Has anyone used 'Mortgages Direct' to get a mortgage?

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brokeagain

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Hi,

I would like to get feedback from anyone who have used mortgages direct? Are there any fees for using them as a broker? Is there anything that I should be aware of before I send them on my documentation for approval in principle?

Thanks for you replies:)
 
I had been using them over the last couple of years in relation to a mortgage for a property I was buying. It was a very complicated sitution and the girl I was dealing with was very patient when it ended up being a very long drawn out process (due to my circumstances) At the time they managed to get me the best deal and agreed to pay towards my legal fees which another bank had offered me.

For a number of reasons I never drew down the mortgage and the case was 'idle' for a good few months. Recently I was in a position to restart the process but have actually decided to change brokers. Mainly because instead of going back to all the banks they dealt with MD seemed to be concentrating on just dealing with the one who had originally agreed to lend with me -who were no longer offering the best deal. I know I could have pushed it with them.

Also when I spoke to the new broker they invited me in and spent over an hour with me and I thought it was usful to meet them face to face whereas with MD it was all done over phone and email.

At the time I first approached them there were no fees. Not sure if this is still the case.

One issue I did have with them is that when they organised my life and contents insurance it started coming out of my account even though I had not drawn down my mortgage. This happened about 3 times and I was not able to recoup all the money. So i was paying for contents that did not exist in a property I did not own.

But other than that it was a smooth enough process. As i said my circumstances were very complicated and the girl I dealt with was very supportive of that but as I never completed the process i can't fully review them I suppose.

Probably not much help!!!!
 
Thanks for your feedback. They have mentioned on their paperwork that there may be an administration fee of up to €599. I think this is a bit high to be honest. I was only given application forms for two banks...is this standard procedure with Brokers. They advertise that they check 10 lenders for the best deal!
 
brokeagain said:
Thanks for your feedback. They have mentioned on their paperwork that there may be an administration fee of up to €599. I think this is a bit high to be honest. I was only given application forms for two banks...is this standard procedure with Brokers. They advertise that they check 10 lenders for the best deal!
Click to expand...

Seems to defeat the whole purpose of going to a broker tbh - I would expect that a broker would have one form for you to complete which they would then submit to all lenders for whom they have an agency and then see what, if any, lenders are prepared to do business.
 
2 application forms or 2 declaration forms?
You should only have to complete on application form but each lender will need you to sign their own declaration.
 
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