Can Estate Agent get "referral fees" from mortgage brokers/banks?

Anyone heard of estate agents "referring" potential mortgage clients to brokers in exchange for a slice of the action?

I know the level of mortgages being given out has dropped in tandem with the number of properties selling etc but are some agents now on a "double whammy"?

Is this against the any law?

Check with the Central Bank.

I think that anyone who gets a commission for introducing a client must register as a "mortgage introducer" or something like that.

It's allowed as long as they are transparent about it.

A bigger worry is the mortgage broker telling the auctioneer what sort of money you have so what they can push you to.

Don't use a broker recommended by an estate agent or vice versa.

Brendan

Brendan is correct, once the introducer is registered as a mortgage intermediary then it's above board

Brendan Burgess said:

Don't use a broker recommended by an estate agent or vice versa.

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or an estate agent who is/owns a mortgage broker/age or vice versa.

NorfBank said:

or an estate agent who is/owns a mortgage broker/age or vice versa.

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Spot on. I should have included that as well.