Whether you are a first time buyer in Coventry who are viewing properties on the market you may have come across estate agents who are keen for you to use their in-branch mortgage advisors in Coventry and recommended conveyancers. We tend to receive a lot of feedback as to what sales tactics can be used. Examples of this are:
We’ve heard of cases where the agent has tried to insinuate that you could lose the property if you go with someone else. That is not the case. Some estate agents might even state that the seller would prefer you to arrange an in-house mortgage, but this is unlikely to be true either. The seller only cares that you are in a financial position to proceed.
Obviously, the estate agents earn extra commission from you when you use their additional services. So, there is an incentive for them to try and persuade you. If you don’t like being sold to, here are some of the tactics to look out for:
There are several other ways you can arrange a mortgage without using the in-house mortgage advisor at your estate agent. In this article, we will try and help you decide who to use for your mortgage and how to make sure you are receiving value for money.
Some people are confident using price comparison websites to get an idea of the rates available. And this is totally understandable from a cost-saving point-of-view. However, please remember that it’s important to take advice at some point in the process. This is because buying a house is a very big deal, especially as a first time buyer in Coventry, and it’s important you get it right.
Here are some things to look out for if you want to have a go at applying online:
You could arrange a mortgage directly with your bank. Lots of people used to do this but not so much anymore. People’s trust in the advice they receive from banks is much less than it used to be.
What do you need to be aware of?
Some buyers are reluctant to hand over their financial details to an Estate Agent. They are worried that the vendor might find out what financial position they are in.
If you use a Mortgage Broker in Coventry not connected to the estate agent, you can seek an agreement in principle. You can then provide this document to the estate agent to prove you are in a position to proceed. The agent will then most likely ask that you evidence your deposit too, along with ID.
A good Mortgage Broker in Coventry will guide you through the full process of buying a home and give you open and honest advice. Here at Coventrymoneyman, we can access 1000s of deals from across the market and aren’t tied to any particular lenders. Therefore, we can get the best deal most suited to you and your personal circumstances.
If you decide to find your own Mortgage Broker in Coventry, make sure to take up any offer of a free mortgage consultation. Taking the time to find an advisor you like and trust can have immeasurable benefits in the long run.
Date Last Edited: December 6, 2023