Are the banks really open for buisness (Mortages)

Yellow Belly said:

So you are a qualified financial advisor then? And you have a full understanding of how to compare banks terms, conditions, security items & interest rate charges? Oh and of course you think that the banks always tell the truth and have no pitfalls to avoid?

Like I have said- I am now a broker - was a banker. The main reason I left the (so called security) bank job was to help people get the best deal possible, and avoid many of the pitfalls which can catch people out. If it was as easy as this man makes out then how come the bank with the lowest interest rate doens't get every mortgage being borrowed?

Click to expand...

I never said I was a qualified financial advisor but then again that is a loose term in my opinion. What would you says qualifies one to be a financial advisor ? I am not having a go. I am simply asking for an explanation.

I would say I have a very good understanding of how to compare banks terms, conditions, security items & interest rate charges? This is not rocket science. It can take time to research, but for anybody who reasonably wants to control their own finances, then they should do this.

The banks with the lowest interest rates most certainly don't, get all the mortgages but that is because of inherrant laziness in alot of people to do a slight bit of research.All of this type of information is freely available.

I find it amazing that people go bargain hunting for sales in main street shops, but then don't have the sense to do what for all intensive purposes is the same thing when dealing with financial products which can end up costing them thousands of euro.

At the end of the day a broker is a middleman whom someone usually has to pay for. Most likely the customer. It is in essence a fat process.

I don't agree either with your opinion that most people are financially unaware. However there are certainly alot who are which I guess is where the broker can help people out.

Haven't brokers in the recent past been criticised for certain conflict of interest issues. I suppose when things are tight and the Banks can't even trust eachother they probably are not keen on broker business where the client doesn't have their main business relationship with the bank, e.g mandated salary etc

roro123 said:

Haven't brokers in the recent past been criticised for certain conflict of interest issues. I suppose when things are tight and the Banks can't even trust eachother they probably are not keen on broker business where the client doesn't have their main business relationship with the bank, e.g mandated salary etc

Click to expand...

What conflict of interests issues?

Don't understand your argument- if the bank whom your salary is mandated to is the only one who is interested in lending to you- then you don't have much of a choice then do you? This lack of choice or competition would hardly be good for consumers?

You are right however that the banks do not trust eachother- they all know where the skeletons are in their own cupboards but prefer to promote a whiter than white image- they are just worried about what their competitors are hiding (with good reason).

If the current banking crisis doesn't clearly spell out THE REAL modus operandi of the banks & how they seek to maximise the profiteering they can make from customers then people will never see the truth. All the banking PR money spend trying to convince the public that they are virgin white surely cannot mask the scandals that are being aired at the moment. Let me tell you guys - what you've seen is only the tip of that berg!!

just wondering ....how did you get on with your commercial loan ? did you get it ?

Yes they are open for business, I got approved but of course I won't be buying for a year or so. They may be cherry-picking applicants at the moment but from a business perspective, that is only sensible.

I got mortage approval in February, have been sitting on the fence since then watching the property market, thought i would check in with AIB if i am still good for the mortage, e-mailed them 2 days ago, came back said yes no problem.
So they are lending if you meet the criteria

12,000 mortgages drawn down in April, May and June. From personal experience I would say perhaps 5 times as many approved and sitting on fence with Vega and andrew1977. Big fence

If you meet the criteria you will be approved.



www.moneybackmortgages.ie

.

[broken link removed][/QUOTE]

Link not working !

I was in the BOI today (collecting a card) and I was asked if I wanted/was interested in a mortage. She told me "in the last week BOI (local branch) has approved mortages in excess of one million euros".

I was surprised,
Recession??