Rea

J

Jaydee

Registered User
Messages
48
Has anyone gone through REA?

Is it normal for them to come back and say that you should accept one lenders offer without giving details of the others.
 
Yes, it is normal.
Rea have the most transparent model possible for a broker.
You pay Rea a fee for their advice and service, and they refund
you any commission the lender gives them. So you shouldn't have
any reason to suspect that their advice might be influenced
by the size of the commission.

I'd be very surprised if anything untoward was going on in your case.
 
I've had a positive experience with them, and they came back with offers from several lenders.
Also, FYI, they've recently changed their fee structure, so that you pay less upfront and they take the commission when it arrives - rather than a higher fee at the start and a commission refund later on.
 
simp said:
I've had a positive experience with them, and they came back with offers from several lenders.
Also, FYI, they've recently changed their fee structure, so that you pay less upfront and they take the commission when it arrives - rather than a higher fee at the start and a commission refund later on.
Click to expand...

what is their fee?
 
Another Rea question while we're at it.

Are they the type of people you could go to if you are 3-4 years into your mortgage and thinking of changing but not sure of best deal, especially with all the LTV and loan amount restrictions on the various Trackers on offer plus the fees charged/fees covered by new lender options around.
 
Hi Jaydee. If there is any aspect of your mortgage options you are not sure of please do contact your REA consultant. Customer service is of vital importance to us and this is a big financial decision you are making so you need to be completely clear and comfortable about why your consultant is recommending a particular lender/rate.

Thanks to Mugsgame and Simp. :D

Foxylady - for mortgages over €250,001 we charge a fee of €499 + VAT for the conveyancing service. There is no further charge and no commission refund. This reduces the overall cost, based on the old scheme of charging a higher fee and then refunding the commission, and also helps our clients cashflow as previously the refund took up to 90 days to come though.

Round Tuit - in a word, yes! Call us on 1890 663 663 and one of our consultants will be able to explain your options, no cost and with no obligation.

Sarah

www.rea.ie
 
Sarah,

How would this look for 350K - 380K, would the same figures apply? And I assume it's 499+VAT+outlays?
This sounds like a good deal overall.
 
Not bad at all, I'll keep that in mind for when the time comes.... still waiting for that P60 for my partner, all these documents that one needs!!!!
 
Thanks guys,

I guess I am a bit worried and nervous about the whole process. I just want to make sure that I am getting good service as there little point complaining afterwards.
 
Petal - the last payslip of 2005 will do if your partner's P60 hasn't been issued yet. Just a thought if you are in a hurry.

Sarah

www.rea.ie
 
Thanks Sarah! Not really in quite a hurry yet, so it's just a few more days.
 
Hi Sarah,

What would the REA fees be for mortgage < 200,000 and REA to do legal work for buy AND sell ?
 
Hi Redstar,

For a house sale using the REA buy and sell package the legal side of the sale is €950 + VAT and outlays - irrespective of the sale price. For mortgages up to €200,000 the fee is €1995 + VAT to include the legal fees and the commission refund is 1% of the loan amount. So, if you borrow €200,000 the net fee is €413.95 plus outlays on the purchase.

Sarah

www.rea.ie
 
Thanks Sarah.

Not sure where 413.95 comes from though. If commision refund is 1% ( €2,000) and total fees are 1995+950=2,945 +VAT isn't the net fee 2,945 - 2,000 ? ie 945 + VAT ?

Maybe there's a special discount for AAM members :D ?
 
Sorry Redstar - I should have been clearer.

Sale - €950 + VAT = €1149.50
Purchase €1995 + VAT = €2413.95 - commission refund €2000 = €413.95

Total (excluding outlays) €1563.45 (which is actually the same as your calculation but you worked the VAT on the net fee which we can't do!).

Sarah

www.rea.ie
 
Ah, I see now.

So, effectively there is a sliding scale of fees based on the 1% commision refund ?

For example, a 150k mortgage would cost net 2,063-45 because refund is 500 less than on a 200k mortgage ?

By comparison Prima Finance buy/sell is 499+VAT/800+VAT (ie total 1,571 incl VAT) regardless of mortgage amount.
For 150k mortgage, PrimaF fee is 1,571 - REA is 2,063 (all VAT inclusive)
For 200k mortgage PrimaF fee is 1,571 - REA is 1,563 (all VAT inclusive)

So, use REA for mortgages of 200k and above, PrimaF for less than 200k.
(Assuming service etc ... is of equal quality, of course !)
 
Sarah,

I was on to one of the reps there looking for a mortgage of 135K on a 761K Property with the buy and sell legal provided by yourselves. He said it was €950+vat+outlays for the sale and another 950+vat+outlays for the purchase but there is no other fee involved. Did I misunderstand ?
 
Do you offer
any advice on self cert mortgages, with a 25% deposit?

Thanks

Steve44
 
JohnnieKippe said:
Sarah,

I was on to one of the reps there looking for a mortgage of 135K on a 761K Property with the buy and sell legal provided by yourselves. He said it was €950+vat+outlays for the sale and another 950+vat+outlays for the purchase but there is no other fee involved. Did I misunderstand ?
Click to expand...

Hi Johnnie,

That would probably be the best package for you.

Sales are a flat €950 + VAT and outlays regardless of sale price.

For mortgages under €200,000 the normal package would be a fee of €1995 + VAT and outlays and then a commission refund of 1% of the loan amount. So on the purchase you'd pay €2413.95 (excluding outlays) to get back €1350 within 3 months or €1063.95. By charging €950 + VAT you pay €1149.50 but your cash flow isn't impacted in the same way. If you want to go down the former route just say that to your REA adviser and (if you wish) refer them to this thread.

Sarah

www.rea.ie
 
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