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Why should you use a Mortgage Broker?
Whether you are planning to buy a property in Ireland, or remortgage your existing one, we believe that it's important that you get professional mortgage advice from an independent mortgage broker.
Why should you use a mortgage broker, rather than getting a mortgage directly from my bank?
1. If you speak to your bank about getting a mortgage, they will only recommend one of their mortgages... they are unlikely to tell you if you can get a better deal from the building society or the bank down the road!!!
2. There are so many more options available in the Irish Mortgage Market - but generally speaking, each lender will offer some options but not necessarily all the available options.
For example:
- Does your bank offer current account or offfset mortgages?
- Or cheque book mortgages?
- Can you take a payment break from your mortgage?
- Will it be expensive to top up your mortgage in years to come?
- Can you pay only the interest on you mortgage, in the first year (or number of years), since you'll have the additional costs of furnishing your new home?
Unless you deal with a mortgage broker, or do a lot of research yourself, it's difficult to compare mortgages from one lender with another, as you aren't always comparing like with like.
More importantly, good Mortgage Brokers spend a lot of money to ensure that their information is up to date, so they can recommend the best mortgage deals to you.
3. Will your lender offer you a big enough mortgage?
Lending criteria varies significantly from one lender to the next, so even if your bank won't lend you enough money, it doesn't mean that another one won't.
It's just that different lenders have different preferences, so while one lender may see you as a 'dream client', another lender may see you as a risky one.
One of the central jobs of mortgage brokers, is to find you a lender who will offer you a big enough mortgage for the property you are interested in.
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