House buyers told agent’s broker gives them ‘head start’

An email seen by Financial Adviser from the London-based estate agent told clients who wanted “a head start” that it was “important that your finances are in place and you have a great broker who is efficient and knows what they are doing”.

The email, which was sent by an assistant branch manager at KFH (Surrey Quays), said: “The most important aspect of all is that our vendors would prefer the buyer they agree a sale to, to be using our in-house broker which strengthens your offer considerably when being involved in multiple bids or a sealed bids scenario.”

In response to the email John Phillips, financial services director at KFH, said it “goes directly against company policy at KFH, which ensures that the sales process is fair for each and every buyer and, as such, we are investigating… this as a matter of urgency”.

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Steve Smith, mortgage adviser at London-based Springtide Capital, said it was “unethical” as no mortgage adviser was allowed to disclose whether a client had received a mortgage offer or not.