Do you have to use the agents mortgage broker?

The answer to this question is absolutely NOT.

There is no law or rule that says you must use the agent’s mortgage broker to purchase a property with them.  In fact, it is against the law for an agent to advise you that it is the case, or to say it is in your best interests to use their broker to secure the property.

Are there potential advantages?

Using the agent’s mortgage broker could be beneficial, but this should be for you to decide.

Here are a couple of points you may see as a benefit –

• If the broker is independent, they can look at a choice of lenders for you.
• You can give the broker your permission to promote your position to the estate agent so that they can sell your position to their client.

What do the agents get out of it?

If you use the mortgage broker that the agents have referred, they are likely to receive a commission or referral fee.  The agent should advise you of this within their referral fees policy.

In addition to the fee that the agent receives, they will also benefit from other factors that may not be apparent straight away.  Situations like chasing the broker for your survey or how soon will your mortgage offer arrive are major benefits that you can simply ask your broker to talk to the agent about and keep them updated.

At Fairfield, if you use the mortgage broker that we refer they will pay us a percentage of the commission they receive.

If you’re looking for some initial mortgage advice to see what you can afford? Click here and we can put you in touch with a broker.

If you would like a no-obligation quote from one of our recommended solicitors click here.

Article written by

Robert Simmons MNAEA

Director