Mortgage Brokers

Little Goose

Hi everyone,

sorry if this has been done before but I'd really like some advice. I'm looking into getting a mortgage and I've got a question for you about brokers. Now, I thought one broker was just as good as the next. If one can get you a mortgage, so can all the rest of them, but if one can't, nobody can!? Are they all the same or do some have magic wands under their desks!?

Please help!

Eurorunner

I reckon your best bet is to educate yourself on what product you want (before someone has the opportunity to 'sell' you something thats not suited)..ie. fixed mortgage/variable/tracker, etc.

Then go to all the banks (it doesnt take that long - we dont have that many!) - see what they can do. The ones who are not competitive for the type of mortgage you are looking for will start offering you stuff you dont want - tell them to naff off.

Once you have found the best bank rate and have an approval - contact a few reputable brokers (you can find info on brokers on the askaboutmoney.com discussion board...along with all kinds of useful info regarding mortgages in general).
I emailed a bunch of them - told them the rate i had - and could they do any better. One came back - said the rate i had couldnt be beaten but he would split his commission with me...so €400 cashback for me once the mortgage goes through.
Other things to watch - is the bank covering the valuation fee?

The broker in question was also the cheapest I found for mortgage protection insurance - and has done all that has been required of him so far.

hth.

Little Goose

Thanks for the advice eurorunner! To be honest though, I was asking a more specific question. I am in touch with a very reputable broker at the moment whose main aim is to get us a great deal and not to mess us around or waste our time. I know this person for years. However, the quote we got was very unfavourable, the interest rate was complete extortion to say the least! This person says that it is the only offer we will get in our current finacial state. We couldn't believe it!

On speaking to another broker, we are told that yes this quote is terrible and if we go with him, he will get us a much better deal. So you see my question now? You made a very good point that there are only a few banks (or mortgage lenders) in the country. How can one broker get us a better deal than the other broker? I do not trust this second broker a fraction as much as I trust the first one yet something holds me back from accepting that loan offer with the terribly high interest rate. We just don't know what to do.

Eurorunner

Its too important of a deal to trust any of them. Your knowing this broker for years may be as much of a disadvantage as it is an advantage.

I reckon if you register on the askaboutmoney discussion forum, post exact details of type of property your buying/deposit/existing debt/what your being offered/etc. - you will find out on the day which one of them is lying to you.

Little Goose

Thanks for that Eurorunner. Just about to do that now.