This article is from page 15 of the 2007-04-10 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 15 JPG
HOUSE buyers are being warned to be wary when shopping around for a mortgage after a study revealed that more than one in three independent brokers dealt with less than half the lending institutions.
37 per cent of Ireland’s independent mortgage brokers deal with less than half of the mortgage lenders in the market, according findings from a re- cent survey conducted by Lansdowne market research on behalf of the mortgage division of IFG.
According to Iggy Duffy, Mortgage
Manager of IFG Mortgages, Ennis, “Mortgage brokers with less than 6 agencies out of 13 are describing themselves as ‘independent’ when, in fact, they are restricted in the choices they can offer a potential mortgage customer. Not all brokers have the capacity to offer a comprehensive
choice to their clients. Many have a restricted range of lenders and there- fore product offerings”.
He added that on the upside, “in- creased competition in the mortgage market has afforded consumers the benefit of a wider variety of products from which to choose.”
“The 6 ECB interest rate hikes in 2006 and late 2005 have impacted heavily on mortgage holders, first time buyers in particular,’ Duffy added.
The figures show that 40 per cent of mortgage applicants now choose to deal with a mortgage broker.