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Do I Have to use my Estate Agents In-House Mortgage Advisor in London?

First Time Buyer Mortgage Advice in London 

Being a first time buyer in London the process of buying a home, you will have no need to go to an Estate Agency Advisor. The Agent themselves may put forward the words implying that you will lose the property if you go with someone else but that isn’t the case. Estate Agents earn commission from when additional services are utilised by customers. 

Here are some of the tactics they may sometimes use: 

  • Estate agents may sometimes say that they are not putting your offer forward to the lender if you have not taken the route of in-house Mortgage Advice – This is an illegal practice. 
  • Quoting high solicitor fees – solicitor expenses do not have to be extortionate, especially for a straightforward purchase. 

What they will not tell you is that there are several other ways you can arrange a mortgage without using the Estate Agent and in this article, we’ll help you decide who to use for your mortgage and how to make sure you are receiving the full value for your money. 

Undertake your own process online 

Options are available online such as price comparison websites to let people know of available rates. Though it’s important to keep in mind that you will need advice at some point during the process because buying a house is a very big deal and it’s important that you get it right. 

Here are some important things to look out for if you want try applying online: 

  • The rates that are advertised online are ‘best buy’ rates and you may not qualify for this rate. Additionally, you might not meet that lender’s specific lending criteria. 
  • Some websites may only display deals which are included in a commercial arrangement with particular lenders. Other deals which might be better suited for you might not be visible. 
  • It’s also a good idea to check what fees are payable and when, and if your application is declined, if you’re able to get your money back. Sometimes the deals at the top of the list come with huge set up fees. 
  • If you choose to go about applying online, it is your responsibility to progress with your application. If you apply without trusted Mortgage Advice you will not benefit from any consumer protection. 

Go to your own bank for a mortgage 

The option of arranging a mortgage with your bank is also an option. Many people do this but it is less common nowadays. The trust that people hold towards banks is less frequent than what it used to be. 

Things to look out for when going to the bank for mortgage advice: 

  • Bank which only offer their own products, as they are not obliged to inform you of other cheaper deals that are available elsewhere. 
  • Banks are often reluctant to let you know why your application has been declined. Sometimes it is down to the difficulty of passing some lenders credit scores. 
  • It’s harder to get an out-of-hours appointment. 

Find your own Mortgage Broker in London 

Some homebuyers can be reluctant if they have to hand over their financial details to an Estate Agent and become dubious that the vendor may find out they are in a strong financial position and end up paying more than they should for the property. 
 
Some Estate Agents might imply that their vendor would prefer you to go along and arrange a mortgage in-house. Although this won’t be entirely true, the vendor simply cares about the individual being in a financial position to proceed. 
 
Make sure to see a Mortgage Broker in London which isn’t connected to the Estate Agent and ask for an Agreement In Principle. From this, you will then be able to provide this document to the Estate Agent to prove that you are in a ‘proceedable’ position. You will also be asked to evidence your deposit and ID. 

A reliable Mortgage Broker in London will offer to guide you through the full process of buying a home to make sure that you are provided with transparent, open and honest Mortgage Advice in London. Be sure to take up the advantage of a free mortgage consultation and find a Mortgage Advisor in London you like and trust. 

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UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
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