Mortgage Broker charges

gusman1859

Hi,

ive just started dealing with a mortgage broker for the first time and was wondering what charges to expect.

1) So far she has charged an initial consultation fee
2) She will charge 675 for submitting the mortgage
3) She has said that she will charge 1% on the mortgage amount circa 3k to complete the deal.

Are these normal charges and what "unexpected charges" should I look out for?

Kind regards
Gus

unclebill98

Eh?

Sorry am i missing something here..... is this normal practice!!!

Why would you pay any charges and apply to the banks directly? Sorry, it just seem like a massive waste of money.

gusman1859

Wont the bank just charge 1% anyway? or is it 0.5%?

what I would be concerned about is if the broker is pocketing 1% and then I would need to pay the bank a fee separately.

unclebill98

Banks don't charge an admin fee or at least they didn't last time I checked! I'll check now....

killers1

gusman1859 wrote: »

Hi,

ive just started dealing with a mortgage broker for the first time and was wondering what charges to expect.

1) So far she has charged an initial consultation fee
2) She will charge 675 for submitting the mortgage
3) She has said that she will charge 1% on the mortgage amount circa 3k to complete the deal.

Are these normal charges and what "unexpected charges" should I look out for?

Kind regards
Gus

That's the most expensive one I've come across. It's a bit on the greedy side to be honest.. She's charging (extortionate) fees on top of being paid by the bank for introducing the mortgage business. I'd suggest you shop around..

highgiant1985

you would be absolutely crazy to pay these charges OP... PM Killers here instead. Hes much gives you a much better service. Look over all the posts on this forum of people who've used him before and everyone can't praise him high enough.

roro2

These are ridiculous charges - walk away now. It sounds like she is preying on your naivety.

Also, the bank won't charge you any fees. Either go direct to the bank(s) and you won't have any fee to pay, or find a different broker and pay a much smaller fee or no fee at all.

Liam D Ferguson

highgiant1985 wrote: »

you would be absolutely crazy to pay these charges OP... PM Killers here instead. Hes much gives you a much better service. Look over all the posts on this forum of people who've used him before and everyone can't praise him high enough.

+1

Paulw

When I got my mortgage (about 6 years ago), I paid the mortgage broker €0.00. Not a single cent.

They are paid by the banks for bringing in the business.

Walk away now. :eek:

DieselPowered

Paulw wrote: »

When I got my mortgage (about 6 years ago), I paid the mortgage broker €0.00. Not a single cent.

They are paid by the banks for bringing in the business.

Walk away now. :eek:

Same. New generation of rip off here. Walk....

jameshayes

when I got my mortgage the Feb before last I didn't pay the broker a cent, he was paid on commission from the bank

unclebill98

Well as I thought. I've checked BOI, AIB and UB. No mention of any charges. Get up and do it yourself. Shocking charges.

gusman1859

Thanks for the quick answers all. Much appreciated.

Trish56

Sounds very expensive..... most brokers do not charge fees and if they do it would be circa €500. Did she supply you with a copy of her terms of business and if so all fees has to be outlined.

Banks do not charge fees for processing your mortgage.

gusman1859

Hi i contacted her today and she advised that she is freelance hence the charges. Does this sound correct?

godtabh

gusman1859 wrote: »

Hi i contacted her today and she advised that she is freelance hence the charges. Does this sound correct?

She may work for herself but the bank will pay her commission. She is hoping to get paid on the double

highgiant1985

gusman1859 wrote: »

Hi i contacted her today and she advised that she is freelance hence the charges. Does this sound correct?

Shes entitled to charge what she wants but it is very very bad value for you. Walk away. You'll get an better mortgage broker elsewhere v easily.

Either apply for mortgage yourself or go to someone like Killers here.

killers1

godtabh wrote: »

She may work for herself but the bank will pay her commission. She is hoping to get paid on the double

On the quadruple by the sounds of it!!

killers1

gusman1859 wrote: »

Hi i contacted her today and she advised that she is freelance hence the charges. Does this sound correct?

No. All brokers are 'freelance'...

ted1

Can a broker get a better rate than advertised?

ANXIOUS

ted1 wrote: »

Can a broker get a better rate than advertised?

That would be the decider if I paid. Can she get you a better rate than the standard variable? If not walk, the bank builds the commission into the rate.

killers1

ANXIOUS wrote: »

That would be the decider if I paid. Can she get you a better rate than the standard variable? If not walk, the bank builds the commission into the rate.

That's incorrect. The rate is the same irrespective of whether you use a broker or apply directly. Find a broker who doesn't charge fees and have the best of both worlds. After all a mortgage advisor is simply a mortgage broker tied to one bank. (Albeit generally less experienced and not as anxious to get your application over the line) You never get to put your own case to an underwriter using either approach. A broker will be more skilled at putting your application together in an appealing manner to the lender. A 'mortgage advisor' gets paid their salary either way. A 'mortgage advisor' isn't contactable outside office hours... I could go on and on.... At the end of the day there's a lot more involved in buying a house than the amount of the monthly repayment. If you want someone to guide you through it use a broker. If you don't want to pay for the guidance either use a broker who doesn't charge or go directly to the banks own broker (mortgage advisor)..

pm1977x

highgiant1985 wrote: »

you would be absolutely crazy to pay these charges OP... PM Killers here instead. Hes much gives you a much better service. Look over all the posts on this forum of people who've used him before and everyone can't praise him high enough.

This! Huge amount of testimonials on here, great broker, no fee.

Paulw

gusman1859 wrote: »

Hi i contacted her today and she advised that she is freelance hence the charges. Does this sound correct?

Almost every broker is freelance.

You're being ripped off. Walk and go find a different broker.

legally blonde

Can anyone recommend a good mortgage broker in the Dublin area?
Ideally one that doesn't charge or at least with low charges?
I'm a FTB looking to buy a house.........
Thanks!

gusman1859

Anyone had any experience with irish mortgage brokers on pearce st? Good, bad or indifferent?

JTMan

legally blonde wrote: »

Can anyone recommend a good mortgage broker in the Dublin area?

I am not an expert on brokers but Liam Ferguson, who posted earlier in this thread against the fees in the OP, runs Ferguson & Associates brokers. He might be worth contacting.

Gussyfc

No, all banks give at least 0.5%. 1% for loans to value less that 60% I think. I have an article from the Sunday Business Post from about 2 weeks ago that confirms this. I can recommend someone in Cork or Dublin for you if that is any use. Also don't get life cover from the same bank as they generally are very expensive. Also I would avoid payment protection and only take income protection if it pays out in 4 weeks. This is my first post so I don't know if I can recommend someone........probably broken all the rules already.....so nothing has changed there!!

Gussyfc

Ok so I can recommend. I'd go with Mervyn Tanner mervyntfs@icloud.com. I've got a few places and he proved the best. He has a really cool and easy to use online gmail system which makes things easier for me.