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Do BOI pay commission to all brokers i.e. whether or not registered as intermediaries

  • 09-10-2019 7:31am
    #1
    Dominic D
    Registered Users Posts: 2 ✭


    I'm considering working through an adviser who is registered as an insurance intermediary but not as a mortgage intermediary- I'm trying to establish whether BOI would pay 1% commission to her on drawdown (should we get that far !). Thank you


Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,735 Mod ✭✭✭✭Henry Ford III


    Ask them. They are obliged to disclose it.


  • #3
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,359 Mod ✭✭✭✭Jim2007


    Dominic D wrote: »
    I'm considering working through an adviser who is registered as an insurance intermediary but not as a mortgage intermediary- I'm trying to establish whether BOI would pay 1% commission to her on drawdown (should we get that far !). Thank you

    They have make their living somehow, so if you are not paying them a fee then it's a fair assumption they are getting in some other way...


  • #4
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,735 Mod ✭✭✭✭Henry Ford III


    Jim2007 wrote: »
    They have make their living somehow, so if you are not paying them a fee then it's a fair assumption they are getting in some other way...

    What other way?

    To get commission from a lender an intermediary has to be registered and regulated as a mortgage intermediary.


  • #5
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    You have to be registered with the Central Bank as a Mortgage Broker to get commission paid and Bank of Ireland has only recently returned to paying commission to Brokers and as far as I'm aware and open to correction they haven't appointed many brokers so far.

    You can check the person's status on the Central Bank website to establish if they are a mortgage Intermediary and their terms of business will also confirm same.


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