Should I use a mortgage broker?

Chris_5339762

So heres the question. I'm out looking for my first mortgage. It'll be for €150k on a property which we have agreed on €205k for. Not a huge mortgage.

I'm working in the public service so the job is permanent barring political upheaval. I didnt even realise mortgage brokers existed until recently but I'm wondering what they actually do and if its worth it.

I'll fill in an application form and send it into the broker, at which point he'll use his knowledge to find the best mortgage for me. Is this all he does? I understand he will do some work on life insurance too, but some of the banks offer this?

How much do they generally charge for this service? Is it of any real use to me? I can crunch most of the numbers myself so I'm just wondering is there really a point to a mortgage broker other than taking my application form, sending it to a bank, and charging me for the privilege?

Anyone any ideas on this?

liger

Chris_5339762 wrote: »

How much do they generally charge for this service? Is it of any real use to me? I can crunch most of the numbers myself so I'm just wondering is there really a point to a mortgage broker other than taking my application form, sending it to a bank, and charging me for the privilege?

Anyone any ideas on this?

Most of the brokers get their commission from the bank not you so in a lot of cases there would be no charge to use one. If there is a charge they must tell you upfront before you commit to using them.

I understand that you might not have any hassle filling out the forms yourself but they all want a lot of paperwork.

Lets say you apply with AIB. you will need: p60's, bank statement, their salary certs etc. Now you want to see if ulster bank, BOI or PTSB will accept you for a mortgage. fill out everything again and apply with them, can we have the originals as we dont accept copies. Oh dear i gave the originals to aib, wait weeks for new docs. See how something so easy can turn into a nightmare??

Also brokers may have access to lenders that dont deal direct with public and also if you want life assurance from a bank you are only getting one quote. My broker gave me many options for life assurance and explained the benefits of the policy.


So a good broker can make your life a lot easier for you and also give you advice on your application before its put in. There may be something you think wont cause a problem that a broker would spot straight away.


hope that helps.

Chris_5339762

On the basis of that, done Using a broker so.

littleredspot

They can also point you in the direction of which bank they think would be most likely to give you the loan.

alley2020

Hi Guys

Any ideas on the best Broker to use or which have ye used in the past?

littleredspot

Unfortunately the one I've used in the past Rea, is no longer. You paid them and therefore got unbiased info. which in my opinion is the way to go. otherwise they could be simply sending you to the bank which gives them the highest commission. Although these days I think it'd me more a case of taking any offer you can get!

liger

littleredspot wrote: »

. otherwise they could be simply sending you to the bank which gives them the highest commission. Although these days I think it'd me more a case of taking any offer you can get!

My broker showed me all the lenders rates and printed of repayments that i would have to pay for each one. i took them home, checked all the rates online, looked at calcualtors online too and i wasnt being diddled.


I used Irish mortgage brokers, Pearse street in Dublin. One of the guys in there, Karl Deeter is always on rte news programs and newstalk radio etc.