In short, no. Although, we do receive commission from your chosen/recommended lender when your mortgage funds issue and this helps to fund our work. Please see our Terms of Business in order to understand how fees may be applied to you, if your case is deemed complex or if clawback is applied to us in the future.
What way does the commission work?
Mortgage brokers are funded by the banks in Ireland. This means, when a mortgage broker processes your mortgage with your chosen/recommended lender, the mortgage broker will receive up to 1% commission of your mortgage amount when your mortgage funds issue. This 1% commission is not added to your mortgage in any way, it is not incorporated into your interest rate, and does not fall on you directly or indirectly. It is a separate payment paid to the mortgage broker from the bank in order to cover the mortgage broker’s administration fees plus any labour costs incurred when processing your application and representing you to the banks. Please see our Commission section in order to understand the different types of commission.
Do some banks pay more commission?
Each bank currently pays 1% (of your mortgage amount) as commission which means that mortgage brokers (or other mortgage processing companies whom they work through) are paid the same regardless of which lender that you proceed with. This means that our aim is to obtain the most suitable mortgage for you based on the banks that we work with, not for us to find the bank that is offering the highest commission payment.
Do mortgage brokers charge a fee in addition to the commission they receive?
Some mortgage brokers will charge you a fee in addition to this commission payment that they receive. Some mortgage brokers apply this fee in order to cover their associated administration and labour costs, however we do not charge you – note, our terms and conditions apply. We have adopted this business model of no fees as we feel that it works well for us and for our clients.