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Bank or broker?

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  • 15-06-2011 11:15pm
    #1
    katie11
    Registered Users Posts: 26 ✭


    Hi all,

    I wonder if anyone can help me? I am currently looking for a mortgage. It's not a huge one and I know a couple of years ago it wouldn't have been a problem... It seems it is now. I have been turned down by one bank already (won't name it) but have been told by a couple of people since that even though this particular bank are advertising mortgages and taking applications they are not giving out any!!
    I am thinking about trying a broker and would appreciate any recommendations in the North Galway/Tuam area.
    Also if anyone has recently gotten a mortgage - who's giving them?
    Thanks


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    #2
    tHE vAGGABOND
    Registered Users Posts: 6,687 ✭✭✭tHE vAGGABOND


    Broker - every time for me..

    Get quotes from many places, not just the one bank. My mortgage is from somewhere I had not even heard of before I went thru broker [for example].


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    #3
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    There is no extra cost to you for using a broker.

    The only thing is in the past brokers know what the banks want to hear and can tailor a application to appear more appealing to a bank. Now a days banks are so strict on applications that broker have lost this advantage.

    That said op you are quite right. Banks advertise mortgages but in reality you need to be squeaky clean to get one.

    A broker is a one stop shop but they do not cover all options. UB for example no longer use brokers.


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    #4
    Paddy_Whack
    Registered Users Posts: 22 ✭Paddy_Whack


    I am in a similar situation in that I am hoping to re-mortgage and consolidate the remainder of my existing small mortgage with a recent Equity Release Loan for our house extension.
    I visited one prominent Bank who told me that they are no longer taking new Mortgage customers. The other prominent Bank had a look at my figures and reckon there isn't a prob with an application. My Bank for the past 15 years can't help me either :(
    The question now is should my Wife and I do the foot-work and try around for the best offer or go with Brokers?
    There are so many Brokers at the moment, its difficult to select one.
    Is it acceptable on here for someone to recommend a Broker if thats the best way forward for me?


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    #5
    Hugox1
    Registered Users Posts: 5 ✭Hugox1


    I recently got a mortgage, not all the money I inititally wanted but I finally got sorted.
    I went to about three banks and they all turned mysle and my wife down. Eventually I went to a broker and believe it or not got me approval from two of the banks that I had approched myself.

    Its all about who you are dealing with in the bank, how they package the application etc.

    |From what I found going to a broker, meant I was dealing with one person and they were effectively shopping around at least 5 or 6 banks. Less hass and stress and no cost implication, Defo a win win sitiuation!!

    Hugox1


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    #6
    tinofapples
    Registered Users Posts: 2,959 ✭✭✭tinofapples


    katie11 wrote: »
    Hi all,

    I wonder if anyone can help me? I am currently looking for a mortgage. It's not a huge one and I know a couple of years ago it wouldn't have been a problem... It seems it is now. I have been turned down by one bank already (won't name it) but have been told by a couple of people since that even though this particular bank are advertising mortgages and taking applications they are not giving out any!!
    I am thinking about trying a broker and would appreciate any recommendations in the North Galway/Tuam area.
    Also if anyone has recently gotten a mortgage - who's giving them?
    Thanks


    I can PM you the broker we used 5 years ago if you wish. He was great for us, put us on a tracker when we knew f all about the whole game. He works from home in Knocknacarra and at the time evening meetings were no problem.


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    #7
    Kennie1
    Registered Users Posts: 302 ✭✭Kennie1


    Broker most of the time but not always

    Brokers commision has been reduced and some will charge you regardless whether they can get you the mortgage or not, some borker's have landed their clients with a bill at completion stage so make sure that you ask your proposed broker dose he/she charge you the client for their services.


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    #8
    katie11
    Registered Users Posts: 26 ✭katie11


    tinofapples wrote: »
    I can PM you the broker we used 5 years ago if you wish. He was great for us, put us on a tracker when we knew f all about the whole game. He works from home in Knocknacarra and at the time evening meetings were no problem.


    Thanks, Tinofapples. That would be great. Hoping to get someone a bit nearer - Knocknacarra over an hour away - but he might be worth a call.


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    #9
    Paddy_Whack
    Registered Users Posts: 22 ✭Paddy_Whack


    I am back to this topic again.
    Up to recently, Brokers were working for clients and, once the client went ahead with the new Mortgage, there was no fee paid. It now appears that this is changing.
    I have been quoted €150 for the Application and a further €350 on signing up to a new Mortgage.
    If I choose not to go ahead at Offer stage, a further payment may apply.
    Is this how most Brokers are operating now?
    I am still looking around at various Brokerages.
    Has anyone recently done business with Brokers and what was the experience and the costs paid?
    PM if you wish.
    Thanks in advance.


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