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Mortgage Broker Charges

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    Mortgage Broker Charges

    Hi

    I've been speaking to Freelancer Financials about a new mortgage and was slightly surprised to find out they chage a £599 arrangement fee. The last mortgage broker I used, admittedly in 2014, didn't charge anything and just took the commission from the bank. I'm struggling to find the paperwork of who I used but it was a fairly mainstream broker and not a dodgy back street company.
    I've also just checked ContractorMortages and they charge about £750.

    So do all reputable mortgage brokers now charge for their services? If so, fair enough, they're doing me a favour but just wanted to check if this is now the norm.

    #2
    Well there's always a charge, somewhere along the line.

    Either the broker takes payment from the company they recommend, which can make you wonder about how independent their advice is, and that charge will probably be wrapped up in the lender's fees to you.

    Or, the broker charges you a flat fee and doesn't take a commission from lender.

    Regardless of how they get paid, the broker should make it very clear who pays them and how much.

    Comment


      #3
      No. Some do it for free out of the goodness of their hearts.
      'CUK forum personality of 2011 - Winner - Yes really!!!!

      Comment


        #4
        I've used the same broker three times now and the charge has varied - the first time I think I paid around £150 (discount rate for members of this forum), the second time I think around £400, and my just completed remortgage I paid nothing as they made their fee entirely from the lender. Got a 5 year fix at 1.45% with a £999 booking fee from TSB. Contact Ben @ Power Mortgages.

        Comment


          #5
          My wife charges £295
          I was an IPSE Consultative Council Member, until the BoD abolished it. I am not an IPSE Member, since they have no longer have any relevance to me, as an IT Contractor. Read my lips...I recommend QDOS for ALL your Insurance requirements (Contact me for a referral code).

          Comment


            #6
            Originally posted by Heathmount View Post
            Hi

            I've been speaking to Freelancer Financials about a new mortgage and was slightly surprised to find out they chage a £599 arrangement fee. The last mortgage broker I used, admittedly in 2014, didn't charge anything and just took the commission from the bank. I'm struggling to find the paperwork of who I used but it was a fairly mainstream broker and not a dodgy back street company.
            I've also just checked ContractorMortages and they charge about £750.

            So do all reputable mortgage brokers now charge for their services? If so, fair enough, they're doing me a favour but just wanted to check if this is now the norm.
            600 sheets sounds expensive but I guess it depends on the size of the new mortgage. Havent you said to them nah, 600 is too expensive, how about xxx and work from there?!

            If they wont budge, do the leg work yourself or expect to pay someone to charge.

            Comment


              #7
              Originally posted by TheDogsNads View Post
              600 sheets sounds expensive but I guess it depends on the size of the new mortgage. Havent you said to them nah, 600 is too expensive, how about xxx and work from there?!

              If they wont budge, do the leg work yourself or expect to pay someone to charge.
              It is but get the wrong product and pay even 0.05% more than you could have you'll be down a lot more than that.
              'CUK forum personality of 2011 - Winner - Yes really!!!!

              Comment


                #8
                Originally posted by Heathmount View Post
                Hi

                I've been speaking to Freelancer Financials about a new mortgage and was slightly surprised to find out they chage a £599 arrangement fee. The last mortgage broker I used, admittedly in 2014, didn't charge anything and just took the commission from the bank. I'm struggling to find the paperwork of who I used but it was a fairly mainstream broker and not a dodgy back street company.
                I've also just checked ContractorMortages and they charge about £750.

                So do all reputable mortgage brokers now charge for their services? If so, fair enough, they're doing me a favour but just wanted to check if this is now the norm.
                The broker should not charge - They get .3% as a procuration fee - Try LondonAndCountry mortgages

                Comment


                  #9
                  I used London and Country Mortgages. It was free (I was a permie back then though). They got me a great deal too.
                  Don't know if they work with contractors.

                  Comment


                    #10
                    One small point to note: NOTHING. IS. EVER. FREE.
                    ---

                    Former member of IPSE.


                    ---
                    Many a mickle makes a muckle.

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                    Comment

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