I am not a mortgage broker, but I have always used the a broker (the same one), who was recommended to me and whom I have recommended to friends and they have since recommended to their friends! So my advice would be if you have friends/family in your area that can recommend someone that they got good deals through and whom they thought highly of, whats the harm of making an appointment and seeing what they have to say.
I am a mortgage broker and so am 100% biased but I'll give you my two cents worth,
Advantages of using a mortgage broker,
- broker can offer you wider range of options
- going direct restricts your options, both in terms of rates and criteria
Disadvantages of using a mortgage broker
- brokers cannot offer 100% whole of Market service as BOI, Ulster and NIB do not accept broker applications
- some brokers only deal with one or two lenders. Make sure you find one who deals with at least five
- as I said before I am 100% biased but honestly can't think of any other disadvantages
Didn't realise this was the case. Got my original mortgage via a broker with UB back in 2005 ...but clearly, this is one of many things that have changed between then and now...brokers cannot offer 100% whole of Market service as BOI, Ulster and NIB do not accept broker applications
NO - I mean in the case of the banks that do still deal with brokers. As an example, suppose a bank has X amount allocated to lend for 1 month. If they have sufficient customers for such lending that have come through their own doors, will these get priority over those that are applying via a broker?They would take the business alright but the broker won't get commission so therefore your application won't be sent to those banks.
NO - I mean in the case of the banks that do still deal with brokers. As an example, suppose a bank has X amount allocated to lend for 1 month. If they have sufficient customers for such lending that have come through their own doors, will these get priority over those that are applying via a broker?
If they have sufficient customers for such lending that have come through their own doors, will these get priority over those that are applying via a broker?
Just out of interest - if you don't mind - can you tell us what deal(s)your broker got for you ?
Can anyone tell me,what happens if you change banks very soon after getting a mortgage from them ,having used a broker?
Does the broker still get the commission from the bank?
- broker can offer you wider range of options
- going direct restricts your options, both in terms of rates and criteria
What fee?The fee the broker might make me liable for put me off to be honest - I have some time to play with.
You would think so - but when shopping for a mortgage back in '05, the broker could offer me a better rate than the bank directly! ...go figure...csirl said:Likewise, a bank will sell you any mortgage product in its range that you want to buy and can afford.
What fee?
You would think so - but when shopping for a mortgage back in '05, the broker could offer me a better rate than the bank directly! ...go figure...
- most reputable mortgage brokers will charge a fee for their service