IFG Mortgages - any opinions.

Kluivert

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Has anyone ever had dealings with IFG Mortgages, they where recommended by a lady in the office here.

I was going to deal with REA Mortgages untill they recommended one of their panel solicitors to use, I looked up this solicitor on ratemysolicitor.ie, the solicitor had alot of very bad reviews with alot of angry people complaining.

I believe bad referrals lead to bad business deals, so I will not be using REA for my mortgage application.

I am finding it hard to know what broker to use.

Any advice welcome.

Thanks
 
Why bother with a broker - for peace of mind check out the best buys on this site and make some applications yourself. You may well get the same mortgage that a broker would have got for you - but you could get a better one especially if you are borrowing below 80% of the value of the house. (NIB)
 
Get a broker. Let a broker deal with all the hassel and paperwork when taking out a mortgage
 
Get a broker. Let a broker deal with all the hassel and paperwork when taking out a mortgage

Ok - but if you do - make sure they have access to all the lenders otherwise you could be missing out on a better rate. Not all brokers have access to all the lenders (none of them will get commision from NIB for example). Use a broker by all means - but do some checking yourself too - it could save you thousands.
 
Thanks

I was just checking for any points to ask when approaching a broker:

Ill ask how many lenders they deal with is very important.

Choose a lender which is right for you and not the broker.

Anything else.
 
You should use a broker who has access to all lenders. Ask what agencies they hold. Try this click here
 
I dont think would be that hard to ring around and get the bank who offers the best long term deal. Then once am happy with that apply with that bank for a mortgage.

Thats essentially all a broker does, isnt it?
 
Brokers can also help to get a loan where you may have other issues - e.g. poor credit history, looking for a very high loan to value or income multiple etc. However if this is not the case then you should certainly try shopping around independently if you have the time. Check the various "best buys" lists to see who offers the most competitive loan for your specific circumstances and then try them. Also shop around as widely as possible for mortgage protection life assurance and home insurance since buying these from the lender will usually cost a lot more.
 
I've used REA a number of times and found them excellent. If you're not happy with one of the solicitors on the panel, request a different one. Maybe as up front before you start the process, to ensure you're happy.
 
I think I know the solicitor you're talking about, but if you go through REA, you don't actually deal with him, you deal with one of the partners. So far, she has been very helpful, always answering queries within an expected timeframe and always carrying out instructions to the letter.

You are also free to use your own solicitor and still go through REA.
 
I rang around all the major bank this morning in an hour, each one of them where able to give me a quick quote, apart from Ulster Bank, where you have to call into the branch.

Some where able to better Rea Mortgages funny enough, even though REA would do business with them.

I dont know but am going to go ahead and apply to the bank directly.

No bad credit history.
No big loans
No issues with salaries.

Applying with a bank should be then pretty straight forward.

Thanks for all your advice up above.
 
I would have to say that a broker is a better option. Speaking directly with a bank you will only hear what that particular bank has to offer, you will not hear if their competitor has a better rate or product. If you like to speak to each bank individually and work out what is best from those discussions fine, you will need to make at least 12 appointments with the individual banks.
There are other issues to consider aside from rate. There is service (during the applicaiton, drawdown stage and after draw down), flexible options, types of products, don't forget that you will be entering into a contract with this bank for a significant time and I can guarantee you that service will be an issue.
A broker can give you an independent perspective on things (once they have the agencies). You will avail of the broker doing all the leg work and a good broker should come back with a number of options and recommend at least one with their reasons for that recommandation.
I am a broker so one could say that there is a biest there, however I do deal with all the lenders on a day to day basis and no the pitfalls people can fall into.
 
I know that this thread has moved on from the original quesiton to a broader discussion on the pros and cons of mortgage brokers, but to answer the OP's original question I'd say IFG are excellent. (BTW, IFG is just an umberella group for a collection of smaller brokers so I guess it really depends on the individual that you get).

I dealt with them about 18 months ago when buying my first house. I was far from guaranteed to get the mortgage and was originally turned down. The broker kept working on my behalf and in the end I got the mortgage (under normal conditions, although at one point I was considering a sub-prime loan).

I know that lending conditions (i.e. interest rates and stress tests) were much more favourable at the time but I still couldn't fault IFG in my dealings with them.
 
This is personal opinion but be very careful Kluivert when dealing directly with any Irish bank! (BTW I am an ex bank official!!!)

I laughed when you said that they were offering a better/larger/different deal than through the broker. I am assuming that they were giving the green light to a larger loan size than that discussed with the broker- this essentially could be the case, however had the bank looked at any of your financial information? It is impossible for any broker or bank to give you REAL or MEANINGFUL information without throughly reviewing your finances. Even when they issue "an approval in principle" it still may not be worth the paper it is written on depending on the conditions attached.

I always smile to myself when I see a bank advertising "Loan Approval in 24hrs!". The loan approval they mean is "Approval in Principle" which will state that it cannot be relied upon for signing of contracts or bidding at an auction.

Anyone who thinks they can "ring around" or "look over" the deals offered by the banks themselves & choose the best deal-

can they tell me why many of the banks have a "new business" & "existing business" rate schedules for pricing loans?
Picking out the best rate is easy as long as you can read & count- but can you pick out the best value?

For example as an earlier poster pointed out NIB do have the best tracker rate on low LTV mortgages at present, but how competitive are their fixed rate schedules? You may save 0.1% by going to them on a tracker rate, but if rates continue to increase & you want to fix at any stage, their fixed rate pricing is way off when compared with AIB for example. This short term gain with NIB could result in a long term loss as your mortgage is most likely for 20 years plus & a tracker rate is priced in only todays terms.

Get yourself a good quality broker, preferably an authorised advisor rather than a multi agency intermediary, and even check them out with The Financial Regulator. There is a list of mortgage brokers on their site which also lists the companies with whom they deal, and then meet as many as you have to until you can build a trusting relationship with one individual.

Having worked in the banking sector, anyone who thinks that they can "beat" the system by reviewing the banks products themselves (unless they are extremely financially aware & qualified) is kidding themselves. The banks are some of the most profitable companies in operation in this country. Why? Because they have employees called "advisors" that really should be called "salespeople"- the only advice they will give you is to buy their products. With all the scandals of the past few years how any normal (I am counting all people who have never worked for a bank as normal!) person could feel trusting enough to walk into any financial institution for financial advice is beyond me. But hey then again they have spent millions in advertising to convince us otherwise.

Best of luck in any event.
 
I would recommend GMc mortgages to you. I dealt with Khalid there and he was top notch. He works in the leeson park branch.

I have to conenctions with them just received a great service.
 
I am dealing with IFG in Bray for my first mortgage.

Aideen there has been nothing short of amazing in her advice and gone above and beyond the call of duty. My partner and I do weird jobs with sporadic incomes yet she has made it completely straightforward and got us approved straight away which i never thought possible.

Lots of other institutions offer incentives to work with them, but i would go with the support and advice option over any incentive!

Good Luck
 
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