Going through an estate agent
Estate agents will often try to sell you a mortgage, alongside the house you’ve just purchased. However, it’s doubtful that they’ll give you a good deal.
Frequently, estate agents will claim to be independent mortgage advisors, when they’re actually in partnership with just one lender. Your estate agent gains commission from the deal, but you’re unlikely to profit.
Ask your estate agent who they deal with – if they name just one or two companies, it’s improbable they’ll offer you a competitive deal. Don’t allow a pushy sales pitch to sway your decision – if your estate agent suggests you may lose the sale if you don’t buy the mortgage plan offered, a quick call to your seller will remedy the problem.
Always make sure that anyone selling mortgages is CEMAP qualified. For further details, contact the Financial Services Authority on 0845 606 1234.
