broker or contact each bank myself

J

jmsm

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Can anyone please advise on whether it is better to get a broker when looking for a mortgage or go to each bank individually ourselves?
Aside from the hassel of getting copies of all docs etc. can a broker negotiate better the way things are at the moment
Thanks
 
You can shop around easily yourself as most banks have their rates etc. online so you can work out from that who is the best deal etc.

I used a broker for the last place I bought (it was a friend so was doing him a favour) and to be honest I was not sure of any advantage compared to when I had done without in the past.
 
You can use the same Docs for each application. They just photocopy them and return them to you.
Once you have gathered all the docs, just keep them somewhere safe in a special folder so you don't have to go looking for them each time.
Get mortgage approval from someone, before you go making offers on houses!
Even if you end up not using the Bank you have gotten approval from, at least you know you how much you can afford to spend and you have gathered all the documents you need (which is a job in itself sometimes).

I found going direct to Banks much more straightforward than when we bought our first house and used a Broker. (We applied for 2 mortgages in the past couple of years, but didn't actually buy anything yet).
I like to know what's going on, so hate having to use a third party, all that 'I'll ring them and call you back/they haven't returned my call yet' stuff really annoys me.

If you need a broker to try and get you more money than a bank will give you directly, then you are overstretching yourself financially - that'd be my opinion.
 
thanks for your thoughts
we had approval in August but need to start again now so that is why I was just wondering about the broker route
we don't need a broker to get more money!! we have no intention of overstretching at all.
its not the payslips etc its the individual salary certs that need to be signed for each sep bank that is the annoying part.
Also when we did get the approval the last time directly from 2 diff banks - it entailed a lot of back and forth about diff things - so that was annoying.

Anyway thanks again
 
you might find that even with a broker you'll have to get the salary certs done for each bank on their own paper, we did had to get 3 sets done for the broker.
 
bluebubbles said:
you might find that even with a broker you'll have to get the salary certs done for each bank on their own paper, we did had to get 3 sets done for the broker.
Click to expand...


Some employers have a problem filling out several salary certificates, if your employer does (and you decide to use a broker) then make sure to use a broker who has a generic salary certificate acceptable to all the lenders.


www.moneybackmortgages.ie
 
we went through a broker and were happy because they took away a loads of pressure and stress from our hands caused by other circumstances ...
they got their commission from the bank so no additional expenses and also handled our life assurance and home insurance and found us an independent surveyor as well ... we might have paid a bit more at the beginning but come the next term and less stress as we are already settled we can renegotiate some of the deals ... that said, not everybody is so much in a hurry as we were ...
 
i've done both and found dealing with a bank much easier, quicker and better
 
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