Rockahoola
Registered User
- Messages
- 14
Are there any brokers in Ireland who will do a 'nil commission' mortgage for a fixed fee? The idea here is that instead of the broker getting the usual 1% of the mortgage, they do it for a fixed fee (presumably lower than the 1%!!) and either give you the 1% or the bank gives you equivalent value for the 1% in the interest rate they charge you.
It seems crazy to me that for a run-of-the-mill mortgage for say €500k, a mortgage broker will pocket €5k. And probably only a few hours work I'm guessing. For a €1m mortgage, they're getting €10k. I've no problem remunerating people fairly if the mortgage was awkward or they managed to negotiate a deal I otherwise couldn't have done directly, but if I'm looking for a standard mortgage then it seems barmy to me that I might have to fork out €5k to a broker for nothing. Going straight to a bank doesn't seem to improve the deal, so there must be some leeway to negotiate a split of the 1% between the broker and the buyer (i.e. me) !!
Ideas anyone?
It seems crazy to me that for a run-of-the-mill mortgage for say €500k, a mortgage broker will pocket €5k. And probably only a few hours work I'm guessing. For a €1m mortgage, they're getting €10k. I've no problem remunerating people fairly if the mortgage was awkward or they managed to negotiate a deal I otherwise couldn't have done directly, but if I'm looking for a standard mortgage then it seems barmy to me that I might have to fork out €5k to a broker for nothing. Going straight to a bank doesn't seem to improve the deal, so there must be some leeway to negotiate a split of the 1% between the broker and the buyer (i.e. me) !!
Ideas anyone?