Broker Query

Dublin25

Hi All,

Apologies if this has been done already!

We are dealing with a broker who has gotten us an offer from one bank and awaiting reply from a few others. I'm just wondering does anyone know if there would be any problems if we decided to go directly to some banks that he is not using? ie EBS, PTSB etc (Other than wasting his time, which we are paying for)

Don't get me wrong our broker is great and very helpful but my OH is looking at going directly to other places and i'm not sure if it can be done.

Thanks

killers1

Dublin25 wrote: »

Hi All,

Apologies if this has been done already!

We are dealing with a broker who has gotten us an offer from one bank and awaiting reply from a few others. I'm just wondering does anyone know if there would be any problems if we decided to go directly to some banks that he is not using? ie EBS, PTSB etc (Other than wasting his time, which we are paying for)

Don't get me wrong our broker is great and very helpful but my OH is looking at going directly to other places and i'm not sure if it can be done.

Thanks

There's nothing in the world stopping you approaching other lenders directly yourself. Although, if the Broker has obtained approval for you for the amount you need at the cheapest rate on the market I'd question to point of doing so? Do you mind me asking how much you are being charged?

Dublin25

Thanks Killers - We are being charged €250 but told this was a reduced rate. I dont think he is approaching the other banks thats why OH was thinking of going directly himself.

I think i'm more conscious of annoying the broker by going direct. Really nice guy too.

killers1

Dublin25 wrote: »

Thanks Killers - We are being charged €250 but told this was a reduced rate. I dont think he is approaching the other banks thats why OH was thinking of going directly himself.

I think i'm more conscious of annoying the broker by going direct. Really nice guy too.

I'd question the 'reduced rate'.. €0 fee is a reduced rate. If your broker has approval for the amount you need at the cheapest rate on the market why would you want to apply elsewhere just to get an approval in principle for the same amount at a more expensive rate that you're not going to avail of anyway?

Dublin25

Do brokers consider all banks when applying on behalf of their client?

killers1

Dublin25 wrote: »

Do brokers consider all banks when applying on behalf of their client?

They consider all banks they have agencies with. They assess the application and should know who's criteria it will meet. A brokers job is to get approval for amount required at the cheapest rate available. If the broker doesn't have an agency with the bank that has the cheapest rates then you need to apply to them directly. If the broker has assessed your application and feels it meets the criteria of the bank with the lowest rate they'll source approval from them for you.

Dublin25

Thanks Killers.

I'll hold tight with him for the minute and see what comes back, still awaiting on AIB so fingers crossed. And then discuss stuff with him when it all comes back.

Appreciate your help, this mortgage stuff has me all worried about little things.

killers1

Dublin25 wrote: »

Thanks Killers.

I'll hold tight with him for the minute and see what comes back, still awaiting on AIB so fingers crossed. And then discuss stuff with him when it all comes back.

Appreciate your help, this mortgage stuff has me all worried about little things.

If your Aib approval comes through you won't really need to look elsewhere. Best of luck!