Same thoughts, used it and mentioned in Discount Brokers thread. This service is really good. More comments on mortgage brokers would help a lot though... especially these days when companies are in trouble (ie. www.rea.ie).
Mortgagesandloans.ie website has just come out of beta. We are hoping to launch officially this week however the website is live and the requests are genuine. If any early adopters (borrowers or lenders) want to check it out and give us their thoughts we would be very grateful. We are already grateful for the mention here.
A little background; a few of us here were looking for mortgages last year and found a big variance between different brokers even representing the same institutions. We found it hard to feel confidant we were getting the best advice or deal available comparing each others proposals and ended up doing a lot of unnecessary interviews with brokers and lending institutions. There had to be some way the pain could be eased for the borrower, after all we are the customers!. Hence we thought up the concept behind mortgagesandloans.ie. Hopefully we have given some power back to the borrower. (especially if people like it and use it)
A lot of people on askaboutmoney are financially literate and see a broker as just another layer of redtape before getting a mortgage so instead do the research themselves and then go directly to the bank. As a broker myself I have no problem with that.
Just trying to get my head around the advantages of your site.
It seems to add another layer to the process
i.e client - your site - a broker - a lender.
Also to really give the best service and assure the client that he is indeed getting the best deal, you will need all the best and biggest mortgage brokers in the country to sign up?
If not the client will just be dealing with small brokers who may not have the volumes to influence a lender or expertise to package the mortgage and get the best deal for the client.
Yes traction among the brokers is very important and we are hard at work getting new sign-ups every day. We have a few big players in already!
(a) Competition: All brokers can see all current bids on any borrower request. Lenders that want to compete for the business are therefore encouraged to respond with an better deal to the borrower.
(b) Time saving: Borrowers can reach out to a number of brokers from the comfort of their home.
(c) Sanity Check: Borrowers can use the service as a useful sanity check against their other research, or as a good method to get started.
(d) Reference: As we develop the website we hope to encourage and develop community to create a great reference resource for borrowers.
(start of this is the addition of the 'Rate my broker' feature, forum to follow).
(a) QUALIFIED SALES LEADS: As we ensure that all requests for proposal are genuine, lenders can be assured that they are receiving quality sales leads from real potential customers.
(b) COST SAVING: Sales leads will cost less than those available via other media channels.
We expect fully that people will be sensible about how they go about securing their mortgage or loan, however it is our belief that we have put in place a service to the borrower that well provide them with the opportunity to secure a good deal.
Thank you for your input. Please feel free to contact me directly if you want more information,