Simply Mortgages Versus Rea

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brokeagain

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Hi,
t
I am interested in hearing about other peoples experiences with either of the above. I don't know which one to choose. I remember reading at one point that Rea were offering reduced legal costs but I'm not too sure if this is still the case.

They both go to several lenders on ones behalf to get the best deal but other than that what do they provide?

Thanks!
 
Hi,

I'm not going to go into a big rant about my experience with REA. What I will say is that I was not satisfied with the service I got from them at all, in fact the service was terrible, however thats just my experience and I may just be an isolated case.
 
Both of those firms are well known in the irish market and both are considerably large players, as with any company clients have varying experiences, simply mortgages is a larger fiirm but rea has won broker of the year a few times in a row.

they are both competitors of our firm and we generally hear good reports about them.
 
Wisecom said:
Hi,

I'm not going to go into a big rant about my experience with REA. What I will say is that I was not satisfied with the service I got from them at all, in fact the service was terrible, however thats just my experience and I may just be an isolated case.
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Thanks for both of your replies. Wisecom, when you dealt with Rea did you get reduced legal fees? I vaguely remember that that was one of the reasons it appealed to me in the past. When you say the service was terrible so you mean that they were slow to get things done for you?
 
Reduced legal fees are a red herring. You should be well able to negotiate a decent fee with your own solicitor, if you wish.

If I were you, I would not allow a mortgage broker or bank dictate to me who should be my legal advisor. I would select a solicitor I can trust and a mortgage broker I can trust, in order that they can both defend my own interests if required, not those of the mortgage provider or bank. The best way to source both is through recommendations of family and friends whose opinions you trust.
 
We used REA in Bray last year to get our mortgage and they were brilliant. I simply can't say enough for them and I am rather picky when it comes to customer service (being a Yankee). They did offer a discount on the legal fees at the time - I think it was 400 or 500 euro. If you ring them they will describe the package they offer and don't pressure you. I did check and the legal fees we paid were the standard going rate, a reputable solicitors office and you get a list of different practices to chose from. Our solicitors were "hired" and paid for by us and were legally representing us, and REA paid a portion of their invoice. I didn't see this as a conflict of interest as we had already recieved our mortgage pack from the bank.

Good luck!
 

Hi brokeagain,

I did opt to use one of the REA recommended solicitors which was much cheaper than some others. My experience with the solicitor they recommended was ok, I mean I had to keep chasing them but really it's the same for all solicitors (sorry solicitors, but you know it!), but when I did chase them their response was prompt and professional.

The issue I had with the service was:

1. The speed that everything happened. They really dragged their feet. I had informed them that the price I had agreed with the seller was subject to a predefined closing date being met. The date was not unrealistic at all but they missed it. It added to my frustration that they kept dragging their feet after I missed the date and we ended up in Christmas and I couldn't close until after the New Year. I even ended up dropping into the Bank that REA had arranged my mortgage with so I could hand deliver documents that REA were supposed to but hadn't sent to the bank.

2. I was passed from person to person. Three times I received letters telling me my file had been handed over to another person. I was frustrated that I kept getting a new person that wasn't fully familiar with my file which of course added to the delay in the whole process.

Again as you see from LadyJane's comments above every person has different experiences and I have spoken to people who found REA fantastic. Indeed every Branch is different. My Branch was in Dublin.

 
Thanks a million for the heads up. It is difficult to know what to expect from any of them I suppose so I will just have to wait and see.
 
Recently used Simply Mortgages to obtain a loan from First Active. Found SM to be absolutely useless (and now it appears costly also). Rarely answered the phone. Rarely returned phone calls/emails. Whenever they finally decided to return a call they would dial directly into my mobile voice mail and leave message to avoid speaking to me personally. Loan was drawn down 2 months ago so have been trying to find out when am I going to recieve the €1000 payment for legal fees as promoted by First Active. Told today that that fee only applied if I used First American - this is the first time I've been told about this. Based in the midlands.
 
brokeagain: i am in the process of using REA as my mortgage broker and i am finding them quite good at the minute. they were recommended to my by 2 other customers of theirs. We went down the reduced legal fees route that you described and whilst the legal fees were reduced we did have to pay REA a fee also. (my mistake in not spotting it/not reading the fine print much to the oh's dismay!!!)

anyway we had a specific plan in mind of what interest rate and mortgage we wanted and they helped no problems. They have also kept us up to date with who has the lowest rates and dont flinch in telling us. i also check up the rates that they tell us though just to make sure. the solicitor that they put us in touch with is good and and has kept us up to date with everything. so in summary i suppose no complaints so far.

i have no affiliation just a happy customer (so far)

burger1979
 
brokeagain, we used Rea in Swords last year and have to say they were very efficent and kept us up to date on everything, would have no problem recommending them!
 
Used REA last year and found them to be excellent. Just a point on the solicitors, you don't have to use their panel, you are free to use your own solicitor if you should wish (though they won't pay anything off your legal fees in that case).
 
Hi
I dealt with Rea aswell and found them to be not that good. I would agree with wisecom on his comments as this is exactly what happened me. I was passed between 3 people which slowed the process up and also they lost some vital documents during the process. They also sent out the wrong documentation to me, ie I got someone else offer which was very strange , the evenlope had my name and address and the docs where for a lady in blackrock?
Although I had a bad dealing I know some friends that had really good dealings aswell. I may have been just unlucky.
 
I thought about using Rea but their automated phone system drove me mad. It never understood what I was saying. Trival I know but annoying none the less
 
I'd just like to say we've never had to chase our solicitor and we've used his services at least three times now.
 
moneygrower said:
I'd just like to say we've never had to chase our solicitor and we've used his services at least three times now.
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:confused: I don't the connection with this comment and a discussion about the pros and cons of REA versus Simply Mortgages?

Anyway, what from I'm reading here, services by both companies are hit and miss. I'm dealing with SM at moments (very early stages) and find they have plenty of time to talk to me/answer EMs, etc.. Perhaps the poor experiences other posters have had were at busier times? with regard to legal fees, I'd imagine that negotiating with a solicitor for a fee in these times might be easier than even two years ago?

what I'm really saying, I suppose, is that past experience with these brokers adn solicitors might not be the same in 2008.
 
Yeah would think that instead of your file being passed to three different people, that there may just be 3 different people free to look after it all at once.
 
Gary_b said:
Hi
I dealt with Rea aswell and found them to be not that good. I would agree with wisecom on his comments as this is exactly what happened me. I was passed between 3 people which slowed the process up and also they lost some vital documents during the process. They also sent out the wrong documentation to me, ie I got someone else offer which was very strange , the evenlope had my name and address and the docs where for a lady in blackrock?
Although I had a bad dealing I know some friends that had really good dealings aswell. I may have been just unlucky.
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Your file being passed between three people in pretty normal I think. One is the mortgage adviser, who discusses your options with you and then goes and gets the loan offer. Once the loan offer is issued, your file is passed to a mortgage administrator, who takes over from loan offer issuance to cheque issuance. Seperately, REA also offer a financial consultant who will offer advice on home insurance etc. You don't have to take his/her advice though.
 
I used REA in Newbridge last year and found them to be very good. They were very thorough in outlining the options available to me and the whole mortgage process went very smoothly. I also used a solicitor from their panel to avail of the reduced legal fees and didn't have any problems. I don't have any connection with them other than being a past client.
 
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