Broker or straight to bank?

Shelli

Anyone got any advice on this? Going to be looking for a mortgage within the next few months.

Also, any broker reccomendations welcome...preferably on the Northside.

tHE vAGGABOND

Broker..

They deal with 10+ banks at once..

amtc

sorry - complete opposite

first mortgage - broker - and it was a pain, never around etc. ended delaying sale

next mortgage - went straight to my bank (BOI) and it was a dream.

johnnyskeleton

Brokers can often get you a better deal that the banks offer - e.g. a loan with the same bank but .2% cheaper than if you went straight to the bank.

On the other hand, a broker is more likely to dump you with a sub prime piece of rubbish that has a great 1st year rate which jumps dramatically afterwards.

Also, as the brokers are not really concerned with how you get on running the mortgage, they only want to sell it to you. So they often, in my experience, don't give you much detail about what happens after the fixed rate ends or if there are interest rate rises.

EDIT: My advice, do your research and see which bank suits you. Then, if a broker will give you a great introductory rate with that bank, that's the best of both worlds. But be cautious with brokers - they are not all there to look after your interests.

cgc5483

johnnyskeleton wrote: »

Brokers can often get you a better deal that the banks offer - e.g. a loan with the same bank but .2% cheaper than if you went straight to the bank.

On the other hand, a broker is more likely to dump you with a sub prime piece of rubbish that has a great 1st year rate which jumps dramatically afterwards.

Also, as the brokers are not really concerned with how you get on running the mortgage, they only want to sell it to you. So they often, in my experience, don't give you much detail about what happens after the fixed rate ends or if there are interest rate rises.

EDIT: My advice, do your research and see which bank suits you. Then, if a broker will give you a great introductory rate with that bank, that's the best of both worlds. But be cautious with brokers - they are not all there to look after your interests.

Would agree with this as well. I've been dealing with a broker and to be honest found him a little full of sh**e. Was getting us a great deal from AIB so i asked him twice to make sure it wasn't a discounted 1 year rate and was told it wasn't. Rings me a couple of weeks later blaming his contact in AIB and saying it actually is a discounted rate. Keeps trying to make out "sure there will be 2 or 3 rate cutes this year". That kind of talk plus the fact he keeps coming back to me looking for more documents after he says i just need 1 more thing makes me think he doesn't know what he is doing. Bottom line I'd say is that if using a broker get a recommendation from someone you know so that you know they are impartial and good at their job.

astrofool

cgc5483 wrote: »

Would agree with this as well. I've been dealing with a broker and to be honest found him a little full of sh**e. Was getting us a great deal from AIB so i asked him twice to make sure it wasn't a discounted 1 year rate and was told it wasn't. Rings me a couple of weeks later blaming his contact in AIB and saying it actually is a discounted rate. Keeps trying to make out "sure there will be 2 or 3 rate cutes this year". That kind of talk plus the fact he keeps coming back to me looking for more documents after he says i just need 1 more thing makes me think he doesn't know what he is doing. Bottom line I'd say is that if using a broker get a recommendation from someone you know so that you know they are impartial and good at their job.

It's all going to come down to the broker you're dealing with, I was doing both at first (going to banks directly + broker), but have found the broker is able to get much better deals than I was getting + is able to do all combinations, with/without guarantor, larger loans to cover costs if the house needed work etc. Documentation wise, it's a lot to get together, and then every few months it needs updating, but I'd prefer to do that with one person, than with lots of banks individually