Barratt Homes wanting to 'qualify' me - do I have to?
Discussion
Despite my historical reservations about new builds there's a small new estate going up locally that actually looks pretty decent - enough so that I went and had a look at a house there yesterday. The showhome looks nice and is actually decently spacious compared to a lot of others on the market locally.
The salesperson there said that they would need me to speak to 'their mortgage people' to 'qualify' me, however I already have a mortgage advisor I'll be using and no desire to have to divulge personal info to another 3rd party I have no intention of using. What's the score with this sort of thing? If I'm obstinate and refuse, could they refuse to progress things? I appreciate that they probably want to weed out time-wasters but my mortgage advisor will be able to provide exactly the same info Barratts' one would, ie. that I would have no issue getting the mortgage required etc. Do I need to speak to theirs or am I just making a rod for my own back out of principle?
Side-quest: there's also a David Wilson part of the development and a bit of research shows they're owned by Barratts anyway; I asked why they're building under two different names on the same development and what the differences were. Turns out Barratts' homes are all timber-frame whereas David Wilson are brick-and-block construction. I've never had reason to look into this; I'm guessing there are pros and cons to each? If one is 'better' why would Barratts who own both brands build two different types?
I'll have to also think about whether stories re. reputation for quality etc is also a factor...
The salesperson there said that they would need me to speak to 'their mortgage people' to 'qualify' me, however I already have a mortgage advisor I'll be using and no desire to have to divulge personal info to another 3rd party I have no intention of using. What's the score with this sort of thing? If I'm obstinate and refuse, could they refuse to progress things? I appreciate that they probably want to weed out time-wasters but my mortgage advisor will be able to provide exactly the same info Barratts' one would, ie. that I would have no issue getting the mortgage required etc. Do I need to speak to theirs or am I just making a rod for my own back out of principle?
Side-quest: there's also a David Wilson part of the development and a bit of research shows they're owned by Barratts anyway; I asked why they're building under two different names on the same development and what the differences were. Turns out Barratts' homes are all timber-frame whereas David Wilson are brick-and-block construction. I've never had reason to look into this; I'm guessing there are pros and cons to each? If one is 'better' why would Barratts who own both brands build two different types?
I'll have to also think about whether stories re. reputation for quality etc is also a factor...
David Wilson was a 'Premium' developer, they were sold to Barratt who uses the brand now for their 'Premium' developmens. There is also Davidson which is still run by the David Wilson family.
David Wilson originally started in Leicestershire, and the company still is very much engaged with the city of Leicester. The University library is called the David Wilson Library, and the family still donate/support various projects in Leicester.
David Wilson originally started in Leicestershire, and the company still is very much engaged with the city of Leicester. The University library is called the David Wilson Library, and the family still donate/support various projects in Leicester.
No you don’t have to, I bought 2 houses with David Wilson and they wanted me to be qualified, I just told them I was using L&C and they where fine with it
David Wilson have more stuff as standard too, and a nicer range of kitchens etc to chose from, they’re like a VW when Barratt is Skoda, they also own redrow, which is like a Audi
David Wilson have more stuff as standard too, and a nicer range of kitchens etc to chose from, they’re like a VW when Barratt is Skoda, they also own redrow, which is like a Audi
bennno said:
Just get an offer in principle (or a we can lend up to letter) from your advisor or a mortgage lender, then they won t need to.
This.I bought my new build a few years back and they obviously want to push their own mortgage advisor but I just provided evidence I had my own mortgage lined up and they were fine with that.
Part of it is obviously to line their own pockets with commission, but they also deal with an incredible number of time wasters. One way or another they want evidence you have the funds available to proceed.
Funk said:
Turns out Barratts' homes are all timber-frame whereas David Wilson are brick-and-block construction
Some mortgage companies may consider timber frame as non traditional construction.Possibly mortgages can be available for new build timber frame but could there be issues when you come to sell?
Funk said:
If one is 'better' why would Barratts who own both brands build two different types?
Price.Barratt Homes, David Wilson Homes and Redrow are all brands of Barratt Redrow plc.
