Best Mortgage Brokers, 5 Insider Tips – Ireland 2023

Working with the right mortgage brokers can make a huge difference, on an average sized mortgage the cost can vary by over €111,000 depending on the deal your broker recommends (Loan of €240,000, 90% LTV, over 35 Years). 

In this article we give you the rundown on what to look for to pick the best mortgage brokers Ireland 2023. 

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 mortgage brokers.

5 key things to look out for when picking the best mortgage brokers Ireland 2023

  1. Are they free to use? Mortgage Brokers get paid by the lender on completion of the mortgage, so shouldn’t need to charge you additional fees.
  2. Do they use the best online tools to take the pain out of the paperwork? Do they offer online upload and e signature.
  3. Are they comprehensive? Do they work with all the main banks and four broker exclusive lenders including Avant Money who currently have the best rates on the market.
  4. Do they offer support after your mortgage is completed? Rates are always changing does the broker monitor the market for better rates you can switch to.
  5. Do they offer the best service? Do 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 brokers that are up to snuff. 

BrokerFree*100% OnlineAll LendersOn-going Support One on One ServiceRecommended by
Local Brokers€100-500No3-5NYN
* for property specific mortgages over €100K ** for loans over €175,000

The mortgage brokers 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 mortgage brokers for you below, helping you make the right decision.

  1. Overview, Best mortgage brokers Ireland 2023
  2. Service key features, Best mortgage brokers Ireland 2023
  3. Alternatives, Best mortgage brokers Ireland 2023
  4. In a nutshell, Best mortgage brokers ireland 2023

You can get more information about broker options locally here.

Read on to get the lowdown as to what separates a great mortgage broker, from a good one.

mortgage brokers

Overview, Best mortgage brokers Ireland 2023

Working with the right broker can make a huge difference, according to the property price register the average house in Ireland 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 Ireland over a term of 35 years can be anywhere between €371,800 with Avant Money up to €483,304 with Bank of Ireland, a difference of over €111,000

Key service features, Best mortgage brokers Ireland 2023

1. Free to Use, Best mortgage brokers Ireland 2023

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. 

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 some newer brokers 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 customers. They are therefore paid fully out of the 1% commission received from the lender.

2. Online Tools, Best mortgage brokers Ireland 2023

Getting a mortgage still requires a lot of paperwork.

In order to protect you in making such a financial commitment there are multiple documents required to be read and signed.

In order to protect the financial system there are ID documents, bank statements etc.. also required.

The right technology can take a lot of the pain out of this paperwork. Look for mortgage brokers with an online upload capability so you can organise your documents easily. A good one will also give you a dashboard so you always know where you are on the journey to getting the mortgage.

Another big help is if you can find a broker who uses e signature. This saves all the bother of printing and scanning or even worse posting documents. Many brokers are now able to complete the whole mortgage journey online.

3. Comprehensive, Best mortgage brokers Ireland 2023

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.

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. 

For an average mortgage, 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.

4. Post Mortgage Support , Best mortgage brokers Ireland 2023

Mortgage rates are changing all the time, what may be a great rate one year might not be the year after. Staying on the best rate throughout your mortgage term can save you thousands. So once you have your mortgage how do you make sure you are still on the best rate?

Make sure the broker you choose monitors the market for you after they get your mortgage. A good broker will get in touch with you automatically if there is a deal that would save you money and switch you to that deal. This guarantees you stay on the best rate all the time.

By choosing the right 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.

5. Best service, Best mortgage brokers Ireland 2023

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. 

Make sure though that your mortgage brokers are all Qualified Financial Advisors (QFA), authorised by the Central Bank, with at least a few years of experience. 

You should also get a dedicated mobile number to contact, plus the option to contact via video calls with flexible hours.

This makes everything more reliable, faster and easier than the approaches used by other brokers and banks.   

Alternatives, Best mortgage brokers Ireland 2023

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 brokers

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 local mortgage broker 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.

Daragh Head Shot

Daire McConnon (QFA), mortgage sherpa team lead

In a nutshell, Best mortgage brokers Ireland 2023

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 mortgage 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. 

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. 

BrokerFree*100% OnlineAll LendersOn-going Support One on One ServiceRecommended by
Local Brokers€100-500No3-5NYN
* for property specific mortgages over €100K ** for loans over €175,000

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.

