We charge no fee for quotes
Mortgage Direct does not charge for initial quotes. We charge an initial fee (the Administration Fee) only once you decide to proceed with a formal application. All advice given until then is free of charge and there is no obligation to use our services.
Administration fee
The Administration Fee of €695 is payable if you decide to proceed with a formal application. It has a money-back-guarantee (see our refund and cancellation policy). and covers our services up until you actually purchase a property. It can cover multiple applications with different banks or for different properties. It does not have an expiry date; we only charge it once.
Initial approval fee
This fee is payable on initial approval of the mortgage, prior to valuation. The standard amount is 0.6% of the mortgage amount (minimum €1,000). For larger mortgage amounts this fee may be negotiable.
The fees quoted are for standard mortgage/loan transactions except in very specific cases, or for ‘specialist’ lending. We will always advise you in writing of the fee scale to be applied before proceeding with an application.
Money back guarantee
When you choose to proceed with payment and a formal mortgage quote with Mortgage Direct you are protected under our money-back guarantee. If the mortgage is declined or the amount offered is lower than in our initial quotes and a client does not wish to proceed we will refund our Administration Fee of €695. We will set out the conditions of this guarantee at the time of requesting the initial payment. Please also refer to our Terms and Conditions.
Post payment procedure
Following receipt or proof of payment of the administration fee:
- Mortgage Direct will confirm the recommended bank (or banks) and either put you in contact with them directly or deal with them on your behalf to commence the process of formally applying for the mortgage.
- You will continue working with our advisers throughout the process, as well as being in direct contact with the bank. We will be at your disposal at all times until completion of the mortgage
- On approval of the mortgage, the Initial approval fee is payable within 7 days