IIB Top Up - Broker Neccessary?

P

P__ONEILL

Guest
Hi im wondering do you need to go through a broker to get a top up with IIB if you existing mortgage was done through a broker?

Irish Mortgage Corporation are looking for €450 (including valuation) to arrange im just wondering can i save a lot of this myself if i deal direct.
 


Hi P__ONEILL,
That's a bit steep considering. They should be more about client retention. Ah well their loss. You might have to increase your mortgage protection. What this means is that you will more than likely have to take out a secondlife assurance to cover the new mortgage amount. Depending on personal circumstances it might be cheaper to take out a brand new policy covering the lot.
 
I questioned this and IMC said its the same amount of work for a 30k loan that there is for a 300k loan and the banks cut thier comission so they have to make it up

I had considered the increase in mortgage protection alright, its not a huge remortgage only another 11 or so % on top of the current mortgage amount so i dont expect it to rise by a huge amount

I have an applicaion form here, on the front it says do i require title insurance.

The house is built on a site that was transfered from my parents, they bought the freehold last year which was processed by the family solicitor he has reciently recieved conformation that the land is in thier name and we have then all signed the deeds to my land transfering the freehold on that to my name...

So what im getting at is im sure, or my solicitor is rather, that i have proper title over the land. Will it make things quicker if i just take out title insurance anyway? Any idea roughly how much this would cost if the mortage was for €294,950 last year and im looking for another €33,000 on top of this (LTV is way way below 80% if that makes a difference).

Thanks
 

Hi P

Title insurance will be more than likely through a company called First American and is in the region of €1059. You might be better having a chat with your existing solicitor as he would be 100% familiar with the title of the property and may not charge as much

P.s Top ups usually arent as hard to get pushed through a bank and usually don't contain the same level of work. Basically your documents will be going through the same bank. The broker won't have to send the application to other banks unless you specifically asked them to. In my experience TOP UPs aren't as profitable to the broker and as far as I was aware IIB didn't cut their commission rates. So the broker will still get 1% of the TOP UP. You can go direct to IIB. You will have to pay a val fee( circa 130euro for a full val). Their excuse of banks cutting commission rates shouldn't impact your application. As I said previous the broker should be more about client retention..... Go direct or elsewhere, They aren't showing you the same loyalty you are showing them.
 
Thanks for your reply ill talk to the solicitor, you're right about IMC they are being greedy i feel esp after i gave them the business in the first place and had i been paying them back then i certianly wouldn't have been happy with the service.


Will be be able to offer a similar product or do away with the need for title insurance altogether?
 

Title insurance won't necesary. Your solicitor should be able to deal with the top up for you
 
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