Mortgage "broker" wants 1% up front to confirm 100% Mortgage offer

[dave4]

Hi,

We have been looking at a repossession property that needs renovating.

The estate agent / mortgage broker claims we can get a 100% mortgage (which we want considering the renovations needed) but he is pushing for 1% of the purchase price up front to enable us to get a mortgage quote.

He wants us to pay a sign a "solicitud eventual de compra" to get a mortgage quote which he previously claimed was "no obligation" He says this is refundable after 45 days if the bank refuses us or we change our mind.

Is this likely to be true or are we risking our money?

Many thanks for any advice,

Dave4.

[myspanishresidenc]

It seems like a bit of a risky move Dave. What did you do in the end?