Mortgage broker fees

scarbouro

Hi,

I am looking for recommendations for a good reasonable mortgage broker. I have been quoted €1300 which I think is a bit steep?! How much is the going rate?

Thanks in advance.

bee06

Jeez, that seems like a lot. Our mortgage broker didn't charge us. If I remembered correctly the fee was around 500 euro but we kind of delayed in going with him so he offered to waive it. The broker gets paid by the bank and if you by your life insurance there is a hefty commission on this as well.

scarbouro

I know I was a bit shocked at the price! I didn't realise they get paid commission by the bank as well. That price seems extortionate then!

PaulM1977

Some brokers charge a fee and some don't it is usually dependent on the level of work involved and what can be agreed with you from the outset, i.e. whether you are happy to pay a fee or not. When the mortgage draws down there is a commission paid and there is commission on the life cover. The fee could become payable if approval is obtained and then a client decides not to go ahead, then the broker has done a lot of work for nothing so they may look for a fee to be paid should approval be arranged but the client decides not to proceed for whatever reason.

Henry Ford III

scarbouro wrote: »

I know I was a bit shocked at the price! I didn't realise they get paid commission by the bank as well. That price seems extortionate then!

Depends on the size of the loan and the work involved in securing it I'd have thought.

scarbouro

Henry Ford III wrote: »

Depends on the size of the loan and the work involved in securing it I'd have thought.

It's not a large mortgage we're looking for, only about 130k.