The best mortgage broker Dundalk is based in Dundalk, but also provides mortgages right across the country.
Choosing the right mortgage could potentially save you thousands, therefore choosing the right mortgage broker is essential. In Dundalk, the average 90% loan to value mortgage is upwards of €240,000, and depending on the deal your broker recommends, the cost of a 35 year mortgage can vary by over €111,000.
The aim of this article is to help Dundalk homeowners find the best mortgage broker for them, whether those brokers be from the town or not.
In Ireland, only around half of homeowners seeking mortgages were helped by brokers. This is staggering compared to the U.K where almost 80% of mortgage applicants are assisted by brokers.
Mortgage brokers are useful and informative guides who help us to make more informed decisions when choosing the best mortgage for us. They are there to show us valuable insight to help us find the best mortgage available.
However no two mortgage brokers are the same. Some will charge fees, some will work only with certain lenders and some may not see your journey through to the end.
The right mortgage broker will not only help you manage your finances and potentially save you thousands, but will also help elevate some of that stress that comes with buying a home. They are a shoulder to lean on and are there to help you through this difficult process.
- Overview, mortgage broker Dundalk
- Service key features, mortgage broker Dundalk
- Alternatives, mortgage broker Dundalk
- In a nutshell, mortgage broker Dundalk
We recommend moneysherpa’s own mortgage broker team, the mortgage sherpas, as the best way to get a mortgage. They are based in Quay Business Park in Dundalk. They are free, independent, comprehensive, with a best rate lifetime guarantee and the best online enabled service.
Keep reading on to see what separates a great mortgage broker, from a good one.
Overview, mortgage broker Dundalk
As the average house in Dundalk is going for around €272,000 according to the property price register , working with the right mortgage broker is vital in ensuring you save as much money as possible. A typical 90% mortgage can be over €240,000, which once again emphasis’s the need for a good mortgage broker to help us save as much as we can.
In Dundalk, the average cost of a mortgage over a term of 35 years can be anywhere between €371,800 with Avant Money and up to €483,304 with Bank of Ireland, which is a massive difference of over €111,000.
We at moneysherpa can help you save thousands on your mortgage, as our mortgage sherpas are-
- Free to use, as they get paid by the lender once the mortgage has gone through
- Independent, as they are paid the same commission by all lenders
- Comprehensive, as they work with all the main banks and four broker exclusive lenders
- Offer lifetime best rate guarantee, the rate is as good as if you went direct and they switch you to the best rate for life
- Offer the best service, as they have a dedicated QFA mobile number, direct video diary access and ongoing support
Even though not all brokers are as accomplished, independent or have a wide range of lenders, there are many other mortgage brokers out there who are just as qualified.
Key service features, mortgage broker Dundalk
Free to use, mortgage broker Dundalk
Although all mortgage brokers receive a commission from the lenders, many larger brokers also charge the client a direct fee, which can range from €100-€500.
This fee is to help cover the cost of processing the mortgage with the lenders, which can take the broker takes time and money.
In contrast, the moneysherpa team have invested in advanced technology platforms to lower the cost of processing mortgages, so they don’t have to charge their customers a penny. They are paid fully out of the 1% commission received from the lender.
Independent, mortgage broker Dundalk
Many small brokers are tied to just one lender, and therefore cannot advise their customers on other providers, even if it would save the customer money. This can make a huge difference in how much your mortgage will cost, as not only do lenders have different rates, but also different 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 on your side, you will receive an unbiased and informed opinion on what lender is best for you.
moneysherpa are paid the same no matter what lender you decide to go with, therefore ensuring that our mortgage sherpas make an objective decision. moneysherpa are only paid once your mortgage is approved, meaning we will do all we can to ensure your mortgage application is successful.
Comprehensive, mortgage broker Dundalk
In Ireland, there are currently four banks and three broker exclusive lenders that offer mortgages. Most brokers offer three or four lenders on their panel.
moneysherpa works with all lenders in Ireland apart from Bank of Ireland. For an average mortgage in Dundalk, Bank of Ireland’s lowest mortgage rate of 3.7% APRC costs €57,000 more than Avant Money’s equivalent rate. We at moneysherpa have found that 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 that you get the best deal and the best chance of approval.
Lifetime best rate guarantee, mortgage broker Dundalk
Your mortgage rate will not change depending on if you go with a broker or directly to your bank. This is the case because brokers are paid through the fees that lenders would otherwise spend on marketing.
This means that going with a broker who doesn’t charge any application fees is completely free! It almost sounds too good to be true, but that’s just how the broker model works in Ireland.
This is the case with the mortgage sherpa service, however unlike other banks and brokers, moneysherpa also offers a lifetime best rate guarantee.
This means that as soon as the mortgage sherpa team has secured the best rate for your initial mortgage, they will start to monitor the market for changes that may save you even more money in the future.
If a better deal comes up, the team will get in touch to help you switch to that deal. By choosing moneysherpa as your broker, you effectively get “mortgage rate insurance”, which is a guarantee that as rates change in the market, you will know what they mean for you and will receive help to switch if that new deal saves you money.
Best service, mortgage broker Dundalk
Its clear to us now that going through a mortgage broker is a much better option than going directly to the bank.
Brokers can also help reduce the pain of the paperwork and can be a great middle man, but many brokers fail to use adequate 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 ‘e-sign’ your application. The mortgage sherpas are all Qualified Financial Advisors (QFA), authorised by the Central Bank, with decades of experience behind them.
This makes everything more dependable, quicker and easier than the methods used by other brokers and banks.
Alternatives, mortgage broker Dundalk
Go direct to your bank
Of course 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 stress out over finding your old bank statements.
However with open banking even this advantage has recently disappeared with new legislation to help make banking more competitive. Now moneysherpa and some of the other larger brokers can access your bank transactions for you with your consent.
The big downside of going with your bank is that you are pretty much guaranteed to pay thousands more for a worse level of service compared to a broker.
Go to your local mortgage broker Dundalk
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 based in Dundalk is a good option.
However local brokers tend to be much smaller and typically don’t have as many lenders to choose from, nor do they have as many connections to 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.
However, they won’t have the same rate guarantees or advanced technological 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 a viable option. These usually have the advantage of being independent and have a good selection of lenders available. Some may also have online tools to help make the process even easier.
The big drawbacks are they aren’t usually free to use, charging fees between €100 and €500 as well as not offering the lifetime best rate guarantee available with moneysherpa.
In a nutshell, mortgage broker Dundalk
In conclusion, using a mortgage has little to no drawbacks, as they offer comprehensive advice and help make the stressful process of mortgage applications that little bit easier,
Working with the right broker can make a massive difference, with the cost of the mortgage over 35 years varying by over €111,000 depending on the deal your broker recommends.
The mortgage sherpas here at moneysherpa are the best way to get a mortgage. They are free, independent, comprehensive, with a lifetime best rate guarantee as well as the best online enabled service.
The main two things that make our mortgage sherpas 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 video call and you simply digitally upload all your documents and signatures. Making the process a whole lot easier and faster.
You can book a free, no obligation video chat with the mortgage sherpa team here.
Start your application online with moneysherpa here.
Read more about the mortgage sherpa team here.