Brokers/Banks

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kopkidda

Registered User
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Looking at getting approval in principle for a mortgage with my self and my girlfriend. Would it be better to go to a broker or go to the banks direct yourself?

Heard that brokers may get a better rate for you,though looking at the

http://www.*****************.com/mortgages

site im not sure this is the case.
 
Brokers won't get you a better rate (in the case of EBS it might actually be worse) but a good broker will be able to give you a holistic comparison of all the lenders they deal with (beware, all brokers don't deal with all lenders and none deal with National Irish or Ulster bank) which may mean you will get a rate you may have missed by doing the leg work yourself. If you know the exact rate and lender you want and are confident of getting approval then go to the lender direct, if not use a good broker. A good broker should also be able to move you to a new lender quickly if your initial agreed lender puts up their rates. They should also have generic forms, which helps with your sanity!

Best of luck
 
You should ask your broker whether you will be charged for the service as traditionally the brokers were being funded through commission from the banks but the banks have cut the amount they are giving brokers.
 
The banks are getting arrogant about who they give mortgages to in the current climate. I know two couples who were refused a mortgage because more than half of the time had elapsed in the planning permission they obtained to build a house. They are looking for any excuse to not to lend young couples. Beware of brokers trying to exploit this current situation.
 
Jimbobp said:
Brokers won't get you a better rate (in the case of EBS it might actually be worse) but a good broker will be able to give you a holistic comparison of all the lenders they deal with (beware, all brokers don't deal with all lenders and none deal with National Irish or Ulster bank) which may mean you will get a rate you may have missed by doing the leg work yourself. If you know the exact rate and lender you want and are confident of getting approval then go to the lender direct, if not use a good broker. A good broker should also be able to move you to a new lender quickly if your initial agreed lender puts up their rates. They should also have generic forms, which helps with your sanity!

Best of luck
Click to expand...

good post jimbobp
 
Thanks for the replies,think Haven(EBS) deal with mortgage brokers and EBS are still giving 95% mortgages,though this will probably change soon.

Might try and contact Ulster Bank and EBS ,fill out the forms and see what they give us.
 
We used the broker and very happy. i think they are there not to get you the best rate but more money. Because of the 'shopping around' and 'personal' conections with the banks they can pull few strings that you normally wouldn't do. if you want i can giveyou details for the company we used, we are very happy withthe service.
 
As far as I am aware - Ulster's max loan will be 92%. EBS still say they will go up to 95%.
First Active are still saying on their website that they do 95% mortgages - and their fixed rates are some of the lowest around at the moment. Might be worth trying them?
 
Ro_Ki said:
We used the broker and very happy. i think they are there not to get you the best rate but more money. Because of the 'shopping around' and 'personal' conections with the banks they can pull few strings that you normally wouldn't do. if you want i can giveyou details for the company we used, we are very happy withthe service.
Click to expand...

Is this the same broker that you mentioned back in May - you said you got more feedback here than from them? see http://www.askaboutmoney.com/showthread.php?t=81784
 
irishlinks said:
As far as I am aware - Ulster's max loan will be 92%. EBS still say they will go up to 95%.
First Active are still saying on their website that they do 95% mortgages - and their fixed rates are some of the lowest around at the moment. Might be worth trying them?
Click to expand...

Ye,ive seen that link you posted beow your post,its very good for following the latest lowest rates.Ive applied for an application for First Active,expecting a call from Ulster Bank to arrange a meeting and tried to get through to Halifax,think theyd be crying out to send out the forms......
 
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