use a broker or go it alone?

Husband and I are about to embark on the mortgage application process (god help us) and I'm just wondering if we're better off using a broker of going it alone.

I've spoken to one broker who deals with AIB haven, BOI ICS, PTSB and KBC. They charge 195 for the application process and 300 on completion.

Given the amount of paper work involved these days are we better off going with a broker and if so, is this fee pretty standard? We're in Dublin so any other broker recommendations are welcome.

If we go it alone and get all our paper work in order, do banks accept photocopies of banks statements? If we're applying to several banks we'll need several copies of our various statements - will they look for originals and if so how do we apply to several banks?

thanks in advance for any assistance.

I would try and go it alone. That €500 will go good way towards solicitors bill. You could decide to go visit one or two of the banks first. Bring along some of the paperwork like last few months wage slips and bank statements. They will be able to give you an indication of what you could borrow and they will give you a list of the paperwork that you will need. As far as I'm aware you need original statements but I'm open to correction on that. You should price up how much it costs to get original copies from your bank.
Also if you post up a bit about your circumstances wages, savings, how secure jobs are etc others here will be able to give good indication of what u can borrow.

I'd be inclined to go it alone. I found UB to be efficient in relation to mortgage applications (despite IT issues they've had in recent times). AFAIK they don't deal with brokers.

You could do it in sequence. They will get your documents back to you pretty quickly. Or if you have the time to meet with mortgage advisors directly they will photocopy the stuff on the spot at the meeting.
To be honest if one Bank offers you a mortgage with no issues, then the other ones will too so then it'll be a matter of interest rates or which bank suits you to deal with. The amounts they offer will only vary according to interest rates and if they lend up to age 70 or age 65 and if you have kids or not.
It's only if you have a difficult application then a good and efficient broker can help you with that. Or if you are pushed for time and can afford it then you could opt for a broker.

Ok, I didn't know they would give the documents back or that if we go in in person they can photocopy on the spot - thats useful to know. Maybe we'd be better off taking a morning off work then and going around to a few of them??

The reason we'd like to shop around is to see who will give us the most money to buy with - is there any variance on this, or is the only real difference on repayment amounts??

We're both in permanent jobs, all loans, credit cards cleared and have been saving consistently for the last year or more. We have an existing mortgage and would closing this when we sell our house - we've had or house valued in recent weeks by three separate agents who all gave us the same value. We've been preparing ourselves for this application for the last year so are in good shape.

Anyone know which bank gives the most multiple on your income or are they all the same??

trux said:

The reason we'd like to shop around is to see who will give us the most money to buy with - is there any variance on this, or is the only real difference on repayment amounts??

Anyone know which bank gives the most multiple on your income or are they all the same??

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Who says the boom isn't back. Go for it !!

I'm currently in process of getting mortgage and going to banks directly, some pointers for you:
- If the bank with the mortartage provider, they will already have access to your accounts.
- If you don't bank with them, make sure you have 3 mths bank, credit card statements, loan statments (originals) to hand (bank will take photcopies & give them back, don;t go i with photocopies)
- If you have a tight timeframe, start your mortgage protection application now, as thats taken the longest (in my current experiance)
- Have P60 ready to prove income
- Use the online mortgage calculaters so you have a rough idea what you can borrow. Ulster Bank was quick & easy, AIB was a bit more detailed but also good to use

All really helpful stuff guys, thanks so much. It sounds like if we get the originals of our paperwork in order then, we could just as easily do the rounds ourselves some morning and they can take copies and give them back.

Unless you are 100% sure that you'll get approval, use a broker.
In my recent experience, there are many parameters the banks use to rule the applicant out. If you get turned down, you've got this mortgage refusal on your record. This black mark is a further negative which may go against you in the future. A mortgage broker will be able to flag such a pitfall in advance, and allow you to sort it out before you apply for the mortgage.
My saving record over the past 12 months had been excellent, I thought. I was putting away about €250 per month, every month. Apart from December, when I did not put away that €250, and actually dipped into my savings to the tune of €100 (approx). When my mortgage broker saw this he advised postponing any application 'til July at the earliest. Apparently I should try to have a run of six months, good, positive saving. That little Christmas spurge of mine, which I thought was innocuous relative to my otherwise clean records, would be enough to sink this application, and potentially sink future applications due to my "black mark".

That's interesting Belton. Maybe the answer is to find a broker who is not going to charge us and get the best of both worlds.

Can anyone recommend a good broker who won't charge? We're based in south Dublin?

Atkins Mortgages & Insurances in Dublin.

I used my union's broker (Lyon's) and found it extremely handy that he did all the running around for me. I filled out one set of forms and printed out my statements, P60 etc once. As I have my income continuance with them there's no fee; if you're in a union I would suggest looking into whether they have an assigned broker.

Hi all
I think the point is being missed here Trux you mentioned which bank will give the biggest in multiple terms, go to a calculator and work out what is affordable at 6 or 7% and this will tell you quickly what you want to borrow. I see danger signals in this lending area happening again (listen to the current adverts from all the lenders and listen back to the ones from 04/05) The real question you should ask is who will give you the consumer the best advice and I would always state an independent advisor with no ties to any lender in terms of commission would be priceless and a 500 fee for this could be the best money you will spend. Just my thoughts Padraic