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mortgage broker?

  • 27-05-2019 5:22pm
    #1
    tom_tarbucket
    Banned (with Prison Access) Posts: 2,083 ✭✭✭


    looking to get a mortgage.
    Is it best to engage with a mortgage broker? Or are you as well off going directly to the banks?


Comments

  • #2
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    A mortgage Broker will do the shopping around for you and will submit your mortgage application to the lender that suit's your circumstances as all lenders differ re criteria, credit policy, rates, terms and conditions.

    Some Brokers charge a fee and you should confirm beforehand however a lot of Brokers do not charge fees.

    Best of luck


  • #3
    kinsy4
    Registered Users Posts: 16 ✭kinsy4


    Brokers don’t deal with every institution so you need to be careful . For example AIB provide mortgages through the brokers using their broker arm Haven ... Haven offer the same rates as AIB but AIB also own EBS who offer 3% Cash Back and a 3% fixed rate for up to 5 years but don’t offer this through brokers . Therefore a broker can’t offer you an EBS mortgage.

    Most brokers charge a fee . The paperwork for each bank is similar would take you less than a half day to do the leg work yourself


  • #4
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    It's not all about rates and AIB and Haven the Broker arm of AIB offer a 3 and 5 year fixed of 2.85% but no cash back accept for switchers. Also AIB and Haven offer the lowest variable rate on the market at 3.15% versus 4.50% with BOI. Lots of issues arise trying to get people to qualify on income as they all differ regarding additional income such as car allowance, overtime bonus, commission etc. An experienced broker will know where to place an application to get the application approved firstly and the best deal and are far more experienced than Mortgage Advisors in the banks. Banks also differ hugely in how they deal with self builds.

    OP if you can find a broker that don't charge fees save yourself a lot of stress and time. A number of lenders offer cash back EBS, Bank of Ireland and permanent tsb but charge higher variable rates and if you don't have a complicated case and qualify on all fronts then go ahead an apply yourself.

    kinsy4 wrote: »
    Brokers don’t deal with every institution so you need to be careful . For example AIB provide mortgages through the brokers using their broker arm Haven ... Haven offer the same rates as AIB but AIB also own EBS who offer 3% Cash Back and a 3% fixed rate for up to 5 years but don’t offer this through brokers . Therefore a broker can’t offer you an EBS mortgage.

    Most brokers charge a fee . The paperwork for each bank is similar would take you less than a half day to do the leg work yourself


  • #5
    jack in the box
    Registered Users Posts: 146 ✭✭jack in the box


    Find the best deal that suits your own needs through Bonkers.ie. I don't see the point of going through brokers IMO.

    https://www.bonkers.ie/compare-mortgages/


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