Next Steps, Best Mortgage Broker Ireland 2023

If you want to see what you could save by calculating your repayments and see all mortgage provider rates you can click here.

If you want to know more about longer term fixed rates, you can check out our deep dive best fixed rate mortgage piece here or how fixed versus variable compares here.

If you want to know more about switching you can click here. Or you can check out our handy switching mortgage guide here and our remortgaging guide here. If you still have questions check out our switching Q&A here.

If you are thinking of freeing up some extra cash from your home, take a look at our mortgage top up tips here or if you are over 55 our equity release rundown here.

If you want to get your savings started right now, set up a free no obligation video call with a mortgage sherpa here, covering not only the best rate, but also helping choose the lender most likely to approve you and helping take the pain out of the paperwork.

You can book a free, no obligation video chat with the mortgage sherpa team here.

You can get more information about broker options locally here.

Mortgage Broker Frequently Asked Questions

Why use a mortgage broker Ireland?

The main reason is to get advice on the best mortgage for you. There are 7 lenders with over 200 mortgage types with vastly varying costs so picking the right mortgage can make a huge difference to your finances. Brokers can also have access to exclusive deals, make sure your broker has access to all the lenders as many don’t.

How much is a mortgage broker Ireland?

Most of the online brokers are free to use if you’re switching, with fees up to €300 for new mortgages. Local brokers who work face to face often charge more to cover their higher costs and charges can rise for more complex cases.

Who pays a mortgage broker Ireland?

Lenders pay 1% of the drawdown amount to the broker on completion of the mortgage. This payment is the same across all lenders in Ireland. If your broker has access to all the lenders (important you check this), then they are therefreo incentivised to give impartial advice.

What do mortgage brokers do Ireland?

Brokers advise on the process to help you maximise your chances of approval and take the pain out of some of the paperwork. Most importantly they will advise on the right product and provider for your financial needs. Picking the right product and provider can make a huge difference to your finances.

Which lenders are available from a mortgage broker?

PTSB, Bank of Ireland, AIB (via Haven), Avant Money, Finance Ireland and ICS. You should make sure your broker has access to all these lenders.

Is there a difference between a mortgage broker and advisor?

No they are exactly the same. A mortgage broker, mortgage advisor and mortgage consultant do the same job for you.

Is it cheaper to use a mortgage broker?

Right now the best rates are with lenders only available via brokers and usually the brokers costs are covered by the lender. This means it is usually cheaper to use a broker than to go direct to a lender.

Check out our other popular guides below.

Why Choose Us

€25,000 Average Saving

99%+ Switch Approval

Savings in 3 Months Or Less

All Lenders Best Rate Promise

Daire McConnon - mortgage sherpa lead

Need help with your mortgage?

No hassle, in a 15 minute call our mortgage sherpa team will guide you on the journey. 

They will help you borrow, find you the best deal and make the paperwork painless.

Best of all, they are free as they are paid for by the lenders.

Check out our reviews

Angie - Mortgage Sherpa
Angie - Mortgage Sherpa
Louise Winters - Mover
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Very helpful, knowledgeable, friendly & efficient staff. Would highly recommend!
Angie - Mortgage Sherpa
Angie - Mortgage Sherpa
David O'Hanlon
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Angie was amazing! Looked after us so well. Would definitely recommend for anyone looking a mortgage.
Daire - Mortgage Sherpa
Daire - Mortgage Sherpa
Sandra Chubb - Switcher
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They were really friendly, gave me independent advice and helped me pull together the paperwork. Most people don't realise they are in a position to save so much by switching
Petrina - Customer Sherpa
Petrina - Customer Sherpa
Eamonn Dunne - Switcher
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Easy to use web app instead of email really helped. Would definitely recommend moneysherpa for your mortgage.
Martina - Document Sherpa
Martina - Document Sherpa
Gladys Cerbolles - Switcher
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Martina is very helpful all throughout the mortgage process.
Best In Ireland Recommendation

Customer Testimonials

“Excellent communication from Petrina, prompt responses to all my queries and good advice. Great service, thank-you.”
Sorcha Coleman
“The Money Sherpa interface for uploading and approving documents is really straightforward and intuitive. The whole process was timely, clear, and Daire was great with advice and knowledge. No complaints at all - 5 star rating!”
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