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Applying to various banks. Mortgage Broker issue

  • 10-01-2022 10:38am
    Registered Users Posts: 32 ilovefridays66

    Just wondering why our broker is saying that banks don't like competition so he will only apply one after the other? We currently have an application in with ICS because of my hospital job but he won't send in applications anywhere else until they have come back with decision. Is this common practice? Myself and my husband are with BOI and we were considering applying there too but broker not happy with that. Also anyone any idea how long ICS currently taking? Applied before Christmas. Thanks in advance!



  • Registered Users Posts: 310 ✭✭ FromADistance

    What has the broker said about fees? I suspect that ICS pays the broker fee where as BOI may not or may not pay as well. Personally I would fire ahead and apply to BOI and any other institution you feel like.

  • Registered Users Posts: 32 ilovefridays66

    I dont pay a fee to the broker and yes, you're right in that they don't apply to BOI but he isn't applying to any other bank until ICS come back. Surely the whole point is that you send them all in and whoever comes back with the best offer, you go with? Is it something to do with a bank seeing other banks view your credit report?

  • Registered Users Posts: 13,946 ✭✭✭✭ Cuddlesworth

    Don't think BOI's rates are even slightly competitive, why would you go with them.

  • Registered Users Posts: 310 ✭✭ FromADistance

    I'd be finding yourself a new broker. There's nothing stopping him... I suspect ICS pay the best fee hence the hesitation or he's being a bit lazy.

  • Registered Users Posts: 3,534 ✭✭✭ dotsman

    I dont pay a fee to the broker

    That's your problem right there. He's not working for you. He works for whoever pays him, same as everybody else in this world.

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  • Registered Users Posts: 32 ilovefridays66

    BoI was just an example. I know their rates aren't great. Ok so there's no real reason why he isn't applying to everyone then. I was thinking that myself. Thanks for the replies

  • Administrators Posts: 49,835 Admin ✭✭✭✭✭ awec

    Using a broker to apply to 1 bank is a total waste of time. You have access to the bank's websites, you know exactly what every single bank is going to offer you.

    Your broker is being lazy, but unless you really need a broker just go directly to the bank whose deal is the best for you directly.

  • Registered Users Posts: 213 ✭✭ Kurooi

    You can let the broker do that, no harm, and continue to apply to other banks yourself or even through another broker. Whatever deal is best for you - get that. Do check out the rates for your own good. BOI has some of the worst. Their variable rate for first time buyers 90% (big population) is the highest in Ireland by far. 4.5%! That's insane Every bank AIB, Permanent TSB, ICS, Ulster, KBC all hover around 3.5%

    'Banks don't like competition' - hard LOL. No. and if they did who cares they don't know where else you apply, and it's normal for people to get multiple approvals.

  • Registered Users Posts: 32 ilovefridays66

    Thanks so much for replies. I did think this myself. What's the point in going with a broker if they only apply to one bank?! I'll get back onto him tomorrow and ask him to send in the other applications

  • Registered Users Posts: 414 ✭✭ Emma2019

    Some people dont want to have to deal with the paperwork etc but if he wont apply to the banks you want, either get another broker altogether or get a different broker to apply to the places you want

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  • Registered Users Posts: 13,946 ✭✭✭✭ Cuddlesworth

    My broker managed to sort out the life assurance policy(company and bank were being asses to each other) and get the bank to issue the money on the 19th of December. They have their uses, banks can be difficult to deal with in general.

  • Registered Users Posts: 32 ilovefridays66

    I've emailed the broker and asked him to apply to the other banks we completed applications for so will see what he says!

  • Registered Users Posts: 11,900 ✭✭✭✭ Interested Observer

    Ask the broker what their commissions are and if they get the same commission from every bank.

  • Registered Users Posts: 32 ilovefridays66

    He has come back to say he will apply to the other banks today. Not sure why that wasn't just done initially but there you go!

  • Registered Users Posts: 2,046 ✭✭✭ silver2020

    Because the broker will know what financial institution will give you the best deal.

    ICS have some of the best deals out there.

    Bank of Ireland are expensive as are ptsb.

    Why go to the bother of applying to an institution that will be substantially more expensive for you?

  • Registered Users Posts: 2,046 ✭✭✭ silver2020

    Higher from Bank of Ireland than ICS. Hence the higher interest rates

  • Registered Users Posts: 32 ilovefridays66

    I agree, will we mostly likely go with ICS if approved. Its more in case we didn't get approved or for the amount we wanted just in case.