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How To Find The Best Mortgage Broker In Ireland
Loan to value, conveyancing, property survey and stamp duty are among the terms that can send first-time buyers into a tizzy as they grapple with the daunting process of securing their very own home. Obtaining a mortgage is undoubtedly one of the biggest challenges a person will face in their life. From the financial stress it can cause to the sheer amount of paperwork involved in getting the deal over the line, a first-time buyer’s journey is not for the faint-hearted – until you enlist the services of a mortgage broker.
The crucial advice they provide explains why mortgage brokers boast a mortgage market share of almost 50%. In the absence of experience, a mortgage broker can help you navigate the process with ease while helping you save money in the process, and in this article, we aim to help you find the right one.
What is a mortgage broker?
A mortgage broker is essentially a middleman between you and the lender.
Regulated by the Central Bank of Ireland, they are qualified to give first-time buyers sound mortgage advice while aiming to secure the best deal from the most appropriate lender for their client’s particular circumstances and needs.
Aside from offering step-by-step advice, they also oversee the completion of paperwork until the loan is eventually drawn down.
The lowdown on mortgage brokers for first-time buyers
For first-time buyers new to the world of mortgages, there are several questions they commonly ask that help them weigh up the pros and cons of working with a mortgage broker.
What’s the difference between a mortgage broker and a mortgage adviser?
A mortgage broker typically has access to a wide range of lenders and can therefore scout out the best value for a client, based on their individual needs and financial circumstances.
A mortgage adviser often represents one specific lending institution and liaises between them and the client to strike a deal that suits both parties.
Why should a first-time buyer use a broker?
With interest rate increases in 2023 set to simultaneously increase first-time buyers’ monthly repayments, it’s more important than ever to ensure you are getting the most favourable deal.
Mortgage brokers have access to the majority of the seven leading lenders: the four main banks, along with broker-exclusive lenders Avant Money, Finance Ireland and ICS Mortgages.
It therefore certainly helps matters to have an impartial and experienced broker on hand who can examine the different rates and possibilities available to save you big bucks in the long run.
Speaking of big bucks…how much does a mortgage broker cost?
Many mortgage broker firms that deal with the processing of paperwork and the back and forth of documentation will charge a fee. This fee will depend on the amount of work involved and the firm’s hourly or project rate.
Some brokers, like ourselves at Symmetry Financial Management, don’t charge the client a fee at all once the mortgage value is over a certain threshold, as they receive a commission of 1% of the mortgage from the chosen lender.
Don’t worry, this doesn’t mean that your broker will be swayed to one bank or another based on commission. It’s a flat 1% from all of the lenders so there’s no conflict with your interest.
Really, it all depends on what you want; if you are happy to pay a fee in exchange for hours spent pouring over paperwork, it may not be a dealbreaker. Also, whatever fee you do pay may be a drop in the ocean in comparison to the savings you could make by securing the most competitive deal possible.
How to choose the right mortgage broker for you
Choosing the right mortgage broker is a lot like choosing the right mortgage – you need to find the best fit for you.
There are several questions you can ask to ensure you make an informed choice.
How many lenders are available to them?
As mentioned above, it is essential to find out if a broker is comprehensive, as the more options open to you the higher your chances of bagging a great deal.
Is there a fee involved?
You’ll need to get this question answered immediately to avoid any surprises following mortgage approval.
Will they provide follow-up support?
Find a broker who will be easily contactable after the initial mortgage has been drawn down to help with a possible switch if a better deal becomes available from a competing lender.
Are they reputable?
Before settling on a mortgage broker, make sure to do your research on the company to suss out how they have been performing both as a customer-facing business and as an employer. If you find positive reviews, you’ll know you’re on to a winner.
Symmetry Financial Management is the only mortgage broker you need
At Symmetry Financial Management, we pride ourselves on being among the most reputable in the business. Our team of expert, impartial mortgage brokers will work tirelessly to fight your corner at every stage of the mortgage process, saving you money, time and potentially a lot of stress along the way.
If you’re searching for the most experienced broker to help you on your journey to becoming a homeowner, don’t wait – put your best foot forward and contact us today.
Don’t forget to also take a moment to check out our blog and resources for more industry-leading financial advice and tips.
If you’d like a free, no-obligation consultation for your mortgage, pension or financial needs, get in touch here, call us on 01 6831673 or email us directly on info@symmetryfinancial.ie.
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