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Should I Use My Estate Agent’s In-House Mortgage Advisor?

Estate Agent Mortgage Advice in Leicester

During the start of your mortgage journey, you’ll most likely have to deal with an estate agent. If you end up in conversation with a larger estate agent, they will want you to use their own in-house team of mortgage advisors & conveyancers.

A lot of first time buyers in Leicester fall into this and are persuaded to use their services, usually spending more money than they otherwise would’ve had to.

The good news is that you don’t need to use their advisor at all, a point we’ll expand upon later on, and you may also open yourself up the either the same deals or better by going elsewhere.

Speaking to a Mortgage Advisor in Leicester outside of the estate agent could be a much better route for you to follow. The advisor working for the estate agent will give you a biased view that only benefits them and their profit.

A dedicated mortgage broker in Leicester will help you see the positives and negatives of each side. If you do still choose to go with the estate agents mortgage advisor, that is okay, though it’s important to remember that you have options.

We always aim to be transparent & efficient, looking to give the best possible experience and the best advice for our customers personal and financial circumstances, whilst providing a fast & friendly mortgage advice service.

Sales tactics of estate agents

If you do opt to use the services of your estate agent’s in-house mortgage advisor and conveyancer, have a good think about where their service cost is coming from.

They could potentially be charging you for their services without asking you and adding it onto the costs of other services, hoping you won’t notice.

Taking on expert mortgage advice in Leicester will reduce your concerns of this, as you will be well informed and aware of what you’re paying for. Your dedicated advisor will break down the cost of everything for you.

Even though it is highly illegal for them to do so, if you have opted not to use their services, they may refuse to put your property offers forward.

For example, you could be instead using the services of a mortgage broker and they may push forward someone else’s offer to completion over yours, purely out of spite that you didn’t use their services. Once again, this type of practice is illicit behaviour.

Estate agents may get even attempt to charge their customers extortionate fees for in-house conveyancing. Even with a straightforward purchase, you may find yourself being charged somewhere within the realm of £1,500, which is far too much.

Any time this occurs, you have full consumer rights to be given a full breakdown of exactly why it costs this much and where their calculations came from.

An experienced mortgage broker in Leicester will only want to do right by the customer. By coming to us for mortgage advice, you can avoid the tactics mentioned above.

How can I get a mortgage in Leicester?

Finding The Right Mortgage Advisor

Making sure you use the right Mortgage Advisor can be difficult; but can you make it easier?

From time to time, mortgage cases may require specialist care from a trusted mortgage advisor in Leicester. The in-house mortgage advisors from the estate agents don’t care for the details, so long as they can make a profit from it, even if it’s detrimental to you.

Speaking to an expert mortgage broker in Leicester you’ll find yourself matched up with an appropriate advisor with experience in a situation that’s at least similar to yours. They will work with you to ensure you get the right outcome.

An example of this would be the buy-to-let mortgage experts we have on hand for any landlords, new or experienced, looking to get a mortgage.

Once you’ve completed your free mortgage appointment and obtained an agreement in principle (we can normally get this for you within 24 hours of your appointment), your mortgage process can finally get underway.

We utilise our many collective years of providing open & honest mortgage advice in Leicester, helping thousands of customers achieve their home owning goals and dreams. Our customer reviews are a great inside look at how much of a difference our service makes to homeowners.

Kickstarting Your Own Mortgage Journey

Some people would rather take on the world of mortgages by themselves, and this is okay! The internet is a wonderful place and you can now do most of what you would need to do, by yourself on your browser.

By utilising price comparison websites, you may be able to find the best mortgage deal for your circumstances through your own research and understanding.

An obvious benefit to doing this would be that you’d save money on additional fees. Providing you have confidence in what you’re doing and understand the process, you could get through it awfully quick, more so than someone going to their bank.

The catch is that online mortgage shopping is quite difficult to do. Before you make any agreements, you should always make sure you have the best fit for your circumstances. Here are some tips if you’re doing this;

  • Can you match the criteria for the “Best Buy” rates? Check before you apply for anything, to reduce the risk of harm to your credit score.
  • Have you conducted the right research? A lot of comparison sites have commission based relationships with lenders. It’s their job to direct you to these companies for a payday. If they do not have a commercial relationship with a certain lender, they may just leave that deal off the list.
  • In the event you encounter a problem along the way, you could be at a financial disadvantage. Pay attention to valuation and applications fees if you are not 100% sure you have been accepted, as they won’t be refundable.
  • Progressing your application and sorting out any future concerns is solely your responsibility.

Should I Use My Bank or a Mortgage Broker?

Using Your Bank’s Mortgage Advisor

Making an appointment with a bank to speak to a mortgage advisor may be challenging. This isn’t always the case, though it also may just be the wrong choice for you to make. Here are a few things to look out for;

  • The bank won’t shop around for the best deal, they will only present their own products, some of which may not even be suitable for you.
  • No matter how long you’ve banked with them, you may find yourself getting declined. We’ve had genuine instances where 20 plus year customers have been turned away for lack of information.
  • Mortgage appointments with a bank tend to have a long waiting list, with some lenders’ waiting lists being almost 6-months long.
  • Your bank may have inexperienced mortgage advisors and struggle to help with difficult circumstances. Instead of solving problems, they have been known to just turn people away.

Using a Mortgage Broker in Leicester

Taking on the services of a mortgage broker that has no association with any estate agents ensures that you, as an inexperienced first time buyer in Leicester, have someone there to do the hard work for you, without any conflict of interest risks.

We work for you and only you, with no external ties. Whilst we do have mortgage lenders on panel, we don’t work for them, we simply match customers up to their various unique deals.

Our team do what they can to make sure you’re happy with your mortgage journey and the outcome you end up with. Managing Director Malcolm Davidson is here to explain both the positives and negatives of using a trusted mortgage broker:

Why Should I Use A Mortgage Broker? | MoneymanTV

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