More than one broker?

P

Petal

Registered User
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Hiya,

I've just started filling in mortgage application forms and I think I'm reaching the conclusion that it would be easier to let a broker do it all for me.
I am thinking though, is there any point in using more than one broker to see what they come back with rather than just relying on one?

Has anyone done this before and what experiences have you had?
 
You would imagine that there would only be any need to deal with one broker - but thats in an ideal world. What if that broker is getting a better commission from one lender than another? Is there a possibility that such a situation is open to manipulation?

Filling in the forms is boring but really it doesnt take that long. They all ask the same questions and require the same supporting documentation. Its as easy do one as it is 5/6/7 of them. Your unlikely to make another purchase as big as this one so isnt it worth the extra couple of hours of your time?


By the way, before I get flamed by brokers, I went through a broker as a FTB and was very pleased with the deal and the service.
 
Don't forget you may only have so many recent payslips etc that all the brokers want.

i'm lloking for a mortgage too Petal. One thing I have found annoying is more oftetn than not you fill out a form online and then they send you an application pack to fill it all out over again!
 
Well, the reason why I'm contemplating all this, is because I've done a good bit of homework and spoken to a good few mortgage advisors in the various banks and there's actually only two that I think offer the best deal. The others are offering much higher rates for a tracker which is what I'm after (althoug with the possible interest hike I might go for a two year fixed, but am not decided yet). So the reason why I'm contemplating going through a broker is that I think they might be able to negotiate better deals with the banks then what I would get back applying in the first place.
So if I already know what the banks are offering and I go through a couple of brokers then I'll see if they have anything better and I don't think I have too much to lose?
 
Petal said:
Well, the reason why I'm contemplating all this, is because I've done a good bit of homework and spoken to a good few mortgage advisors in the various banks and there's actually only two that I think offer the best deal. The others are offering much higher rates for a tracker which is what I'm after (althoug with the possible interest hike I might go for a two year fixed, but am not decided yet). So the reason why I'm contemplating going through a broker is that I think they might be able to negotiate better deals with the banks then what I would get back applying in the first place.
So if I already know what the banks are offering and I go through a couple of brokers then I'll see if they have anything better and I don't think I have too much to lose?
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A couple of phone calls to give the ones that are not competitive the chance to do better or no longer be considered?
 
Yeah I suppose, I was just wondering if anyone has tried to go through a couple of brokers and observed any difference in what the brokers came back with...
 
used roughly 4 or 5 brokers for my purchase. make a simple spreadsheet and ring/email them all and ask them to provide their best rates for your criteria (i.e. 1 year fixed, tracker etc) and fill in the spreadsheet as you get your figures together. They should all be able to provide these figures via email or over the phone.

There are differences between them, albeit small differences but sometimes over the course of the loan term, they could amount to significant savings/expense.

advice: shop around until your satisfied you have the best deal out there by comparing products from both brokers and the banks themselves.
 
Petal,
Im the process of looking for mortgage. Which banks did you find with the best rate?. 1 year fixed. FTB.
I have applied to a few, but still not sure.
 
Petal said:
I've just started filling in mortgage application forms and I think I'm reaching the conclusion that it would be easier to let a broker do it all for me.
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True, it is difficult and tedious to fill in your first form. When I was doing mine, I filled in as much as I could, then went to the bank and got them to help me fill in the questions I was unsure of.

Some brokers (e.g. Primafinance) offer the convenience of filling in one form which they will use to send to all the banks, but some of the smaller brokers will make you fill in the individual forms as if you were applying yourself.
I don't think the brokers can get a better deal than going direct, but that's my experience. Others may have found differently.
 
Thanks for all the answers. I think what I might do is fill in some forms, send them off, wait for what comes back and then go to a broker...
Regarding best rates - I've only looked at trackers so far and for those I personally found PTSB and ICS the most competitive so far.
 
candyman said:
used roughly 4 or 5 brokers for my purchase. make a simple spreadsheet and ring/email them all and ask them to provide their best rates for your criteria (i.e. 1 year fixed, tracker etc) and fill in the spreadsheet as you get your figures together. They should all be able to provide these figures via email or over the phone.
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Hi Candyman or any1 else with similar experiences,


Where the brokers able to offer you many different packages or rates?

Are they not all going to the same lenders who presumably would be fairly consistent in their rates when provided with similar financial details?

Im a FTB myself and am just trying to get a feel for how many banks or brokers to be going to.

Also if you visit the banks directly and then the brokers go to the same banks, are there any issues here if you decide to go with the broker instead of the bank, or vice versa?

Any input appreciated
 
River said:
Also if you visit the banks directly and then the brokers go to the same banks, are there any issues here if you decide to go with the broker instead of the bank, or vice versa?
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No issues i've ever seen with this. You are perfectly entitled to talk to whoever you choose to get the best rates. Sometimes the broker can leverage a few points off the rates a bank will offer you directly due to the amount of custom the broker sends the lenders way etc...

as a ftb myself, the best deal i could find was a 2.94% fixed for one year, then in writing move to a 1.1% margin tracker in 12 months time. valuation fee was waived. the lender is AIB and the broker was Irish Mortgage Corporation.

if anyone has squeezed a better deal, pls post. :)
 
Well, I have dropped in mortgage applications into a few banks, I'll wait what they come back with, then I'll try a broker and I'll keep you all posted on how I'm getting on...

Thanks for all the advice given
 
Be prepared for a lot of paperwork. With the expected hike in Interest Rates, banks are being very cautious and are requesting endless amounts of paperwork. One of my colleagues was asked for recent payslips - fair enough fairly normal - except usually they ask for the last 3 payslips not weekly payslips for the last 6months! They also requested confirmation from the company auditors of his weekly wage along with a letter from the co! Best of luck!
 
I know, it's terrible, it took me ages to get all the stuff together. One bank wanted my last three P60s and they've all more or less asked for payslips for the last 6 months. I haven't come across them wanting a letter from the CO though! it's like the spanish inquisition!!!
 
Sarah W said:
Petal, if you'd gone to a broker you'd have had to complete one form and supply the documents once.......

Sarah

www.rea.ie
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With all due respect Sarah, people need to shop around in this market as from my experience not all brokers are the same.

1. Not all brokers deal with all lenders.
2. Some brokers have more of an interest in sending you to a particular lender over another due to commission etc paid to the broker.
3. If you can get the same rate from the bank directly and get your valuation fee etc waived by the bank, i dont see the need for using a broker at all.
I am aware of REAs legal deal and it does sound good so that would be one argument for using REA as a broker but again not all brokers support such a deal.
4. I have known colleagues who have actually paid a broker €400/500 for the service that others provide for free.
5. On the point of filling out paperwork, it does become annoying after a while as would paying over the odds for your mortgage every month.


Final point: The more shopping around people do, the more clued in they become as to what their mortgage needs are and how best to satisfy them. When your happy that you have the best deal you can find, you go with that and thats the end of it.

My 2 cents...
 
Well, I do have a plan. I kind of know which (two) banks are the most suitable for me, but I'm applying with more than them. Once I've got their offers, I'll try and see if I can do even better. Either by trading them off each other or going to a broker and telling them what I've been offered and see if they can beat it.... And I totally agree with candyman. After having met I don't know how many mortgage advisors I got a pretty good idea of what I was getting myself into... so now I'm far more clued into what I have to look out for. BUt I've always been the type that does a lot of research before parting with my money....
 
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