Advice on Getting a Mortgage

It’s always wise to shop around to get the best deal for you.

Depending on what you want the mortgage for, your own bank may not be able to offer you the mortgage you require anyway – they may not lend for self builds or for investment properties, for example.

A good, independent mortgage broker will help you to search the market for the most favourable mortgage to suit your requirements.

Generally, there is no fee charged by a mortgage broker for the use of their services. The mortgage broker operates on a commission basis, receiving in general between .5% and 1% of the value of the mortgage from the mortgage provider. Be aware that there may be complications if you decide to switch mortgages – some banks have a policy of “clawing back” broker commission and some brokers have a policy of invoicing their customer (i.e. you) for the amount, as they did the work to earn it, in their view. Check your broker agreement for this detail before making any agreement.

A small percentage difference in the mortgage rate can make a very big difference to how much you pay over the long term, e.g. a quarter percent difference on a €200K mortgage will cost you €25,000 over 35 years.