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Approval in Principal via Broker

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  • 17-05-2016 3:57pm
    #1
    mirrorwall14
    Closed Accounts Posts: 6,751 ✭✭✭


    Hi,

    I'm just wondering what is normal regarding getting AIP from banks through a broker. We applied to EBS ourselves and all documentation bar one statement was supplied on a Thursday. We got AIP the next Tuesday before the last document was even provided. Letter arrived with AIP confirmed on Thursday.

    We went through a broker to apply to all other providers. All documentation was supplied before we met. We met 4.5 weeks ago now. We emailed once about a fortnight ago and were told we should start hearing back last week. We have heard nothing. We emailed again for an update yesterday and still haven't had a reply.

    Is this normal? I'm honestly considering just cancelling them and going to the banks ourselves seems way slower than that?


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    #2
    ampleforth
    Registered Users Posts: 383 ✭✭ampleforth


    This is new to me. I wound not consider going through a broker. An SoP/AoP is a 2 hour meeting and a weeks waiting time...


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    #3
    mirrorwall14
    Closed Accounts Posts: 6,751 ✭✭✭mirrorwall14


    ampleforth wrote: »
    This is new to me. I wound not consider going through a broker. An SoP/AoP is a 2 hour meeting and a weeks waiting time...

    To be honest the idea of less meetings appealed as we work different hours to each other and they are difficult to organise. However it's been ages I'm just not sure do we/can we just cancel the broker


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    #4
    ampleforth
    Registered Users Posts: 383 ✭✭ampleforth


    Unlikely. I would assume that you would need to pay at least some kind of exit money. This is how they operate.

    The only other reason I can see is that a broker sometimes can get a better deal as you. So, if your AiP is very difficult to achieve, it could make sense. However, Ireland seems to have also a very regulated banking sector --- I was surprised how little banks differ (just had a 3 meetings and their only difference in monthly payments adds up to 5 Euro, so it is primarily an attitude check, rather than a meeting). Banks in Ireland have a very clear and almost unchangeable guideline, they only differ a bit in how much proof they want (e.g. another credit check or just the documents).

    So, unless that broker has a very special relationship with a bank that would give you benefits that you alone would never get, I see no specific reason in Ireland.
    mirrorwall14 wrote: »
    To be honest the idea of less meetings appealed as we work different hours to each other and they are difficult to organise. However it's been ages I'm just not sure do we/can we just cancel the broker


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    #5
    mirrorwall14
    Closed Accounts Posts: 6,751 ✭✭✭mirrorwall14


    For anyone who reads this. Broker was under the impression we had been getting info from his secretary last week. AIP from one bank alread in with our exemptions in place. Two banks pending as he is aiming the exemption and an agreement to match rates to the best market rates when we draw down.

    Happy with that


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    #6
    motley
    Registered Users Posts: 182 ✭✭motley


    mirrorwall14 wrote:
    For anyone who reads this. Broker was under the impression we had been getting info from his secretary last week. AIP from one bank alread in with our exemptions in place. Two banks pending as he is aiming the exemption and an agreement to match rates to the best market rates when we draw down.


    Can I ask were you looking for a specific exemption and if so, which one? I am about to apply through a Broker so am curious if it's worth it.


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    #7
    mirrorwall14
    Closed Accounts Posts: 6,751 ✭✭✭mirrorwall14


    motley wrote: »
    Can I ask were you looking for a specific exemption and if so, which one? I am about to apply through a Broker so am curious if it's worth it.

    We were looking for the 10% rather than 20% deposit


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    #8
    ampleforth
    Registered Users Posts: 383 ✭✭ampleforth


    mirrorwall14 wrote: »
    We were looking for the 10% rather than 20% deposit

    Ah, now I understand. This makes sense... :)


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    #9
    mirrorwall14
    Closed Accounts Posts: 6,751 ✭✭✭mirrorwall14


    The other advantage with the broker was the negotiating rates. It looks like we will have a pick of banks on the same rate rather than trying to negotiate ourselves


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    #10
    Jen44
    Registered Users Posts: 455 ✭✭Jen44


    we applied with a broker, a rather large company, and he messed us around big style! Wasted two months with him! In the end we got a mortgage with the same exemption your looking for from a bank we had been refused a mortgage with through the broker! Unless its a good recommended broker cut your losses now and go direct to the bank yourself! We got our 10% exemption with KBC.


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    #11
    mirrorwall14
    Closed Accounts Posts: 6,751 ✭✭✭mirrorwall14


    We actually have our own approval already with KBC and the broker is aware of this. He is aiming to get the banks to match their rates with the exemption


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    #12
    Jen44
    Registered Users Posts: 455 ✭✭Jen44


    id be wary about how the broker is going to make his money out of this if you already have approval on your own you are probably better off with that in the long run


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