A
Mortgage Broker will usually see you free initially and
then charge either an hourly fee – from £50
to £150 (typically £75) plus VAT – or
you can agree on them taking a commission.
By
law, all authorised Mortgage Brokers must explain their
charging policy on your first meeting.
This
will be set out in an Initial Disclosure Document
which you should be given. It must state what you will
have to pay for the service and explains whether the firm
will refund a fee in any circumstances.
The commission normally comes from the company providing
the mortgage the Mortgage Broker has recommended to you.
If
you pay by commission, the Mortgage Broker has to reveal
what it is.
When recommending a mortgage, the Mortgage Broker has
to outline why they are recommending this - using the
Key Facts Illustration (KFI).
This
KFI document includes details on the recommended mortgage
and how much the broker's fee or any commission will be.
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