Mortgage brokers?

themom

Hello

My husband and I are looking at getting a mortgage at the moment.We are currently renting.
Anyway,I am going through a mortgage broker and my husband was getting his boss to fill out a salary form with just the usual details.Husband has just come home and said that his boss said we are mad to go through a broker like that and basically they are not what they seem.
I disagree.I said it is just like going through an insurance broker for your car insurance.




Does anyone have any words of wisdom for me?
Am I right?
Will I just tell my husband to tell his boss to mind his own business.

michaelanthony

Yes you are right. I went through a mortgage broker and he got prices off 21 lenders and showed me the best one to go for. Also, I would not have got as much money as I did if he did not know a senior manager in the bank that I got the loan off and I would say that I definitely would not have been able to buy my apartment if I had not gone through him.

Ogham

Make sure your broker is registered with the Financial Regulator - they have a list on their website ifsra.ie. If he isn't - don't touch him/her. Remember that not all lenders deal with brokers - the main one is National Irish Bank - who have the best rates available especially if you are borrowing under 80% of the house value. I would be very surprised if any broker pointed you towards NIB. Brokers are useful if you have no time - but personally I would always check rates myself. Over at askaboutmoney.com they have an up to date "best Buys" for mortgages .

dingdong1234567

We used a broker 2 years ago to purchase our house. We would never use one again. I'm not saying they are all the same, but the one we where recommended was a complete cowboy. We where spotting things that he should have know if he was on the ball. The impression we got was that he was pretty bias to certain banks, one in particular. These guys work on a commision basis so they will try to sell you the best deal for them, not nesessarily you!! It got to the stage if we told your man to go jump we would have had to start all over again, this we couldn't do as we had put down on a property. As i said they are NOT all like this, this is simply my experience of the brokers!

themom

Thanks guys.

Its mortgage plus that I am dealing with.A company rather than one single guy IYKWIM.

Am I better off to try the banks myself then?

dingdong1234567

If i was doing it again i would use the banks direct. Just figure out what type of mortgage you want (tracker/fixed etc) And go for it! The interest rates for each bank you could source from the financial regulator i think.

Zaph

It depends on the broker, some are independent and act on behalf of all mortgage lenders, others are tied into deals with certain lenders only so you won't hear about better deals available elsewhere. I used a broker (specifically a particular guy in a branch of a mortgage broking firm) who had been recommended to me when I bought my house and I have to say he was brilliant. He went through everything that was available to me and told me exactly how much I could reasonably expect to get. This was a bit lower than what I had hoped for and so I started looking at cheaper houses, but a week or two later he came back to me and told me he had secured the full amount I wanted, although at that stage I'd already seen a cheaper house that I wanted to buy, and subsequently did. He also pointed out a possible issue I might have with the particular bank I went for, although as they were offering the best rates at the time I really had no choice but to go for them. Unfortunately he was proved right and I'm now in the middle of switching my mortgage.

unclebill98

You'll not end up paying more just cause your using a broker. They get there cut of the bank you go with in the end. Only thing is they might not get you the best deal simply cause they don't deal with everyone.

boa-constrictor

See here for my advice on brokers;

http://www.boards.ie/vbulletin/showthread.php?t=2055139900