Applying for a mortgage from estate agents

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• Mustabuster Posts: 5,975

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  25/04/15 - 11:01 #2

  The estate agents may have a financial advisor based in the office who works on commission. So no fess to you (directly anyway). He may or may not be independent but he will present several options for you to ponder.

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• tealady Posts: 26,266

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  25/04/15 - 11:55 #3

  I think you would be better off with money supermarket.
  What you can't be sure of is whether they push products that gain them the most commission. No doubt they are expected to be neutral but I'd suggest there are always ways to present things.

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• sarahj1986 Posts: 11,305

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  25/04/15 - 11:57 #4

  It's normally a mortgage advisor based within the estate agents office and will probably charge a fee if you go with them. I personally wouldn't do it I would prefer to do my own research and shop around rather than pay somebody else to do it. Having said that I am fairly clued up on mortgages, no expert but at the same time I know how the figures work and interest rates etc etc so for me I am happy to do it myself, if you are not as clued up then it might be worth speaking to them but be prepared to pay for the service.

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• LostFool Posts: 90,650

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  25/04/15 - 12:48 #5

  Definitely go to an independent mortgage advisor. There are loads on every high street.
  
  While is is always a good idea to do your own research so that you know what they are talking about I still wouldn't sign up for a mortgage without talking to an expert. This is going to be the biggest financial commitment of your life so it can be useful to run your ideas past someone who deals with the providers every day.
  
  Also, don't be afraid of paying for advice. If you are going to commit to spending several hundred thousand pounds then handing over a 100 quid or so to make sure you get the best deal is worth it.

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• soulboy77 Posts: 24,488

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  25/04/15 - 12:55 #6

  As they say, always shop around to find the best deals!

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• Johnbee Posts: 4,019

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  25/04/15 - 20:17 #7

  The best thing to do about mortgaging for a house purchase is to go to a branch of the Building Society you save with, or bank if you couldn't get to a building society when you started saving, and ask for an absolutely standard repayment loan with no special deals. Preferably with no charges for paying it off early e.g. if/when you sell.

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• LostFool Posts: 90,650

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  25/04/15 - 20:24 #8

  Johnbee wrote: »

  The best thing to do about mortgaging for a house purchase is to go to a branch of the Building Society you save with, or bank if you couldn't get to a building society when you started saving, and ask for an absolutely standard repayment loan with no special deals. Preferably with no charges for paying it off early e.g. if/when you sell.

  
  Not necessarily. Your bank or building society will only offer you their own mortgages. There could well be other providers who have cheaper or more suitable products available. An IFA will have access to the whole market.

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• gdjman68wasdigi Posts: 21,705

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  25/04/15 - 20:24 #9

  subject to your credit rating, Lloyds TSB or Nationwide are the best lenders..
  
  if its not so great a mortgage adviser/broker will shop around for you..
  
  im with Nationwide....

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• c4rv Posts: 29,613

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  25/04/15 - 20:40 #10

  Johnbee wrote: »

  The best thing to do about mortgaging for a house purchase is to go to a branch of the Building Society you save with, or bank if you couldn't get to a building society when you started saving, and ask for an absolutely standard repayment loan with no special deals. Preferably with no charges for paying it off early e.g. if/when you sell.

  
  that could well be terrible advise for a lot of people. There are so many different options out there that there will almost certainly be better options depending on your situation. For example I've got a off-set mortgage linked to my saving and I've saved around £8k in interest payments so far. In addition I can borrow any equity I have for the length of the original term at mortgage rate. Useful if you want to do home improvements or something later on.
  
  My advice is speak to an independent mortgage adviser, mine got me a deal that wasn't available to public.

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