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Would you recommend a mortgage broker?

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  • 29-08-2012 12:04pm
    #1
    Leslie91
    Registered Users Posts: 4,017 ✭✭✭


    Hi there,

    We need to get a mortgage, planning on it being less than 50% of the purchase price of the house. Should I engage a mortgage broker?, how much do their services generally cost?.

    Anybody used one that they would recommend?, we've approached our bank and can't say I'm confident about them doing business with us.

    Tx in advance.

    L91.


Comments

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    #2
    getSorted.ie
    Banned (with Prison Access) Posts: 9 ✭getSorted.ie


    Hi Leslie,

    can you advise what part of the country you are in?


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    #3
    Huggles
    Registered Users Posts: 3,408 ✭✭✭Huggles


    Hi Leslie,

    I was unsuccessful when I went with a broker but had great success going it alone with the bank directly so I would recommend that route.

    However brokers do take a lot of the running around out of it!
    Leslie91 wrote: »
    Hi there,

    We need to get a mortgage, planning on it being less than 50% of the purchase price of the house. Should I engage a mortgage broker?, how much do their services generally cost?.

    Anybody used one that they would recommend?, we've approached our bank and can't say I'm confident about them doing business with us.

    Tx in advance.

    L91.


  • Options
    #4
    Leslie91
    Registered Users Posts: 4,017 ✭✭✭Leslie91


    getSorted.ie wrote: »
    Hi Leslie,

    can you advise what part of the country you are in?

    Sorry, south Dublin.


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    #5
    hwfs.ie
    Registered Users Posts: 25 ✭hwfs.ie


    Leslie91 wrote: »
    Hi there,

    We need to get a mortgage, planning on it being less than 50% of the purchase price of the house. Should I engage a mortgage broker?, how much do their services generally cost?.

    Anybody used one that they would recommend?, we've approached our bank and can't say I'm confident about them doing business with us.

    Tx in advance.

    L91.

    Leslie,

    Mortgage brokers normally charge between €250-€500. however, if they are sucessful in getting the mortgage drawn down they will rebait the fee due to them being paid a commission ( approx 0.5% of mortgage).

    The reason for engaging with a mortgage broker is to take the hassle out of getting approval. you should only need to complete one application and pass your details to them once. however if you are trying to get approval from 4 different banks you need to do the process 4 times.


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