17 August 2025
By Roger Kennedy
roger@TheCork.ie
Do You Really Need a Mortgage Broker? Pros and Cons Explained
For most people in Ireland, buying a home is the biggest financial commitment they will ever make. Whether you’re a first-time buyer, moving home, switching mortgages, or investing in property, the mortgage process can be complex and sometimes overwhelming. One of the most common questions that arises early in the journey is: Do I really need a mortgage broker, or should I go directly to the bank?
To help you decide on choosing the best mortgage broker in Ireland, we’ve broken down the key advantages and potential drawbacks of using a mortgage broker, with specific insights for the Irish mortgage market.
What Does a Mortgage Broker Do?
A mortgage broker acts as an intermediary between you and lenders. Their role is to assess your financial situation, explore the mortgage market on your behalf, and recommend the most suitable products based on your needs and goals. Importantly, brokers can access multiple lenders not just one which means they can compare rates, terms, and conditions across the market.
In Ireland, mortgage brokers are regulated by the Central Bank and must meet strict compliance standards. Some are impartial (with access to a broad panel of lenders), while others may work with a more limited selection.
The Pros of Using a Mortgage Broker
- Access to a Wide Range of Lenders
Going directly to your bank limits you to that institution’s mortgage offerings. A broker, however, can access mortgage products from multiple lenders, including major banks, building societies, and niche providers. This can significantly improve your chances of finding a product that suits your financial needs—especially if your case is less straightforward (e.g., self-employed, non-standard employment, or multiple income sources).
- Potential for Better Rates and Terms
Because brokers deal with multiple lenders daily, they understand who is offering the most competitive deals, incentives (like cashback), or flexible terms at any given time. They may also have access to broker-only rates that are not available to the general public. Over the life of a mortgage, even a slightly better interest rate could save you thousands.
- Expert Guidance Through a Complex Process
The mortgage application process can be complicated—especially for first-time buyers. A good broker will help with everything from gathering documentation to understanding approval-in-principle (AIP), calculating affordability, and managing communication with lenders. They can also assist in areas such as:
- Navigating Central Bank lending limits
- Handling exceptions to loan-to-income (LTI) or loan-to-value (LTV) rules
- Managing timing with other steps in the property process (e.g., solicitor and valuation stages)
- Saves You Time and Effort
Instead of spending hours researching rates, filling out forms for multiple lenders, and chasing updates, a broker can streamline the entire process. This is especially helpful for those with demanding jobs, family commitments, or tight timelines.
- Ongoing Support After Mortgage Approval
Some brokers continue to support clients even after mortgage drawdown, offering advice on mortgage protection, switching, and future refinancing opportunities. This long-term relationship can be valuable as your circumstances evolve.
The Cons of Using a Mortgage Broker
- Not All Brokers Are Impartial
Some brokers work with a limited panel of lenders, which can restrict your options. It’s important to ask your broker how many lenders they deal with and whether they are tied to a particular institution. While they may still offer good advice, fewer choices may limit your ability to find the best deal.
- Fees May Apply
While many brokers in Ireland are paid by the lender upon successful mortgage completion (meaning no direct cost to you), some may charge a fee for their service—especially for more complex cases. Always clarify the fee structure upfront so there are no surprises later.
- You Still Need to Be Mortgage-Ready
A broker can guide and support you, but they can’t change your financial reality. If you have poor credit, insufficient savings, or an unstable income, the broker won’t be able to work miracles. That said, they can help you build a path toward mortgage readiness over time.
- Service Quality Can Vary
Not all brokers offer the same level of expertise, responsiveness, or transparency. As with any professional service, it’s important to choose a broker with a strong track record, client testimonials, and proper qualifications. A poor broker could cause delays, miscommunication, or even missed opportunities.
When Might You Not Need a Broker?
There are scenarios where going directly to a lender may be suitable, such as:
- You have a long-standing relationship with your bank and are happy with their offering.
- You’ve done your own research and are confident managing the process.
- Your financial situation is very straightforward and you want to avoid any third-party involvement.
Even in these cases, it may still be worthwhile to at least consult a broker initially to ensure you’re not missing a better opportunity.
What to Look for in a Good Mortgage Broker
If you decide to use a broker, consider the following checklist:
- Regulated: Are they authorised by the Central Bank of Ireland?
- Transparent: Do they clearly explain their fee structure and the lenders they work with?
- Experienced: Do they have experience dealing with your type of situation (e.g., first-time buyers, self-employed, buy-to-let)?
- Accessible: Are they responsive, communicative, and available to answer your questions?
- Client-Focused: Do they take the time to understand your needs and goals?
Conclusion
So, do you really need a mortgage broker? The answer depends on your circumstances, confidence, and comfort level with the process. But for many people in Ireland especially first-time buyers or those with non-standard income a qualified mortgage broker can make a significant difference in securing a better deal, saving time, and reducing stress.
Ultimately, a good broker doesn’t just get you a mortgage, they help you make one of life’s biggest decisions with clarity and confidence.