Applying to banks and through broker.

Hi All, just looking toward applying for mortgage now. We're thinking of applying directly to banks to see what we can get but ultimately we think we're going to go through broker, for reduced legal fees etc.

Is there any problem going to banks and getting a quote and then have the mortgage broker to go back to same banks at a later stage.

Just wondering if there is any problem with this.

I hear that you can get more money if you apply through a broker but wanted to know whether it is likely we would receive two different quotes.

Any input would be greatly appreciated.

There's no problem making applications directly and via a broker - one (of many!) advantages of using a broker however is that all the lenders the broker has agencies with will accept a universal application form (with their specific addendum forms) so it cuts down greatly on the paperwork you have to complete. In theory lenders should approve exactly the same whether you go directly or via a broker but I've seen cases in both extremes - lenders disregarding their own criteria and approving more and conversely lenders approving less than their own guidelines and subsequntly more via a broker. In the first example it's often due to some long-standing family connection which gets the rules broken - in the latter the borrower hasn't presented all the information or not in the positive way a broker would know how to.

Sarah

www.rea.ie