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Broker or direct?

  • 07-10-2022 8:42am
    Registered Users Posts: 6,018 ✭✭✭

    Looking to switch mortgages. Have decent LTV but want to do it as quickly as possible.

    better to go to a broker or direct to the lender?


  • Registered Users Posts: 1,603 ✭✭✭dennyk

    You'd have more options through a broker, if you're looking for the best possible deal, as some of the non-traditional lenders are only accessible through brokers.

  • Registered Users Posts: 7 SebastianDahl

    It depends))) If you have time, you can do it yourself, but with a broker, it would be easier and safer. Plus, most people address the broker when it comes to renting a space.

  • Registered Users Posts: 5,530 ✭✭✭Slutmonkey57b

    I thought a broker would allow me to get multiple quotes from different vendors but all I got was an email with a list of rates and a request to "pick the one you want". They were also useless for collating paperwork, I had to keep my own checklist in the end.

    I did learn that "alternative lenders" such as Avant will only actually issue offer letters on standard semi-d/housing estate properties though. Don't bother approaching them if what you're buying isn't in suburbia.

  • Registered Users Posts: 2,060 ✭✭✭MacDanger

    We're almost finished getting a mortgage through a broker, I wouldn't do it again - you have an extra person between you and the bank and it just causes delays in my experience

  • Registered Users Posts: 17,234 ✭✭✭✭rob316

    If its a simple application i.e 2 x PAYE workers in decent long term jobs, go to the bank anything slightly complex go broker.

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  • Registered Users Posts: 352 ✭✭tamara25

    I have been advised here to go to a broker so I can switch providers. I’m very anxious to switch as we’re with Pepper and as time goes on our payments are continually rising.. the thing is I’ve contacted a broker recently. It took him over Two weeks to send on a checklist of all the paperwork we need to submit. I had to text him recently on a query I had and I’m currently waiting on him to come back to me.. doesn’t give a great 1st impression to me. Maybe he’s extremely busy & it can’t be helped, i honestly don’t know. It will take up to 4 months to switch providers & I want to get the ball rolling on it..

  • Registered Users Posts: 5,530 ✭✭✭Slutmonkey57b

    You do not need a broker to switch mortgages. Every bank is legally required to facilitate you switching, and every mortgage provider is required to have a process to help you switch.

    They're not obliged to offer you a mortgage if you don't meet their credit criteria, but you can just apply to whoever you want. Start on, that does everything you need to start off.