Broker Yay or Nay

Alkers

What are peoples thoughts about going with a broker or just going to visit the banks yourself?

I've contacted a few brokers today but a lot of them seem to only deal with a handful of providers as opposed to them all.

Are brokers genuinely able to secure better deals than arranging privately or is it just that they can advise you the best deal out of the options that you would have been able to secure yourself?

colm_c

Honestly, there are no better deals to be had from brokers, they get the same rates as everyone, they just act like middlemen.

The benefit of the broker is to be able to walk you through the process, you don't have to fill out paperwork as many times, and they are especially good if you've got unusual circumstances.

We just researched the current rates and terms of the banks and picked 2-3 we were interested in, then supplied all the paperwork to them.

Got mortgage approval from all of them within 2 weeks.

Bacchus

Simona1986 wrote: »

What are peoples thoughts about going with a broker or just going to visit the banks yourself?

I've contacted a few brokers today but a lot of them seem to only deal with a handful of providers as opposed to them all.

Are brokers genuinely able to secure better deals than arranging privately or is it just that they can advise you the best deal out of the options that you would have been able to secure yourself?

I only have experience 'with' a broker so can only offer an opinion from that perspective. We can't imagine what the process would have been like without him. It's just such a weight off our mind knowing that there is someone there who knows the whole process and handles the communications with the banks, solicitors & mortgage valuers. It's a lot of small, important steps that are just being handled for us. I guess you want to make sure you have a good broker though and experiences probably vary from broker to broker.

Sam the Sham

Bacchus wrote: »

I only have experience 'with' a broker so can only offer an opinion from that perspective. We can't imagine what the process would have been like without him. It's just such a weight off our mind knowing that there is someone there who knows the whole process and handles the communications with the banks, solicitors & mortgage valuers. It's a lot of small, important steps that are just being handled for us. I guess you want to make sure you have a good broker though and experiences probably vary from broker to broker.

I concur. Our broker has worked exceptionally hard for the money. He also has regular contact with lenders and so is able to present our case in the best possible light.

dori_dormer

There are essentially 2 types of brokers I've been told. One type gets their fee from the banks ( it's free for you) and they generally only work with the big banks on the main streets that you would already know the names of.

The other is the type you pay yourself and they generally have a much wider scope of mortgage providers. My friend got the best deal from a bank she had never even heard the name of before.

Bacchus

dori_dormer wrote: »

There are essentially 2 types of brokers I've been told. One type gets their fee from the banks ( it's free for you) and they generally only work with the big banks on the main streets that you would already know the names of.

The other is the type you pay yourself and they generally have a much wider scope of mortgage providers. My friend got the best deal from a bank she had never even heard the name of before.

Our guy is the first type (for the record).

Alkers

We are hoping for an exception to the 3.5*salary rule so thought the broker may be a better idea but I think we will try the likes of ebs ourselves in any case. A lot of financial advisers are offering mortgage services but I guess the advice is just which rate is the lowest...

newacc2015

dori_dormer wrote: »

There are essentially 2 types of brokers I've been told. One type gets their fee from the banks ( it's free for you) and they generally only work with the big banks on the main streets that you would already know the names of.

The other is the type you pay yourself and they generally have a much wider scope of mortgage providers. My friend got the best deal from a bank she had never even heard the name of before.

There is also the type who will push a life assurance policy down your throat and wont take no for an answer.

Arbiter of Good Taste

Used a broker twice and it was the best money ever spent. From not having to do multiple applications with original documents each time, to making that final fraught few days infinitely less stressful, I would never go without a broker now.

Villa05

Simona1986 wrote:

We are hoping for an exception to the 3.5*salary rule so thought the broker may be a better idea but I think we will try the likes of ebs ourselves in any case. A lot of financial advisers are offering mortgage services but I guess the advice is just which rate is the lowest...

Try one of the banks the brokers don't normally apply to. I think Bank of Ireland may be one.

Kbc might be better if you are looking for an exception to the rules.

Ebs were a waste of time in 2014, not really lending. May have changed now but that was my experience and feedback from others at that time

Earleybird

Simona1986 wrote: »

What are peoples thoughts about going with a broker or just going to visit the banks yourself?

I've contacted a few brokers today but a lot of them seem to only deal with a handful of providers as opposed to them all.

Are brokers genuinely able to secure better deals than arranging privately or is it just that they can advise you the best deal out of the options that you would have been able to secure yourself?

I would advise to go with a broker, but perhaps go with one that doesn't charge a fee up front. Applying to a number of banks for a mortgage might seem like economies of scale but each one will have different questions and requirements and it can become quite frustrating, a broker will eliminate most of that by taking on the grunt work on your behalf. A broker won't necessarily be able to secure a better deal (but often will) but since they already have a connection with the banks the process should be more fluid, plus owing to their experience they'll have a better idea of how to obtain what you're looking for.

BoI dont deal with brokers so you can always look at them yourself.