Broker V Bank -Who will give the best rate?

N

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Hi,

I read a thread here a few weeks back about brokers offering average rates for certain banks and someone replied and said that if you approach the bank directly, you might get a better rate. Is this true? I thought all brokers offered the rates as defined by the particular bank? I have recieved a rate already for PTSB via my broker and wondered if it was worth approaching them directly?

Also, is a bank more likely to offer a lower rate both parties already bank with them? We are both with a bank who offers particularly high charges and had thought about moving.....
any thoughts?
 
You get exactly the same mortgage rates from going via a broker or direct to a lender. Lenders will sometimes negotiate on rate for larger loans (typically in excess of €750,000).

Sarah

www.rea.ie
 
I've applied directly to several banks and ended up going through a broker as some banks are not very forthcoming in the end... But I got the exact same rates offered either way. The good thing about the broker is that they tell you what to do and when and I got a lot of support and also reduced legal fees. Wouldn't ever bother with trying to do it all myself when someone else looks after everything for you. Mind you, that doesn't go for all brokers, but mine is superb!
 
No, I have a fantastic broker. She has been very supportive and encouraging when we have been repeatedly outbid.

I jusy want to explore every avenue before we go with a rate and then hear 'hey, you should have tried this instead.....'

he who dares and all that malarky!
 
I was dealing directly with my bank and mentioned to them that they were doing me no favours as they were giving the same as the brokers and then asked them up-front if they could better the broker. They did. A tracker of ECB+1% whereas with the broker I was being offered (with the same bank) an initial discount tracker for year 1 or 2 rolling to ECB + 1.25%. No initial discount but a long-term better rate when I went direct to the bank!
 
Excellent result paul5 :)

There is also the little fact that NIB-Danske do not deal with brokers presently, but they are probably the market leader in certain sectors, such as 60% LTV or 2/3 year fixed products, as can be checked with Prima Finance [broken link removed].
 
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