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Getting a mortgage from an Estate Agent

People often prefer to buy their house and mortgage through the one stop shop of the Estate Agent. But this can cost you more than necessary.

A lot of Estate Agents say they're independent mortgage advisers when actually they'll only deal with one particular mortgage lender. They'll get the best fees from this deal for themselves, but it's unlikely to be best for you.

You can ask the Estate Agent if they're truly independent and who they deal with. If it's only one or two companies, enough said.

You can see what they come up with to use it as a baseline for comparison.

If they claim they're truly independent and would die to get you the best deal, bear in mind they might be lying (Oooh!). Whatever they have to offer, compare it to other possibilities.

DON'T BE PUSHED INTO MAKING A DECISION. If there is any pressure JUST WALK AWAY. Shop around.

There is anecdotal evidence that Estate Agents really should be avoided when it comes to taking advice on your mortgage. This is because they will threaten you with losing the sale if you don't take the mortgage they've offered you.

If this happens a quick phone call to the seller - who the agent is supposed to be representing - should sort this out.

It may be best to say you've already got some offers lined up but would be interested to see if they can beat them - ie keep your distance.

Note that from January 2003 anyone selling mortgages, including Estate Agents, needs to have taken an exam and be "CEMAP qualified".

For further details, or if you're suspicious about anyone, contact the regulator, the Financial Services Authority Tel 0845 606 1234.

For more on Estate Agents including the piece Beware Estate Agents Bearing Mortgages

We also cover estate agents in the section Home Buying using Estate Agents

To read more on this subject please see the list below or your mortgage guide or your home buying guide

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Read On about How to Find your Mortgage

Going direct

Going through a Mortgage Broker

Going through an IFA

Going through an Estate Agent

Going through other websites

The Mortgage Code

Read On / Mortgage Guide

How to Get a Mortgage in the UK

Types of Mortgages

Remortgages

How to Find A Mortgage

About Mortgages in Principle

Costings of a UK Mortgage

Mortgages TIPS

Calculators for UK Mortgages

A - Z all UK Mortgage Types

Read On

Guide to Buying Home in the UK

Guide to UK Home and Mortgage Insurance

Life Insurance Guide

Glossary of UK Mortgage Terms

Mortgage News

Finding your Mortgage

Going direct

Going through a Mortgage adviser

Going through an IFA

Going through a Mortgage Broker

Going through an Estate Agent

Going through other websites

The Mortgage Code

Your Mortgage TOP TIPS

 

How to get a Mortgage

The step by step guide on how to get a mortgage with special tips

I'm employed - shortcut

I'm self-employed - shortcut

I'm buying my first mortgage - shortcut

I've got a bad credit history - shortcut

Mortgage Basics

How to Choose your Mortgage

Types of Mortgage

Where to Find Your Mortgage

Getting a Mortgage in Principle

Cost of a UK Mortgage

Your Mortgage TOP TIPS