Can I use 2 mortgage brokers?

C

CaCameron

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We have been speaking to 2 mortgage brokers (shopping around as advised). Now we are at stage of starting application. Is there any benefit of asking both of them to apply for us or would it work against our favour if the same banks received 2 applications? I would be interested to see if they came back with different mortgage offers.
 
Hello,

I would not have two brokers making application to the same lenders, that's a bad move and could raise unnecessary concerns with potential loan providers.

If each broker has relationships with different lenders, then no harm getting comparable quotes from different institutions.

Some brokers charge fees, so keep that in mind if you decide to instruct one or more brokers to do some work on your behalf.
 
Thanks for advice MrEarl. They both don't charge but get a fee from the lenders, so we are ok on that side. Will take on your advice though.
 
A bank won't underwrite two applications for the same person.

Have you asked the brokers which banks they have agencies with and which one they will be making applications with? They will both get the same rates with the same banks.

There is an awful lot of work that goes into getting someone a mortgage application. You are asking one of these brokers to put in hours of work with the knowledge that one of them is wasting their time. It is easy enough for you to know which lender you want to use before a broker has to go through hours of work in preparing an application for you. Don't screw people around, they could be spending that time on clients who actually want them to work for them.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
SBarrett - I will ask the question re who they work with. What you said has been noted, I wouldn't want to waste anyone's time. Thanks.
 
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