, kept us updated and was comparable in price with independent conveyancing quotes we had obtained; and the mortgage broker they recommended got us £60k more than our original broker was able to, and we didn't have to pay the broker a penny.

CasperGutman · 15/01/2022 09:08

Disclosing all your finances to the EA's pet financial advisor before attempting to negotiate the best price on a house would seem to be somewhat like showing your cards to your opponent at the start of a game of poker....

ConstanceL · 15/01/2022 09:33

@CasperGutman

Disclosing all your finances to the EA's pet financial advisor before attempting to negotiate the best price on a house would seem to be somewhat like showing your cards to your opponent at the start of a game of poker....
We'd already had our offer accepted with an AIP by the time we used the EA's recommended broker - who was actually not an in house broker, but a local firm who the EA recommended who had great google and trustpilot reviews. People have to use their common sense in these situations 🤷🏻‍♀️
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