Trust me I am a mortgage lender!
Trust us - we are Estate Agents, Surveyors and Mortgage lenders all from the same company
Often Estate Agents recommend Mortgage lenders that are effectively owned by their own company, or have very close links or alliances. Estate Agents work for the seller/vendor of the property and as such receive a fee on completion of the sale and it is in their interest that the sale precedes as swiftly as possible. Estate Agents are not liable for any problems the purchaser may have with the property once the property is sold. With a shortage of housing stock often Estate Agents persuade their potential purchasers that they will need a mortgage in place before viewing property and certainly will not put forward an offer to the vendor if a mortgage offer is not in place.
In-house Mortgage Advisors
Estate Agents in-house Mortgage Advisors are working for the Estate Agency rather than having the purchasers best interests at heart - there is a fundamental conflict of interest when Estate Agents push mortgages.
Countrywide plc, it is said, has made nearly as much money from mortgages as it does in selling properties therefore this is an area whereby Estate Agents can reap the benefits.
Whole of the market mortgage advisor
It is always best practice to use a whole of the market mortgage advisor as this means that they are impartial rather than associated with the Estate Agency who may see the potential borrower as a captive client.