Barratt Homes are aimed at first time buyers and will be cheaper to buy. In order to sell them cheaper they need to be cheaper to build so they use cheaper materials, lower quality finish, smaller rooms, etc. I suspect timber frame construction is cheaper than brick.
David Wilson Homes are a more premium brand aimed at second or third time buyers, typically families with a higher quality finish and more spacious rooms. The houses will be priced higher as a result.
Redrow is now the top of the range brand that are either executive homes or smaller homes for people downsizing from executive homes without having to go back to first time buyer style houses or developments.
Russet Grange said:
"I'll make my own arrangements. You can either sell me a house or not."
Guess what they'll say (clue: it isn't "No sorry Sir, we don't wish to sell you a house".)
Their processes will dictate they wont be permitted to, it's no different from a solicitor requesting proof of funds or a decision in principle in respect of the lending amount...... if the OP can provide either then they will waive it. Guess what they'll say (clue: it isn't "No sorry Sir, we don't wish to sell you a house".)
Funk said:
The salesperson there said that they would need me to speak to 'their mortgage people' to 'qualify' me, however I already have a mortgage advisor I'll be using and no desire to have to divulge personal info to another 3rd party I have no intention of using. What's the score with this sort of thing?
Usually it's to weed out the time wasters and much easier for them to dictate to you what needs to happen, get their kickback and find out how serious you are.OP think it is wise to be wary of handing over sensitive and confidential financial information to a third party to qualify your postion. Not only are these people often unregulated, my view is they are acting in their own interests and you lose leverage if they know your max price, incase the offer is lower.
Of course once offer is accepted these things can be provided, as they need to satisfy money laundering regulations. So just be prepared for that. But fine to use your own broker IMO.
ralphrj said:
Funk said:
If one is 'better' why would Barratts who own both brands build two different types?
Price.Barratt Homes, David Wilson Homes and Redrow are all brands of Barratt Redrow plc.
Barratt Homes are aimed at first time buyers and will be cheaper to buy. In order to sell them cheaper they need to be cheaper to build so they use cheaper materials, lower quality finish, smaller rooms, etc. I suspect timber frame construction is cheaper than brick.
David Wilson Homes are a more premium brand aimed at second or third time buyers, typically families with a higher quality finish and more spacious rooms. The houses will be priced higher as a result.
Redrow is now the top of the range brand that are either executive homes or smaller homes for people downsizing from executive homes without having to go back to first time buyer style houses or developments.
Last year went to view a David Wilson home - initially quite impressed albeit not a patch on my Redrow house. Then started talking numbers, and EVERYTHING was an added extra, the show home looked smart, but to make our plot look half decent, it was adding another £60K on a £460K house… making the somewhat reasonably priced asking price not so reasonable with extras.
SydneyBridge said:
Can't you just tell them you are a cash buyer?
That won t work. Most cash buyers turn out not to be, because people have the same thought process you have. 1. Op will be asked to prove it
2. Op will have to jump through a bunch of AML hoops.
When they find out op is lying, they will take him less seriously as a buyer.
It may come as a surprise to you, but sales teams can usually spot bulls
tters from a 100 metres away, and the will have seen and heard it all before. If it s a good plot or a popular site they want to make sure they don t agree a sale to a time waster.
There is also the possibility the developer has access to better mortgage deals through volume or reduced fees etc.
Edited by blueg33 on Tuesday 17th March 06:18
Actual said:
Some mortgage companies may consider timber frame as non traditional construction.
Possibly mortgages can be available for new build timber frame but could there be issues when you come to sell?
Given the number of Barratt homes around I would be flabbergasted if you couldn't mortgage one......Possibly mortgages can be available for new build timber frame but could there be issues when you come to sell?
Actual said:
Funk said:
Turns out Barratts' homes are all timber-frame whereas David Wilson are brick-and-block construction
Some mortgage companies may consider timber frame as non traditional construction.Possibly mortgages can be available for new build timber frame but could there be issues when you come to sell?
Even the advanced timber frames we make (closed label, factory installed brick and cladding) have no mortgage issues.
NHBC cover timber frame and there are a raft of accreditations from STA, BOPASS etc.
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