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Mortgage Guide
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Finding your Mortgage Contents

Paying Mortgage Brokers Fees or Commission?

The number of fee-based Mortgage Brokers has grown rapidly in recent years.

The idea with fees is that you pay these charges up front, so that there's no suggestion that the Mortgage Broker is influenced by any commission from the mortgage they recommend.

In other words, the advice is genuinely independent.

The new FSA regulations mean that a broker has to justify to them that s/he gave you the best deal available to you. They are supposed to be checked up on regularly and can lose their licence if found to be giving bad advice.

However whether the FSA - after the initial enthusiasm of a new organization - will really police this properly is yet to be seen. Let’s hope so…

It’s probably best to be wary.

Only rely on yourself in the first instance and always check the mortgage you’ve been offered against say the latest best buy tables.

The standard charge at the time of writing is around £75 an hour (usually after a free initial meeting). However many brokers will offer you a flat fee of say £200. That might be a better approach as you know what it will cost you.

If paying a fee, after you've added all the letters and follow-up, you may find that paying by commission would have been cheaper. However, you will be more sure that what was recommended really was in your best interests.

It is also possible to pay by a combination of fees and commission.

The Mortgage Broker may be willing to set some of the commission generated against their fees, or refund some of their commission to you. This is often negotiable with the Mortgage Broker.

To read more on this subject please see the list below or your mortgage guide or your home buying guide

Read enough? Just want a quote? To get your best mortgage quote quickly and easily we can put you in contact with a recommended mortgage adviser. It's free, completely confidential and there's no obligation at all. Simply fill out the form below

Value of Property £  
(eg 125000)
Borrow How Much? £
(eg 92500)
Your Mortgage Type
 



Important note about your credit rating

Many websites don't make it clear that filling in their mortgage enquiry form means you might be credit checked.

This can put you at risk.

UK Mortgage lenders may assume an enquiry you have aleady made to another lender means you were turned down - and not that you are in fact carefully shopping around and rejecting the bad deals.

The best way around this significant problem is to ask an independent mortgage adviser to make anonymous enquiries for you.

Without risking your credit score an adviser can find you the best available mortgage deal. They will also know how likely you are to be accepted by the lender if you decide to make a formal application.

If you would like a recommended adviser to check out the best deals for you, anonymously, simply fill in the quick form below.

" Hmm..." You might think; "Won't I be hounded by a salesman hungry for my business? "

This is the most common question we hear from our users.

The answer is no you won't.

Firstly your enquiry is only passed to ONE person on a carefully vetted list of independent advisers.

Secondly, these mortgage advisers are professionals. Even when the market is slow they are busy people. There many people who need to move homes, or get a remortgage and are looking for advice all the time. Regardless of the state of the property market, life goes on.

So the advisers don't have time to hassle people. It just doesn't work like that. No one is gong to be forced into taking out a mortgage unless they really need one.

The advisers are very used to talking with people, perhaps like yourself, who are only "dipping their toes" into the water.

Many people just want an initial quick chat and if they feel comfortable will ask the advisor to contact them again later - often in several weeks or months. As a professional, the adviser will simply diarise this and call back at the appropriate time. There is no obligation at all.

(In the unlikely event that you ever feel at all "hassled" by someone on our list please let us know immediately. We have never heard of this. But if it happened we would definitely want to know).



"Thank you... the form was very quick. After many long phone calls to various lenders - where I'd go over the same details again and again - I was amazed at how easy you made it. You've saved me £1000's.... "
Peter B, Leeds


Value of Property £
 (eg 159000)
Borrow How Much? £
 (eg 125000)
Your Mortgage Type
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Read more about Finding Your Mortgage

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See contents of Full Mortgages Guide

or

See contents of Home Buyers Guide

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Your Complete Guide to UK Mortgages

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