Bubblebunny
Registered User
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Ok LDF, point taken!
But I do agree with you that brokers should advise in advance if they wish to charge you for the service
Mortgage Broker or do it myself?
- Thread starter Aoileen
- Start date
Ok LDF, point taken!
But I do agree with you that brokers should advise in advance if they wish to charge you for the service
Brendan Burgess
Founder
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Because the mortgage is small, you should not fix it!
A rise in interest rates won't cause you too much hassle.
if you have the cash you will be able to pay off your loan early.
Fixed rate mortgages are really only suitable for those who are at the very limit of their repayment capacity and who cannot handle an increase in interest rates.
Brendan
A rise in interest rates won't cause you too much hassle.
if you have the cash you will be able to pay off your loan early.
Fixed rate mortgages are really only suitable for those who are at the very limit of their repayment capacity and who cannot handle an increase in interest rates.
Brendan
LDFerguson
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Incidentally, on a mortgage of €70,000 over 10 years, the difference between 4.5% that NIB would offer and 4.55% that Bank of Scotland would offer via Aoileen's broker is €1.69 per month.
Do NIB require you to open one of their fee-paying current accounts to avail of their best rates? If so, you'd need to check if the fee exceeds the saving.
Do NIB require you to open one of their fee-paying current accounts to avail of their best rates? If so, you'd need to check if the fee exceeds the saving.
Thanks Brendan!
I have no intention of fixing the mortgage. We are getting it over 15 years as we are moving from a tiny 2 bed terrace to a large 4 bed detached in the country and will have need a lot of cash initially for furniture, increased utilities etc.
We could get it over 10 years but as we are a couple with 1 income only we want to make sure that we are not stretched. Before people start telling me I'm mad to stretch it over 15 years as opposed to 10 for lifestyle reasons I'll let you know the method in my madness!
I am only 33 so 10/15 years is not an issue and also, my partner has been very ill for the last few months and its a complete change of life for us both and we want as little hassle/stress as possible. We have every intention of paying it off earlier but for the moment we are sticking to the 15 years option......
In reply to LD: As far as I know, I do have to open an NIB account and thats what was leaning me against NIB.
I have no intention of fixing the mortgage. We are getting it over 15 years as we are moving from a tiny 2 bed terrace to a large 4 bed detached in the country and will have need a lot of cash initially for furniture, increased utilities etc.
We could get it over 10 years but as we are a couple with 1 income only we want to make sure that we are not stretched. Before people start telling me I'm mad to stretch it over 15 years as opposed to 10 for lifestyle reasons I'll let you know the method in my madness!
I am only 33 so 10/15 years is not an issue and also, my partner has been very ill for the last few months and its a complete change of life for us both and we want as little hassle/stress as possible. We have every intention of paying it off earlier but for the moment we are sticking to the 15 years option......
In reply to LD: As far as I know, I do have to open an NIB account and thats what was leaning me against NIB.
G
Guest111
Guest
The account can be a free fees a/c...I know because that's what I did.
Hi,
Personally i wouldnt touch a broker unless the bank wouldnt give me the amount i need. Sometimes brokers can get you more. The reason i'd do it myself is because in my opinion brokers have to consider there own interests also when sourcing a mortgage. I went to see a broker and he assured me he had got me the best deal on the market, i shopped around myself just to make sure and got a far better deal myself.
Personally i wouldnt touch a broker unless the bank wouldnt give me the amount i need. Sometimes brokers can get you more. The reason i'd do it myself is because in my opinion brokers have to consider there own interests also when sourcing a mortgage. I went to see a broker and he assured me he had got me the best deal on the market, i shopped around myself just to make sure and got a far better deal myself.
G
Guest111
Guest
There is a procedure for reporting brokers who behave in this way...I know a friend of mine in the business told me he has to be able to prove a particular deal is the best for each customer. He's a QFA so perhaps it's his professional body or the Financial Regulator?
Certainly there's a method of complaining...perhaps someone else knows how?
LDFerguson
Registered User
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If the broker claimed that the rate was, without qualification "the best in the market" and this was simply not true, the client could possibly complain to the Financial Regulator.
However, if the client got a rate from another bank that was a once-off "special rate" (and possibly used the loan offer from the broker to haggle down his bank as sometimes happens) then the broker couldn't have known this.
Equally, if the broker made it clear which lenders s/he acted for and then told the client that the rate offered was the best available from the lenders represented, that would not be grounds for complaint.
However, if the client got a rate from another bank that was a once-off "special rate" (and possibly used the loan offer from the broker to haggle down his bank as sometimes happens) then the broker couldn't have known this.
Equally, if the broker made it clear which lenders s/he acted for and then told the client that the rate offered was the best available from the lenders represented, that would not be grounds for complaint.