The best mortgage broker Cork, might not actually be in Cork. With applications moving online you can take your pick from the best mortgage brokers right across the country.
Working with the right broker can make a huge difference, the average 90% loan to value mortgage in the rebel county, is over €240,000. With the cost of the mortgage over 35 years varying by over €111,000 depending on the deal your broker recommends.
In this article we give you the rundown on what to look for in a mortgage broker Cork based or not.
As someone who ran one of the biggest mortgage lenders in the country at PTSB, I was always surprised that only around half of applications were assisted by brokers. In the UK almost 80% of all mortgages applicants work with brokers.
Using a mortgage broker has many advantages, independent advice, wider choice of rate and having an expert with you every step of the way.
A mortgage broker though can come in many shapes and sizes. Some are tied to just a few lenders, some charge for advice, some don’t stay with you on the home buying journey. Here’s our pick of the best ones and a breakdown of how they compare.
| Broker | Free | Google Rating | All Lenders | Partner Solicitor | One on One Service | Recommended by BestinIreland.com |
|---|---|---|---|---|---|---|
| moneysherpa | ✓ | 4.9 | ✓ | ✓ | ✓ | ✓ |
| Irish Mortgage Corporation | ✓ | 4.9 | ✓ | ✗ | ✓ | ✓ |
| Doddl | ✓ | 4.8 | ✓ | ✓ | ✗ | ✗ |
| mortgages.ie | ✓ | 4.6 | ✗ | ✗ | ✗ | ✗ |
| Switcheroo | ✓ | 4.8 | ✓ | ✗ | ✓ | ✗ |
| Local Brokers | €100-€500 | ✗ | 3-5 | ✗ | ✓ | ✗ |
Updated 10/03/2024
The broker you choose can make a real difference to your finances, your home buying journey and your stress levels. That’s why we have covered the ins and outs of choosing the best broker for you below, helping you make the right decision.
- Overview, mortgage broker Cork
- Service key features, mortgage broker Cork
- Alternatives, mortgage broker Cork
- In a nutshell, mortgage broker Cork
We recommend moneysherpa’s own in-house mortgage broker team, the mortgage sherpas, as the best way to get a mortgage. They are free, independent, comprehensive, with a best rate lifetime guarantee and the best online enabled service.
Read on to get the lowdown as to what separates a great mortgage broker, from a good one.
Overview, mortgage broker Cork
Working with the right broker can make a huge difference, according to the property price register the average house in county Cork is going for €272,000 (data as of March 2021 [1]), a typical 90% mortgage is therefore over €240,000.
The average cost of a mortgage in county Cork over a term of 35 years can be anywhere between €371,800 with Avant Money upto €483,304 with Bank of Ireland, a difference of over €111,000.
Angie O’Hara (QFA), mortgage sherpa team lead
moneysherpa’s in house team of mortgage sherpa’s are a strong option, they are
- Free to use, they get paid by the lender on completion of the mortgage
- Independent, they get paid the same by all lenders
- Comprehensive, they work with all the main banks and four broker exclusive lenders
- Lifetime best rate guarantee, the rate is as good as if you went direct and they switch you to the best rate for life
- Best service, they have a dedicated QFA mobile number, direct video diary access, ongoing support
Not all brokers are experienced, independent or have a comprehensive range of lenders, but there are plenty of other brokers aside from the mortgage sherpa’s that are up to standard.
The two things that make the mortgage sherpa offering really stand out from the crowd however are:-
- The lifetime best rate guarantee. You will always get the same deal as if you went direct and your mortgage deal is constantly monitored to switch you to the best possible rate for the lifetime of your mortgage.
- The easy to use digitally enabled service. The sherpa fills in the paperwork for you on a videocall and you simply digitally upload all your documents and signatures. Making the process a whole lot easier and faster.
Key service features, mortgage broker Cork
Free to use, mortgage broker Cork
Although all mortgage brokers receive a commission from the lenders, most of the larger brokers also charge the client directly, with typical fees ranging from €100-€500.
This is to help cover the cost of processing the mortgage with the lenders, which can be costly and time consuming for the broker. WIth paper shuttling back and forth between the broker and the bank.
In contrast the moneysherpa team have invested in advanced technology platforms to lower the cost of processing the mortgage, so they don’t have to pass on this cost to our customers. They are paid fully out of the 1% commission received from the lender.
Independent, mortgage broker Cork
Many of the smaller brokers are tied to just one lender and are not able to advise on alternatives. This can make a big difference as not only do lenders have different rates, but also very different lending policies.
ICS for example let public sector workers borrow more than those employed in other sectors, whilst some lenders are more flexible than others in extending credit to some applicants or don’t offer loans for self build etc..
By having an independent broker in your camp they can not only find you the best rate, but also make an experienced assessment of which lender is most likely to approve your application.
moneysherpa gets paid the same by all the lenders and only when you get your mortgage approved, that’s how you know they will match you with the best lender to get your mortgage approved.
