mortgage broker?

john_cappa

When applying for a mortgage are you better of going to a broker or directly to your bank?

Assassin saphir

I'd recommend a broker, i found mine excellent and he did everything.

seamus

Most brokers have a single standard form which they use to lodge your application with all of the banks.

If you go direct to each bank, you'll have to fill out a small novel each time with the same details as well as have 20 photocopies of about 40 different things.

Assassin saphir

true, you only need to submit one lot of paperwork. Thought i wouldn't get it but got approval yesterday

john_cappa

ok thanks!

How do brokers get paid usually? Do they just have a set fee depending on approval/size of morgage etc?

Anyone recommend any broker in limerick?

seamus

Brokers get paid by the bank, you don't need to give them a cent.

Never, ever use a mortgage broker who asks you for a fee.

heineken1

Hi there, just wondering does anyone recommend a mortgage broker in rathfarnham terenure area. Not very familiar with how all this works.have been in with a bank and they have said that it should be straight forward enough for us with them but would like to shop around a bit. any advice greatly appreciated.

bailes

Hi heineken1,

I am a Broker based in Rathfarnham, P.M. me if you want Independent Financial Advice.

bungler

First off I want to say that I am by no means affiliated with Bailes before someone thinks im friends with him.

Last night i was looking around at getting a mortage and was due to meet my bank today. I noticed that a lot of people use brokers and say they are excellent, I then saw Bailes' post and PM'd him to which he contacted me today. After speaking with Bailes for about 20 mins i have to say the advice I got was excellent. I know know what i have to do and the way i go about it.

I think we forget that boards.ie is a community sometimes and when you find a hidden gem like this it is brilliant.

I have to do a few bits and pieces before i go ahead with the mortage but i will be dealing with Bailes when i go to do it,because my bank peddled me a load of balls and couldnt advise me at all. So thanks for your help Bailes.

Once again i just want to let people know i am not promoting bailes becuase i am a buddy of his i only found this post last night.

Cheers all

bailes wrote: »

Hi heineken1,

I am a Broker based in Rathfarnham, P.M. me if you want Independent Financial Advice.

tapper

having just gotten mortgage approval direct from the bank i don't see any reason for using a broker. You still have to give the exact same information to a broker as you do to a bank so once you have that together you can just go bank to bank if you choose. I didn't need any copies as the bank copied them while i was there. I didn't have to spend hours filling in applications, the banks went through them with me. it took no more than half an hour and in a little over a week I had mortgage approval.
It's not how it used to be when a broker would save you having to go to a huge selection of lenders, there are very few serious lenders in the market at the moment. In fact, I'd say at best, 4.
Really don't see any point to spending money on an unnecessary middle man.

bailes

tapper wrote: »

having just gotten mortgage approval direct from the bank i don't see any reason for using a broker. You still have to give the exact same information to a broker as you do to a bank so once you have that together you can just go bank to bank if you choose. I didn't need any copies as the bank copied them while i was there. I didn't have to spend hours filling in applications, the banks went through them with me. it took no more than half an hour and in a little over a week I had mortgage approval.
It's not how it used to be when a broker would save you having to go to a huge selection of lenders, there are very few serious lenders in the market at the moment. In fact, I'd say at best, 4.
Really don't see any point to spending money on an unnecessary middle man.

Tapper the direct route worked for you and i'm delighted for you that it did, i just hope for your sake that it's worth it in the long run and that you didn't just take the first offer you got.

Brokers usually would charge fees but would be offset by immediate savings on

1. mortagge protection insurance
2. House Insurance
3. Valuation/ structural survey fees
4. Legal fee reduction

All of this and you are getting impartial Independent Financial Advice. Buying a house is probably the most important purchase anyone makes, I wouldn't like to take the advises of a direct bank employee as gospel.

I could spend hours typing about this and have only glossed over the impartiality piece, i do however agree with you somewhat it's not for everybody, the stats dont lie though and in 2007 over 60% of mortgage business was conducted through brokers.

my reply is not directed at you or your opinion but merely to offer some balance.

baggote2

Assassin can i ask what mortgage broker you used? My partner and i are thinkin of going down that route. Thsnk you

Gunsfortoys

Any broker that charges you a fee these days isn't worth the time.

The market has changed and they are all mad to get your business.

broker2008

I wouldn't necessarily agree. Commissions have been halved. Lot of time wasters who can get a mortgage broker do plenty of work, maybe 20 hours of work and then walk away and they haven't got paid a cent. Some mortgage brokers charge a fee and refund if you go ahead with them.

Members of public should have more respect for brokers. Yes one can organise their life cover, pensions or mortgages by themselves by going direct to the insurance company. In most, not all, instances a broker will be able to give the same or a better deal - the after service is even more important. Not all brokers are the same, everyone doesn't have the same speciality or expertise so a referral from family or friend is worthwhile.