Mortgages

Mortgages are a financial instrument used to purchase your home or another investment property that is held as security against the funds advanced

When dealing with any financial institution whether depositing money with them or seeking funds from them, one must be very careful in ensuring they have a license to operate. Dealing with other people’s money is an area fraught with danger.
Of course, when you are doing business directly with the major brand banks and building societies, you can be fairly sure that they are bona fide.
However, a huge amount of mortgage transactions in Ireland is done through Mortgage Intermediaries. These promote themselves as mortgage brokers, financial consultants and a variety of other terms. They may be independent operations offering services from all the lending institutions are be what is known as tied agents.
Tied agents typically will be representing one or possibly more specific institutions. Their office will be branded with the logos of whatever lender they represent. To all intents and purposes, somebody walking into them would assume that they are entering an office of that particular bank or building society.
The problem is you are not.
You are dealing with an individual or company who is merely a sub-contractor or agent for a major institution. They should have a license from the Financial Regulator to operate and an agency agreement from their principal. If they do not possess this then your money that you place in their hands is at risk.
Unfortunately, there are many unlicensed operators on the Irish market, often seducing people to invest or deposit monies with them.
If they are not licensed, they are breaking the law. And if they are doing this then it for ulterior purposes and you carry a grave risk of losing your money.
The only way to be sure that a business is reputable is to check that they have a license from the Financial Regulator. Your money is then protected from fraud.
Below is a list of all the licensed Mortgage Intermediaries in Ireland. When dealing with any financial agent, check that they are on the list. If they are not, report them and do not under any circumstances deal with them.