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Buying a house: need advice! (mortgage brokers?)

  • 16-12-2009 10:09AM
    #1
    stephenwinder
    Registered Users, Registered Users 2 Posts: 9 ✭


    We're first time buyers and one of our estate agents is encouraging us to go with a mortgage broker. What are the advantages and disadvantages of that? Are we tied in with the broker or can we also negotiate with bank separately? Who pays the broker? Do they have any potential vested interests? Any advice much appreciated!


Comments

  • #2
    Victor
    Registered Users, Registered Users 2 Posts: 78,652 ✭✭✭✭Victor


    stephenwinder wrote: »
    Do they have any potential vested interests?
    If tehy are paid by the bank, they can be less than scrupulous.


  • #3
    stephenwinder
    Registered Users, Registered Users 2 Posts: 9 ✭stephenwinder


    Even worse, just realised that they can very likely be in kahoots with the estate agent - certainly we'd be unwise to go with a broker that the estate agent recommends, they'd know how much we can offer and put prices up that amount


  • #4
    anyanka
    Registered Users, Registered Users 2 Posts: 19 ✭anyanka


    From my experience, I would go with a broker. Obviously you need to find a reputable one and yes not one recommended by estate agent.
    I found it gave me peace of mind and yes he may encourage you toward one particular bank etc, at the end of the day, you take all the information, offers etc he gives you and then obviously take his advice into account but make up your own mind.
    I didnt have to pay my broker he made his commission from whatever bank I chose to go with. Not sure if this is still the case. If you want to pm me I will give you his details


  • #5
    3DataModem
    Registered Users, Registered Users 2 Posts: 4,137 ✭✭✭3DataModem


    I've used a broker. Ask them which banks they normally work with. The advantage is that they can usually negotiate for a better deal than the average Joe. I used one and got a EURIBOR+1.15% tracker on an 85%+ mortgage.


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