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Broker or direct?

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  • 07-10-2022 9:42am
    #1
    OU812
    Registered Users Posts: 6,046 ✭✭✭


    Looking to switch mortgages. Have decent LTV but want to do it as quickly as possible.


    better to go to a broker or direct to the lender?



Comments

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    #2
    dennyk
    Registered Users Posts: 1,699 ✭✭✭dennyk


    You'd have more options through a broker, if you're looking for the best possible deal, as some of the non-traditional lenders are only accessible through brokers.



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    #3
    SebastianDahl
    Registered Users Posts: 7 ✭SebastianDahl


    It depends))) If you have time, you can do it yourself, but with a broker, it would be easier and safer. Plus, most people address the broker when it comes to renting a space.



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    #4
    Slutmonkey57b
    Registered Users Posts: 5,560 ✭✭✭Slutmonkey57b


    I thought a broker would allow me to get multiple quotes from different vendors but all I got was an email with a list of rates and a request to "pick the one you want". They were also useless for collating paperwork, I had to keep my own checklist in the end.

    I did learn that "alternative lenders" such as Avant will only actually issue offer letters on standard semi-d/housing estate properties though. Don't bother approaching them if what you're buying isn't in suburbia.



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    #5
    MacDanger
    Registered Users Posts: 2,597 ✭✭✭MacDanger


    We're almost finished getting a mortgage through a broker, I wouldn't do it again - you have an extra person between you and the bank and it just causes delays in my experience



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    #6
    rob316
    Registered Users Posts: 18,094 ✭✭✭✭rob316


    If its a simple application i.e 2 x PAYE workers in decent long term jobs, go to the bank anything slightly complex go broker.



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    #7
    tamara25
    Registered Users Posts: 375 ✭✭tamara25


    I have been advised here to go to a broker so I can switch providers. I’m very anxious to switch as we’re with Pepper and as time goes on our payments are continually rising.. the thing is I’ve contacted a broker recently. It took him over Two weeks to send on a checklist of all the paperwork we need to submit. I had to text him recently on a query I had and I’m currently waiting on him to come back to me.. doesn’t give a great 1st impression to me. Maybe he’s extremely busy & it can’t be helped, i honestly don’t know. It will take up to 4 months to switch providers & I want to get the ball rolling on it..



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    #8
    Slutmonkey57b
    Registered Users Posts: 5,560 ✭✭✭Slutmonkey57b


    You do not need a broker to switch mortgages. Every bank is legally required to facilitate you switching, and every mortgage provider is required to have a process to help you switch.


    They're not obliged to offer you a mortgage if you don't meet their credit criteria, but you can just apply to whoever you want. Start on bonkers.ie, that does everything you need to start off.



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