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.
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