Comprehensive, mortgage broker Cork
There are four banks and three broker exclusive lenders that offer mortgages currently in Ireland. Most brokers offer three or four lenders on their panel.
moneysherpa works with all of the lenders apart from Bank of Ireland. For an average mortgage in Cork, Bank of Ireland’s lowest mortgage rate of 3.7% APRC costs €57,000 more than Avant Money’s equivalent rate. There are in fact over 20 deals from the other lenders that are better value.
By working with all the competitive lenders, moneysherpa can make sure you can get the best deal and the best chance of approval.
Lifetime best rate guarantee, mortgage broker Cork
There is no difference in rate between going directly to your bank or via a broker. This is because brokers are paid by the lenders out of the fees that the lenders would otherwise splurge on marketing.
This means that going with a broker who doesn’t charge any application fees is 100% free to you. Sounds almost too good to be true, but that’s just the way the broker model works in Ireland.
This is the case with the mortgage sherpa service, but unlike other banks and brokers moneysherpa also has a lifetime best rate guarantee.
This means as soon as the mortgage sherpa team has secured the best rate for your initial mortgage, they start to monitor market changes to look for opportunities to save you even more money in the future.
If a better deal comes up, the team will get in touch and help you switch to that deal. By choosing moneysherpa as your broker you effectively get “mortgage rate insurance”, a guarantee that as rates change in the market you will know what they mean for you and have help to switch if the new deal saves you money.
Best service, mortgage broker Cork
Using a broker beats going direct to a bank hands down, you gain from years of experience working with different lenders and they can scan the whole market on your behalf.
They can also help reduce the pain of the paperwork, but many brokers fail to use technology to make things as pain free as possible.
The mortgage sherpa team complete all the paperwork for you in just two video calls, provide an online tool to upload your documents, track your case and ‘esign’ your application. The mortgage sherpas are all Qualified Financial Advisors (QFA), authorised by the Central Bank, with decades of experience.
This makes everything more reliable, faster and easier than the approaches used by other brokers and banks.
Alternatives, mortgage broker Cork
Go direct to the banks
Obviously you can always go to a bank directly for a mortgage, the biggest advantage of this option is they may already have access to your transaction history so you don’t have to dig out your bank statements.
With open banking even this advantage has recently disappeared, based on new legislation to help make banking more competitive, moneysherpa and some of the other larger brokers can now access your bank transactions on your behalf if you choose.
The downside of going with your bank is you are practically guaranteed that you will pay thousands more than you need to for a worse level of service than via a broker.
Go to your local mortgage broker Cork
If you want the help of a broker, but want to sit down face to face rather than over a video call then going through a mortgage broker Cork based is an option.
As local brokers tend to be smaller though they usually don’t have as many lenders to choose from or as much pull with the lenders.
Unless they charge additional fees or are missing the leading lenders from their portfolio, they will usually have access to the same rates as the bigger brokers.
Obviously though they won’t have the same rate guarantees or technology tools as the new wave of brokers like moneysherpa.
Go to another online broker
There are a number of nationwide brokers in the market who could also be an option. These usually have the advantage of being independent and having a good selection of lenders available. Some also have online tools to help ease the process.
The big drawbacks are they aren’t usually free to use, charging between €100 and €500 a pop and they don’t offer the lifetime best rate guarantee available with moneysherpa.
In a nutshell, mortgage broker Cork
Using a mortgage broker has many advantages, independent advice, wider choice of rate and having an expert with you every step of the way.
Working with the right broker can make a huge difference, with the cost of the mortgage over 35 years varying by over €111,000 depending on the deal your broker recommends.
| Broker | Free | Google Rating | All Lenders | Partner Solicitor | One on One Service | Recommended by BestinIreland.com |
|---|---|---|---|---|---|---|
| moneysherpa | ✓ | 4.9 | ✓ | ✓ | ✓ | ✓ |
| Irish Mortgage Corporation | ✓ | 4.9 | ✓ | ✗ | ✓ | ✓ |
| Doddl | ✓ | 4.8 | ✓ | ✓ | ✗ | ✗ |
| mortgages.ie | ✓ | 4.6 | ✗ | ✗ | ✗ | ✗ |
| Switcheroo | ✓ | 4.8 | ✓ | ✗ | ✓ | ✗ |
| Local Brokers | €100-€500 | ✗ | 3-5 | ✗ | ✓ | ✗ |
Updated 10/03/2024
moneysherpa’s in house mortgage broker service, the mortgage sherpas, is the best way to get a mortgage. Free, Independent, Comprehensive, with a lifetime best rate guarantee and best online enabled service.
You can book a free, no obligation video chat with the mortgage sherpa team here.
Next Steps, Best Mortgage Broker Cork
Start your application online with moneysherpa here.
Read more about the mortgage sherpa team here.
You can get more information about broker options in other locations here.
