Channel 4 recently broadcast an episode of their investigative programme, Dispatches, that covered estate agents and their in-house mortgage brokers. They discussed pressure to meet targets overshadowing sound business practice. The reporters singled-out the “one-stop shopping” approach to buying property – the large estate agents who also sell mortgage products.
One of the programme’s biggest concerns is that mortgages and financial advice are being sold by the same companies that sell the properties. Some are said to be using this as leverage to put pressure on buyers. Estate agencies are seen to have a lot to gain from up-selling their their in-house financial products, sometimes with the suggestion that without them, the buyers might miss out on their house.
The programme’s general conclusion is that that pressured sales advice is potentially untrustworthy.
Here at Limetree, we couldn’t agree more. It is important to us to be independent. Limetree is not owned by anyone else – and we don’t work as an in-house broker for estate agencies.
We’re always happy to discuss our own status with our clients, and work to find the best mortgage products for our buyers. Simply drop us a line, if you would like to talk with us.