Mortgage Brokerzzzzzzzz

Hi All,

Want to discuss merits of using a mortgage broker. I made an enquiry through my work’s ‘Groupscheme’ that gets you discounts etc. A crowd called Irish Mortgage Corporation are saying they’ll do all the work, finding the best deal etc, waive their fee so that I dont pay them anything then theyll take a commission from the bank.

Is this a viable route to go down? They tell me there is a lot involved in getting a mortgage and to be honest I dont have a lot of time on my hands.

I have found IMC pretty good to deal with but obviously you will still have to do a certain amount of donkey-work such as getting together banks statements, payslips, etc.

What I found with IMC is that they will ask you for the whole shebang from the get-go so you won’t have to keep dealing with follow-up requests for more docs.

Just note that estate agency Hooke McDonald own IMC. You can search the pin for some history regarding their antics during the boom. (passing that knowledge to the estate agent to bid you up to your limit)

They can be a useful organiser if they are on the ball. They may also have some wiggle room with their contacts at the banks they deal with if there is any difficulty with the application…

But bear in mind BoI and Ulster Bank for two do not deal with brokers. Also, independently verify the merits of the deal you are offered. For instance, I instructed my broker not to seek approval from ICS or PTSB, as their rates are unfavourable/they have history seriously shafting SVR customers.

ICS are part of BOI and don’t exist as an independent entity…so, in effect, BOI do deal with brokers. Also, given the very limited number of lenders now operating , I don’t think it is realistic to rule two of the largest.

Whatever their relationship behind the scenes, their SVRs are different (ICS’s being +0.3%). And that matters. You cannot get a BOI SVR from a mortgage broker. You may wind up with an ICS mortgage, which is not the same product. I have no idea how ICS compare in terms of approval amounts, length of term etc.

Ulster Bank are looking to lend and should be considered. But the provider of finance for most of the market is AIB, and that is probably where the broker will lead you.

Just a note on this, I just spied on Twitter that AIB are going to cease dealing with brokers from the end of August 2013. Haven will still deal with brokers, but I am not sure exactly that means. Same terms/rates apparently. But surely a significant drop in business for brokers beckons?

Jaysus, it’s getting busy on this front. Apparently ICS is now to be sold/close according to Karl Deeter on Twitter.

some info here
irishtimes.com/business/sect … -1.1457755

You’re a long-time poster here so your post really surprises me. Your last line terrifies me. And really, as a post on this forum, I don’t understand it.

So BOI won’t deal through brokers? And neither will AIB? Sounds like a tough time to be a broker.

100 per cent agree, can’t really understand anyone using a broker to be honest…

I used a broker (REA) in 2003. They were great. Bank needed large volumes of documentation (100s of pages IIRC) as I was living outside the country and self employed.

They went into receivership in 2008 according to this thread.
viewtopic.php?f=4&t=14012

I have no idea whether it makes any sense now.