# Ireland in 2012: Mortgage Brokers vs. Banks



## tmartins (7 Apr 2012)

Hi there,

haven't visited this great forum for long time as I moved to another country, but as I used to be interested in the mortgage market I would like to ask you guys a few questions regarding current situation in Ireland. Many banks came through many changes, including change of their owners. Many mortgage brokers closed their offices (there were over 2400 in 2007) and now there's only 1200 mortgage intermediaries registered by the Central Bank. Considering all of these changes question is: where's the power on the market? Do people still prefer to get a mortgage deal with brokers or they prefer to pay a visit in one of the banks? How is it difficult to get a mortgage in Ireland in 2012? 

I've been looking for information on this over last week and retured to this forum as it helped me a lot in the past - I hope to hear your feedback guys. Thanks in advance.


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## Bronte (16 Apr 2012)

It's very difficult to get a mortgage.  There are a couple of brokers on this website who know the easiest way to get mortgage,if there is such a thing currently.  Try LD Ferguson he gives good advice on this area. At the moment I cannot remember the other guys on here.  

All banks do not deal with brokers.


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## jameshayes (17 Apr 2012)

I was recently approved and took out a mortgage, went with a broker and it was the best thing I could have done, he done a huge amount of running around for us - really went the extra mile and was on the banks tail constantly - if anyone was to ask me I would 100% advise to go with one.


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## Brendan Burgess (17 Apr 2012)

There was a report in the Financial Times I think, about the increased rates being charged by UK banks for business sourced through brokers. Generally, borrowers pay around 0.5% extra for going through a broker. They rarely got a better deal than by going directly.

I don't think that they offer dual pricing in Ireland.


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## irishguy (17 Apr 2012)

Bronte said:


> It's very difficult to get a mortgage.  There are a couple of brokers on this website who know the easiest way to get mortgage,if there is such a thing currently.  Try LD Ferguson he gives good advice on this area. At the moment I cannot remember the other guys on here.
> 
> All banks do not deal with brokers.



It really depends on your circumstances, a few people where I work have mortgage approval/purchased properties recently and all but 1 have had very few problems. 
One guy (First-time buyer) got approval within 2 weeks (AIB) they apologized for taking so long.

4 others (2 FTB/2 trader uppers) all with AIB took a couple of weeks to get approved.

Another I know is building a house outside Dublin and its a total pain as the bank (AIB again) are asking for lots of details.

It all really depends on what you do and the industry you work in. If you are in a high risk area/ some professions then it will be harder/impossible to get funding.

A good savings history is very important.


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## Jonny (18 Apr 2012)

The lenders mortgage approval criteria have changed drastically and are now being actually used   In my current experiences the banks ARE lending into the residential market particularly AIB & more particularly EBS  The services of a good broker is a major plus as he/she will be up to the minute on whats available and from whom.


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## Spear (18 Apr 2012)

A _good_ broker can be worth their weight in gold.  

We got approved and bought late last year and it would have been very difficult to have extracted the money from the bank (AIB) without the broker literally sitting on top of them (via PIBA) almost each day.  (The two key factors which stood to us were: (a) evidence of regular savings history and (b) large deposit.  We had been renting.)

At the outset, we were considering an alternative broker, who was more focused on gaining his commission than working for us, so we probably would have either got a worse deal or no deal at all had we gone with him.

I think the key thing is the quality of the individual.

The reason we decided to go with a broker rather than the direct route is that, as a previous poster has said, the banking situation was changing by the day and it seemed to be of value to work with someone who was closer to the inside.  With hindsight, it was the right decision for us.


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## irishproduce (20 Apr 2012)

Spear said:


> A _good_ broker can be worth their weight in gold.
> 
> We got approved and bought late last year and it would have been very difficult to have extracted the money from the bank (AIB) without the broker literally sitting on top of them (via PIBA) almost each day.  (The two key factors which stood to us were: (a) evidence of regular savings history and (b) large deposit



Do you mind me asking, what was your deposit amount? Saving myself and curious. Thanks


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## Spear (20 Apr 2012)

20%


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## Marbles11 (2 Aug 2012)

Hi

Can anyone recommend a good mortgage broker in the Munster area.  Someone who is effecient and deals with most popular banks.

Seeking a mortgage and have not a clue.

Thks


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## shigllgetcha (3 Aug 2012)

I just went into AIB and BOI and applied, BOI were a great help, approved v quickly and just a better experience


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