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Choosing A Mortgage Broker

Expert Mortgage Brokers

Get whole market advice from your local expert mortgage brokers.

Not all mortgage brokers are created equal. Whether you need help finding the right advisor or want to prepare for your initial consultation, our advice guides have everything you need to know. We take the guesswork out of the mortgage broker process and help you make informed decisions to reach your property goals sooner.

As specialist mortgage brokers and financial advisors, we offer expert advice across a wide range of mortgage products.

Posted On: May 1, 2022
Updated On: July 13, 2022

How Much Do Mortgage Brokers Charge?

You may have seen that many mortgage brokers offer their services for free. Your instant reaction may be to question why it’s free. Surely that means the service isn’t any good? Or, it could mean you’ll be slapped with a surprise bill further down the line? In this guide, we’re discussing how much mortgage brokers charge, and at what point you can expect the bill.

In most cases, you won’t pay a penny unless you choose a mortgage through a broker. Once you’ve applied for a mortgage, there may be an arrangement fee. The precise amount will depend on your circumstances. Typically this will be £595.

The bill won’t be a surprise. You should be kept in the loop from your very first appointment, with a breakdown of how much the service will cost and when you will be charged.

Do all brokers charge the same amount?

No – mortgage brokers will not all charge the same amount.

In some cases, a broker will receive both a fee from you and a commission from the lender. Some mortgage brokers will let you decide whether to pay a fee or let them take commission instead.

Make sure to check in advance how much a mortgage broker will charge, and whether the fee is payable on the basis of the deal going ahead. You have the right to know in advance how your mortgage broker will be paid.

If a broker is charging for their services on top of an arrangement fee, they are obliged to make that clear. To remove the fear of being billed from the first point of contact, check that the broker offers a free initial consultation. That way, you can check what they charge before committing to any payments.

We hope this quick guide has answered your questions and will help you feel more at ease about booking an appointment with a mortgage broker.

How much does a mortgage advisor cost?

Mortgage advisors and brokers are terms that are often used interchangeably. Whether a mortgage advisor charges for their services is a matter for the individual company. However, they should always be upfront about how much they’re charging from the initial consultation. You should ask for a written quote. It’s also worth checking if the fee will be dropped should your purchase fall through.

You can find mortgage advisors that offer their advice for free. A mortgage broker will often provide advice with no charge. They will only charge a referral fee if you choose a mortgage through them.

If they do charge a fee, this can be a set percentage of the mortgage amount. So, the exact cost depends on the value of the property you are buying. This shouldn’t be more than 1%. Some may charge a fixed amount. Regardless, this should always be quoted in writing before you are liable for any payment.

What about commission?

It’s worth asking about commission as well. This is the amount that a broker receives from the lender.

Should you pay for a mortgage advisor?

Advisors are there to help save you time and money on your mortgage. If they can find a better deal that saves you money in the long run, it’s more than likely that the fee will pay for itself. Need to get a mortgage quickly? To avoid losing out on a property you really want to buy, having a trusted mortgage advisor by your side can be invaluable. It’s recommended that you choose an advisor with a wide range of lenders on their books, meaning they’re Whole of Market advisors.

Speak to the mortgage advisors at Agentis today. Our combined mortgage and financial advice is free of charge. You will only pay an arrangement fee once your loan has been approved.

Your home may be repossessed if you do not keep up repayments on your mortgage.