Broker rates for mortgage are higher than provider's web site

[OkeyDokey]

I've recently engaged the services of a mortgage broker. I was notified last week that Bank of Ireland have agreed to lend me €260,000. The rate the broker indicated is a variable LTV of 2.65% AER. The LTV is 67%.


I had a look on the BOI web site to see what the LTV percentages are and I noticed that there are a number of rates i.e. VRP1, VRP2, VRP3, VRP4 and VRP5. (Click on the rates tab of the following page : [broken link removed].)



Variable VRP1 (LTV < 50%)
2.3%

VRP2 (LTV 50-80% Loan > &500k)
2.4%

VRP3 (LTV 50-80% Loan < &500k)
2.4%

VRP4 (LTV > 80% Loan > &500k)
2.6%

VRP5 (LTV > 80% Loan < &500k)
2.6%


I can see that I don't qualify for VRP1 because the LTV is not less than 50%

VRP2 doesn't apply as the loan is not more than 500k.

I would have thought that I should qualify for VRP3 which is 2.4% and that is the APR according to the web site.

What is the reason for this? I asked the broker but he wouldn't give me a straight answer.

Can different rates apply when going through a broker?

 

[irishlinks]

Looks like 2.4% should be the correct rate (Apr and Actual % too).
Why not apply direct to the bank yourself? You've obviously got the brains to work out what's what. Why bother with a broker?
If they can't explain the rate difference - walk away.
I know BOI offer deals for mortgage switchers if you go direct. It costs them when you use a broker .