Is it a requirement to see a developer's mortgage advisor

[Lunapuf5]

We've just been to see a show home and we were told if we were to reserve we'd have to see their mortgage advisor to check affordability. We told them we have a decision in principle and our own broker but insisted that's how they do it. Is that the case as from what we know it's not compulsory

No its not. They just want to make more money out of you. They may say they have better buyers as others will go with their advisor. You could always play the game, go and see the advisor, get them to check the affordability and then just go with your chosen mortgage provider anyway.

Hi - developers can ask you to speak with a Rec mortgage advisor so they can confirm you qualify affordability wise - as part of reservation process - they can't force you to use recommended advisor however under the consumer code -l hope this helps

Our broker tried to tell them this and they still said we have to at least have a chat with them and its mandatory even if we don't use them. Its so annoying as we have so much to get through already and have to find the time to meet with them as well even though we have an aip already..

I think it’s pretty standard that an Estate Agent or Developer has you speak to their mortgage advisor to check that you are able to proceed with your offer. It’s usually a quick convo not a full on appointment. Or at least it was when we last bought we had a telephone convo with the fella and he asked what finance we required and what deposit etc and that was that, we told him we already had finance agreed elsewhere in principal and he was great, I’m here if you need any help but it certainly wasn’t a hard sell or on the basis we had to use him to proceed with the purchase

Yes it's rubbish - in theory it's not mandatory but they can choose how they run their business and so, yes, they can in effect force you.

I've wasted several hours of my life speaking to the estate agent's advisors even though I had an AIP all of last year. They didn't do fresh AIPs since I already had one, so no credit checks show up etc, and I just thought, well if your sales tactics are that aggressive, I'll cost you some salary hours by not using you in the end :)

Back when the market was more hot, two companies forced me to see their advisors before they'd book me in for the first day's viewings. If I didn't see them, I'd have to wait for the next weekend (and the property would have been gone). It was pretty outrageous.

I also know if you offered the same as someone else and were the winning level of bid, they encouraged the seller to for the person who'd use their advisor as they get the kick-back from that (pretending it's because they have a better understanding if your situation).

It's an appalling business.

Never heard that before. It sounds a bit pressurised.

We walked away from a developer who did this.

I really wouldn't waste effort in complaining and pushing back.

We had to chat to the mortgage advisor, it was just to confirm our income, deposit and ask if we already had an AIP.

As a PP said, they want to make sure you are proceedable before you reserve.

Their development , their rules.

You have said that they want you to have a chat to check affordability, not that you have to use their broker.

Purchasing a property is always a hassle, whether it’s from a developer or a private owner. There is admin involved and appointments to attend. It’s just one of those things.