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Can you go direct to bank after broker?

  • 25-08-2022 12:05pm
    Registered Users Posts: 21

    I've made an offer on a house with a letter of mortgage approval in principal - it now turns out I don't have approval in practice, some silly reason around cohabiting with my partner and parent of my child, but we're not married and the provider didn't like that apparently. Anyway the broker has given different options with BOI that suit us fine (affordability is not in question, the mortgage is way below what we can afford and is only for 25% of the value of the house as we have the other 75% in cash)

    However, the broker is now on annual leave for a couple of weeks and I'm left hanging. He recommended a specific BOI mortgage so could I just go ahead and contact BOI directly and proceed with it? I feel like that's probably a breach of contract or something, though I don't remember ever actually signing anything with the broker.

    As far as the seller knows we have approval in principal, so I don't want to mess them around with delays but I also don't want to lose the house as we're really serious about the purchase and are unlikely to find another house as perfectly suited to our needs. I feel like if I tell them the broker is on holiday and it's a couple of weeks before we restart the whole application they may just go to the next bidder.


  • Registered Users Posts: 1,596 ✭✭✭dennyk

    If you have never signed any exclusivity agreement with the broker then you'd be free to go directly to a bank or to another broker for a mortgage. Are you certain that you haven't signed any such agreement, though? You don't sound entirely sure...

  • Registered Users Posts: 382 ✭✭Kurooi

    Is this broker some sort of freelancer? Sounds ridiculous somebody goes off on leave and doesn't direct you to a colleague. Try contacting their company see if somebody else can pick up and look after you.

    The seller doesn't care what bank you're with so equally you could, as back up, apply to another bank and keep that in your back pocket in case stuff falls through you don't lose the purchase. Are you a first time buyer? If so you could get approval pretty quickly. No reason to stress the seller.

  • Registered Users Posts: 34 southofthelee

    "approval in practice" ?

    Never heard of this. There is Approval in Principal and then specific drawdown on a given property.

    Regardless, if you decide to go direct to bank it is likely that you will be starting the process from scratch.

    Are you sale agreed? What evidence of Proof of Funds have you supplied to the EA?

    Unless you are in a low demand area, you are likely to lose out on this property to a cash buyer or someone with solid finance approval in place.