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First time buyer mortgage advice needed.

  • 08-07-2012 2:11am
    #1
    rockchika
    Registered Users, Registered Users 2 Posts: 1 ✭


    Hi all,

    Just a quick question, Im a first time buyer, I havent applied for my mortgage yet but I have seen the website Mortgages.ie regulated by the central bank, and they compare the prices between different banks. Does anyone know if its a good idea to go with a broker website like this for a mortgage or is it safer to deal directly with the bank? Or are these broker legit at all? And also if I apply for a mortgage through a broker like Mortgages.ie and if it is refused would that show on my credit rating? Thanks in advance!!


Comments

  • #2
    Liam D Ferguson
    Registered Users, Registered Users 2 Posts: 542 ✭✭✭Liam D Ferguson


    I've been a broker for the past 16 years so my opinion is obviously somewhat biased. But here's some reasons why I think you're better off going with a broker than going directly to a lender: -
    • A broker will let you know what a variety of lenders will offer you as a mortgage. Go directly to a bank and the bank will only tell you what they can do.
    • A broker will show you competing interest rates from a variety of banks. Go directly to a bank and they'll only tell you what they do themselves.
    • A broker has to give you a statement in writing as to why the product s/he's recommending to you is the most suitable for your needs.

    Just to be a bit balanced, I'd offer these hints about dealing with a broker: -
    • Mortgage brokers don't deal with all lenders. Some lenders will only deal directly with customers, e.g. National Irish Bank and Ulster Bank. Find out at the start which lenders your broker deals with.
    • Mortgage brokers get paid commission by lenders but only when you draw down a mortgage they've arranged. Some charge fees on top of this and others don't. Find out about this at the start.
    • Like engaging with any professional, the best way to find one is to ask around family, friends, colleagues to see if you can get a recommendation of a good mortgage broker from someone you trust who has used their services before.

    If you apply for a mortgage, the bank will make an enquiry about your credit rating to the Irish Credit Bureau (ICB). This enquiry is recorded on your record. If your application is subsequently turned down, this is not recorded on the ICB. This procedure is the same whether apply to a lender via a broker or directly.


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