Mortgage Broker Advice

D

darex

Registered User
Messages
16
Can someone advise me on the pros and cons of mortgage brokers? - (I have looked for a stickie on this issue and couldn't see one - if I have missed it maybe someone could point me in the right direction).

I went to a well known broker recently and they charge 200 euro for making applications, 300 if you get an offer (and possibly 1000 if you get an offer which you don't take up - I didn't quite understand their documentation - so I need to check this up).
 
A lot of the advice is pre submitting the application i.e. getting everything packaged in the best possible way, pre-empting any queries that the bank may have with the application so the application is processed a lot quicker. They will also know who you will have the best chance of success with to save you filling out forms for them all.

When the application goes in, a broker minimises the work that you have to do, dealing with the banks queries as much as they can. Brokers take away a huge amount of hassle, most of it you never know about because it is done in the background.

There is a lot of time involved in getting someone to offer. Most brokers charge for submitting applications as there is a lot of work to get to that stage. They get paid by the bank if you close, so that particular broker is only protecting himself by charging. Afterall, you asked him to do something, he delivered. Is he not entitled to get paid?

If you want to do it yourself, that's fine too.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
Not all banks deal with brokers. Bank of Ireland and Ulster Bank don't. They are also more expensive at the moment.

Using a broker is the same as everything else:

Can I do the job myself?
Do I want to do the job myself?
Would I prefer to do other things with my time and pay someone else to do it?
Can I make more money doing my job and outsourcing the task to someone else?


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
SBarrett said:
Not all banks deal with brokers. Bank of Ireland and Ulster Bank don't. They are also more expensive at the moment.

Using a broker is the same as everything else:

Can I do the job myself?
Do I want to do the job myself?
Would I prefer to do other things with my time and pay someone else to do it?
Can I make more money doing my job and outsourcing the task to someone else?


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
Click to expand...

Steven thanks for your replies: If two of the main mortgage issuers are dealing with brokers then does that leave only two banks that are dealing with brokers?
 
darex said:
Also can anyone recommend a good mortgage broker to me?

Thanks
Click to expand...

I think Stephen is a broker. There are a few on here.

I don't think 200 Euro is a lot. You are seeking a service and professionals need to be paid. Not everybody needs a broker, but not everybody is good at form filling or at dealing with banks or at presenting their case for mortgage well.
 
darex said:
Steven thanks for your replies: If two of the main mortgage issuers are dealing with brokers then does that leave only two banks that are dealing with brokers?
Click to expand...

Bank of Ireland and Ulster Bank don't deal with brokers. AIB (I go through Haven which is their broker arm), KBC and PTSB do.

And yes, I am a mortgage broker as well as a financial planner.

Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
Bronte said:
I think Stephen is a broker. There are a few on here.

I don't think 200 Euro is a lot. You are seeking a service and professionals need to be paid. Not everybody needs a broker, but not everybody is good at form filling or at dealing with banks or at presenting their case for mortgage well.
Click to expand...

Yes I agree with this
 
You must log in or register to reply here.
Back
Top