A Guide for Homebuyers
Buying a home is a big step, and it’s natural to feel a little overwhelmed with all the advice, paperwork, and professionals involved. One common question we hear from clients is:
“Do I have to use the estate agent’s mortgage broker?”
The short answer is: no, you don’t. And it’s important to know that you have a choice.
Why Estate Agents Recommend Their Own Broker
Many estate agents work closely with in-house or partnered mortgage advisors and it’s becoming an all too common story: a client walks into an estate agency with a Decision in Principle (DIP) already secured from a trusted mortgage broker. Yet the estate agent insists that the buyer must speak to their in-house mortgage advisor. Some buyers are even told they won’t be allowed to view the property or have their offer submitted unless they comply. But it’s also okay if you’ve already got a mortgage broker you trust. Maybe you’ve been working with them for a while, or they’ve helped a family member, or you’ve done your own research and feel confident in their service.
Either way, the choice is yours.
What the Code of Practice Says
The Property Ombudsman’s Code of Practice for Residential Estate Agents (effective from 1 June 2019) includes clear guidance on this issue.
Specifically, under Section 9d, it states:
“By law you cannot make it a condition of passing on offers to the seller that the buyer must use services offered by you or another party… You must not discriminate, or threaten to discriminate, against a buyer because that person declines to accept that you will (directly or indirectly) provide related services to them.”
In plain terms: an estate agent cannot insist that you use their broker as a condition of making an offer or viewing a property.
What You Can Do as a Buyer
- Feel empowered to say no. If you’re happy with your current broker, you’re under no obligation to change.
- Ask questions. If you’re unsure why you’re being encouraged to speak to the agent’s broker, it’s okay to ask whether it’s a requirement (it shouldn’t be).
- Stay polite and professional. Most estate agents are just trying to help, and a calm conversation can often clear things up quickly.
Your Home, Your Journey
At the end of the day, your mortgage is one of the most important financial decisions you’ll make. You deserve to work with someone who understands your goals, supports your situation, and gives you clear, impartial advice, whether that’s your own broker or someone introduced by the estate agent.
The important thing is: you have options. And it’s always worth making sure those options work for you.
