First time buyers in Leeds like yourselves actively seek out your first home or a Home Mover in Leeds with your house on the property market. However, you may have noticed that some of the more notable estate agents and builders would favor that you use their in-house mortgage advisor and conveyancing services.
As a responsive mortgage broker in Leeds, we have no ties with banks, building societies or estate agents, and we work solely for the customers. In the past, we do often find ourselves speaking with customers whom some estate agents have urged to use their in-house financial services. Some of the scenarios include;
Some estate agents have previous track records of refusing to put an offer forward if you decide to use a different mortgage advisor instead of their own. At times they have also declined to put offers forward to the vendor because someone who has used their in-house mortgage advice service has also made an offer that they’d instead show favouritism.
Another sales tactic we see often is the estate agents quoting immensely overpriced conveyancing fees. In the past, we have had clients who have unfortunately had this happen to them; one customer mentioned they got quoted more than £1,500 for a regular purchase.
With our knowledgeable mortgage advisors in Leeds helping out, we got this cost down. Following this, we suggested that the client use another conveyancer in the nearby area and get this down to £750. That’s precisely half of the quoted price.
Once you have made an offer, you might receive a phone call detailing whether you got accepted. However, the estate agent will call up and demand to know which conveyancer you have used in some cases. It seems like the next logical step.
What follows is that the estate agent declined to take the property off the market unless you agree that you will use their in-house service.
As you might imagine, their quotations will be extortionately overpriced and utterly unfair to the customers, but they will put you on the spot and make you feel like you have no choice to take enlist their services.
The good news is that this is something a mortgage broker in Leeds can help you get prepared. The questions that need answering then are as followed:
No, you have the freedom to go wherever you wish when it comes to your mortgage process. You can use any broker, any conveyancing or any other financial service. It’s all down to what you would personally prefer.
You are under no obligation to use the services on offer from the estate agent, as their job is to foresee the sale between yourself and the vendor.
“Keeping everything under one roof is easier with one point of contact.”
“If you use our services, it will give the vendor peace of mind that everything will go through smoothly.”
“We will do all of the chasings of the solicitors for you, and they’ll be more responsive to us due to the amount of work we send them.”
“You need to come in and see our mortgage advisor for your offer to be qualified.”
“Everything is likely to go through quicker if you use us.”
“Free carpet/washing machine if you use our (extortionately priced) recommended conveyancing service.”
“Choose us and your offer is more likely to be accepted if you use our mortgage advisor.”
“Our service gets better deals than most brokers.”
Always remember, when negotiating a purchase price, is it really within your best interests for the person selling the property you’re interested in buying to know your financial situation and potentially know how much you’re able to borrow to pay for that property? Something which they can then use against you to convince you to use their financial services?
Stay vigilant and make sure that they know this and do not guilt you into a trap if you do not want to use it. It’s your mortgage, your offer, your potential home. Getting in touch with a dedicated mortgage advisor in Leeds will help you be as prepared as possible in advance of encountering these tactics.