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What value is a mortgage broker?

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  • 10-07-2006 8:53pm
    #1
    zenith
    Registered Users Posts: 785 ✭✭✭


    Just wondering, what value does a mortgage broker bring to the application process, for someone who is going to get approved (have previously been approved) and who does not want too much money (have sold and are buying again)? Are there any channel-only banks who don't do retail?

    Failing that, are there any mortgage brokers doing cashback who'll split their commission with me?


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    #2
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    zenith wrote:
    Failing that, are there any mortgage brokers doing cashback who'll split their commission with me?

    Lol....
    All jokes aside there are brokers who do offer you gifts (I am aware of one broker who offers all new customers a 32" LCD panel if they take out a mortgage over 200k through him.

    Vis their use- they check the channels and may notice a rate that you have not seen (or have access to data you are not familiar with that might be to your benefit). I was offered a more favourable rate with the above broker than I had with my own lender (I subsequently used this to hammer a better deal out of my current lender rather than moving).


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    #3
    sapper
    Registered Users Posts: 423 ✭✭sapper


    You have to watch it though - a lot of "brokers" only have direct contact with two or three banks and are not really canvassing the mortgage providers as well as a company who canvasses 10+. If you're going to go to a broker, you'd be better off going to someone who can give you the best offer from 10 banks rather than the best offer out of three. I hear Rea Mortgages canvasses all the banks.....


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    #4
    copacetic
    Subscribers Posts: 16,586 ✭✭✭✭copacetic


    i'd back up rea, not sure they went to all the banks for me, but they got me a good deal, much better than I was getting when going direct to the banks.
    it's just having someone working for you who can talk the talk really, a bit like having a recruitment agent negotiating a deal for you after you get the job..


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    #5
    Manny7
    Registered Users Posts: 309 ✭✭Manny7


    I wasn't that impressed with Rea, i was looking for a 95% mortgage back when these didn't really exist, but I was pretty sure I could get one due to being a professional. Rea told me I couldn't, just as well I did some checking on my own and Ulster Bank told me I could.


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    #6
    Oral Slang
    Registered Users Posts: 1,519 ✭✭✭Oral Slang


    I've used a broker twice and can't rate mine enough.. While I can't guarantee how many banks he canvassed etc., he's been such a help to me that I'd always go through him in the future. I phone him to ask him about anything & everything and he will always oblige. For people that work fulltime & don't have time to do the work themselves, they really help out!


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    #7
    copacetic
    Subscribers Posts: 16,586 ✭✭✭✭copacetic


    Manny7 wrote:
    I wasn't that impressed with Rea, i was looking for a 95% mortgage back when these didn't really exist, but I was pretty sure I could get one due to being a professional. Rea told me I couldn't, just as well I did some checking on my own and Ulster Bank told me I could.

    maybe it varies with who you deal with? When were you looking? I got a 95% deal through them in June 05....


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    #8
    Manny7
    Registered Users Posts: 309 ✭✭Manny7


    daveym wrote:
    maybe it varies with who you deal with? When were you looking? I got a 95% deal through them in June 05....

    possibly; it was feb 2004, I was just annoyed as I'd heard word-of-mouth about the professional mortgage and mentioned it to the broker who never followed it up.


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