how do mortgage brokers work and how are they paid?

[karenkarenk]

our fixed mortgage is coming to and end and we want to shop around but find it all a bit overwhelming - what can a mortgage broker do for us and how are they paid?? how much do they usually cost? thanks

 

[irishlinks]

Re: how do mortgage brokers work and how are they paid@?

Most don't charge because they earn commission from the lenders. As has been mentioned many times on here - brokers do not deal with all the lenders so you might not neccesarily get the best deal from a broker.
What is your mortgage outstanding and the value of your home? What rate is your lender putting you on when the fixed rate ends ?

 

[ClubMan]

our fixed mortgage is coming to and end and we want to shop around but find it all a bit overwhelming

It shouldn't be. Just scour the newspaper and other tables of mortgage rates for the best tracker or (if you really need to fix) fixed rate for your circumstances (e.g. mortgage amount, loan to value ratio etc.) and then try them directly. Tomorrow's Irish Times property supplement should have one rate table with quite a few rates.

 

[G123]

Yes, I agree with this - it worked for me although that was over a year ago when the banks were still chasing new business.

I approached my lender and told them that I had gotten this great deal - they came back with a matching offer.

As I say, not sure if they're still doing this...