Estate agent mortgage advisors? (Watch out for them!)
Most buyers who find a home will be tricked or convinced to use the estate agent mortgage advisor. You should know that you don’t have to use the estate agent mortgage advisor and you can choose from many mortgage brokers and advisors who are available.
Some may argue it is the better thing to do than using the Estate agent mortgage advisor who may not be completely independent of the home purchase process.
Estate agents will usually be keen to recommend you to their Estate agent mortgage advisor as they likely get a commission for the introduction.
The advice provided by an Estate agent mortgage advisor will still be independent advice and so going with an Estate agent mortgage advisor will likely not affect the quality of the advice you receive.
Many people may assume that by using the estate agent mortgage advisor that their purchase offer will be accepted and go smoothly as the estate agent and the mortgage broker are from the same firm.
This isn’t necessarily the truth.
In fact, in most cases, it may be very far from the truth.
Using an independent whole of market mortgage broker may always be the best option when considering mortgage advice.
A whole of market mortgage broker will work independently of any pressure which an estate agent mortgage advisor may work with.
Estate agents cannot penalise you for choosing not to use their estate agent mortgage advisor and they cannot treat your case any differently due to this.
You should still be allowed to view homes and your offers by law must still be passed to the seller regardless of if you use the estate agent mortgage advisor or not.
Unlike what you may hear it is very unlikely that an estate agent mortgage advisor will be able to find you better mortgage deals than an independent whole of market mortgage advisor.
A report found that estate agents have been misleading borrowers or potential homeowners into using their estate agent mortgage advisors with false claims.
If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.
You can also contact the debt charity “Step Change” if you are in debt and need help.