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Beware bullying estate agents

Buyers who take mortgages pushed by agents could pay thousands more for their loans.

Homebuyers are being pressured into taking out mortgages and legal services from estate agents by the prospect of a £5,000 discount on the price of a property, The Sunday Times has found. Many estate agents offer services from affiliated mortgage brokers and conveyancing solicitors, which earn them lucrative commission.

However, experts warn that buyers’ mortgage choices will be restricted as these brokers typically work with only a small number of lenders, rather than searching the whole market for deals. That means buyers could end up paying thousands of pounds more over the life of a loan. There is no obligation for buyers to accept an estate agent’s offer of mortgage and legal services — and it is illegal for them to be forced to do so — yet many independent brokers claim that consumers are being subjected to pressure selling.

Sunday 15th April 2012 http://www.trinityfinancialgroup.co.uk/wordpress/wp-content/uploads/2012/04/beware-estate-agents-hard-sell.pdf

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