House Buyer incentive
Discussion
Hi all, I need a little help. First time buyer making an offer on a £150k house. The house has a 1k buyer incentive if I use the mortgage broker working for the estate agent. I have had a meeting with this broker who offer lifetime help for £399.
Is it a good deal to get the £1k off? Or will I find a better deal going to an independent broker, any help appreciated as this is all new to me.
I'm looking at a 85% ltv fixed mortgage for 2 years.
Is it a good deal to get the £1k off? Or will I find a better deal going to an independent broker, any help appreciated as this is all new to me.
I'm looking at a 85% ltv fixed mortgage for 2 years.
Sorry, but as a Mortgage Broker myself, it makes me laugh the stuff they come up with!
So, they are offering you a £1k discount off a property that is probably £1k overpriced from the outset, at the least. And then to boot they are going to charge your £399 as a favour!?!?!?
Priceless.
So, they are offering you a £1k discount off a property that is probably £1k overpriced from the outset, at the least. And then to boot they are going to charge your £399 as a favour!?!?!?
Priceless.
k22wes said:
That's the answer I needed to hear. So how much would a broker charge usually or how do they get paid? Do you have a contact number?
PM/Email me 
The issue isn't the broker fee as such, it's the fact that they are almost forcing you to use their guy or they'll essentially add £1k to the price!?!?
I wonder if they would turn a buyer away who walked in, AIP in hand, and offered £1k under the asking price??
k22wes said:
That's the answer I needed to hear. So how much would a broker charge usually or how do they get paid? Do you have a contact number?
If you're a prime (i.e. reasonable credit rating) applicant you should be paying nothing. The broker will be earning a proc fee (procuration fee) from the lender.If you are a sub-prime applicant whose case requires a lot of work there is an argument for paying a fee on top of the proc fee.
k22wes said:
I have very good credit rating, 1 credit card and 1 small loan, always paid on time. Single guy, no kids, £25k deposit. Just want a good deal and not be ripped off or taken advantage of.
Then find a decent independent broker and you should pay no fee. I don't know sarnie off here but he is a broker and seems to talk sense so maybe send him an email?Be aware obviously that any broker can justify a range of recommendations which may not always be the best choices for you in truth.
So, decent broker and brain engaged would be my advice.
Is it Sequence/ Fox and Sons?
If so they are really good, well the adviser I use from them is, and the one off fee is genuine, I have arranged 5 or 6 mortgages/ remortgages through them and only paid one lot of fees.
To be honest the £1k buyers incentive is normally part funded by the seller, well it was when I used it.
If so they are really good, well the adviser I use from them is, and the one off fee is genuine, I have arranged 5 or 6 mortgages/ remortgages through them and only paid one lot of fees.
To be honest the £1k buyers incentive is normally part funded by the seller, well it was when I used it.
Moominho said:
The incentive is a load of crap to be honest. I'm not sure what Lifetime Help is but that again sounds just as bad.
Agree on the incentive, but it can help make a property standout from the others on rightmove!The lifetime help means you pay £399 for the 1st product they sell you, then nothing more, ever. Like I said I paid £299 and have had 5 or 6 mortgages from then, on each occasion i have gone out to others and the rates/ conditions are the same as the rest of the market.
Yes it is through fox and sons.
Next bit of advise needed, house is up for £150k, been on the market a week and had about 20 viewings. I offered £146k which they declined. I upped the offer to £147500 as I know they paid £148k for it at the beginning of the year, they have split up so need to sell. Just had a call from the agent, the bloke wants to accept my offer but the girl won't take any less than £149k. His parents even offered to pay her the difference!
Do I hold off and risk loosing it if someone else offers or do I offer 149 and use the incentive to get it for 148?
Next bit of advise needed, house is up for £150k, been on the market a week and had about 20 viewings. I offered £146k which they declined. I upped the offer to £147500 as I know they paid £148k for it at the beginning of the year, they have split up so need to sell. Just had a call from the agent, the bloke wants to accept my offer but the girl won't take any less than £149k. His parents even offered to pay her the difference!
Do I hold off and risk loosing it if someone else offers or do I offer 149 and use the incentive to get it for 148?
k22wes said:
Yes it is through fox and sons.
Next bit of advise needed, house is up for £150k, been on the market a week and had about 20 viewings. I offered £146k which they declined. I upped the offer to £147500 as I know they paid £148k for it at the beginning of the year, they have split up so need to sell. Just had a call from the agent, the bloke wants to accept my offer but the girl won't take any less than £149k. His parents even offered to pay her the difference!
Do I hold off and risk loosing it if someone else offers or do I offer 149 and use the incentive to get it for 148?
How much do you want it? Is there something special about this house you are unlikely to find elsewhere?Next bit of advise needed, house is up for £150k, been on the market a week and had about 20 viewings. I offered £146k which they declined. I upped the offer to £147500 as I know they paid £148k for it at the beginning of the year, they have split up so need to sell. Just had a call from the agent, the bloke wants to accept my offer but the girl won't take any less than £149k. His parents even offered to pay her the difference!
Do I hold off and risk loosing it if someone else offers or do I offer 149 and use the incentive to get it for 148?
How do you know how many viewings its had?
It's got everything I need, garage for my 205 with space to work on, garden for my dog, conservatory and it's in the village I want to be in. There isn't much about with that within my budget.
Agent has told me about the viewings, there was 4 viewings the night I looked at it, viewings all day on Saturday and some booked for tomorrow.
Agent has told me about the viewings, there was 4 viewings the night I looked at it, viewings all day on Saturday and some booked for tomorrow.
k22wes said:
It's got everything I need, garage for my 205 with space to work on, garden for my dog, conservatory and it's in the village I want to be in. There isn't much about with that within my budget.
Agent has told me about the viewings, there was 4 viewings the night I looked at it, viewings all day on Saturday and some booked for tomorrow.
Then why risk losing it for 1500??Agent has told me about the viewings, there was 4 viewings the night I looked at it, viewings all day on Saturday and some booked for tomorrow.
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