Any advantage using a broker for mortgage?

shelly24

We are selling our house and buying another, we have mortgage approval with one bank but we’d like a slight bit more then they are offering. Are we better off meeting different banks individually or should we see a broker?
If so any recommendations for someone in Naas?
Thanks

Uriel.

shelly24 wrote: »

We are selling our house and buying another, we have mortgage approval with one bank but we’d like a slight bit more then they are offering. Are we better off meeting different banks individually or should we see a broker?
If so any recommendations for someone in Naas?
Thanks

Mortgage brokers, IMO, are most useful when you have some aspects of your mortgage application that are not in keeping with the norm.

They obviously take some of the leg work out of searching for mortgage offers as the broker does the engagement once you've provided all the necessary details. But you have to be careful about the broker and the contacts they have and use. If you're not paying the broker they are clearly getting a kick back or fee from mortgage providers. That isn't necessarily always a bad thing, it may make no difference to you, but on other occasions you may not be getting the best deal because your broker isnt tapping all of the players in the market.

In short it depends. I'd certainly try a few other banks first before engaging a broker

Captain Flaps

We went with a broker as we were looking for an LTV exception, had someone recommended to us.

He took all our financial info and went off and did all the legwork, presented us with a list of options, took a look over our application and advised us to make a few financial tweaks and apply a month later, we followed all his advice and got what we were looking for without ever having to speak to a bank until it was time to sign. He chased up on everything for us, handled all the back and forth/negotiating and was able to give us realistic timeframes for things based on past experience rather than what the bank was saying. YMMV but I would absolutely do the same again in a heartbeat, our broker was fantastic every step of the way and was paid a commission by the bank, so we didn't even have to spend a penny for the advice.

Happy to recommend but I'm not sure if they service Naas, they're based in Lucan and we handledeverything over the phone/by email apart from one meeting to go over assurance options, so you never know.

Henry Ford III

Uriel. wrote: »

Mortgage brokers, IMO, are most useful when you have some aspects of your mortgage application that are not in keeping with the norm.

They obviously take some of the leg work out of searching for mortgage offers as the broker does the engagement once you've provided all the necessary details. But you have to be careful about the broker and the contacts they have and use. If you're not paying the broker they are clearly getting a kick back or fee from mortgage providers. That isn't necessarily always a bad thing, it may make no difference to you, but on other occasions you may not be getting the best deal because your broker isnt tapping all of the players in the market.

In short it depends. I'd certainly try a few other banks first before engaging a broker

Aren't they obliged to disclose everything and justify their recommendation?

Captain Flaps

Henry Ford III wrote: »

Aren't they obliged to disclose everything and justify their recommendation?

Ours told us which banks they dealt with and why, was pretty much everyone apart from PTSB and the ESB. There were reasons for this but I've forgotten them now, we also had no interest in engaging with PTSB in particular so wasn't a major loss.