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What are mortgage broker fees?

Mortgage brokers and advisers charge for the services they provide in different ways and I’m going to explain them to you now so that you understand what you’re paying before you seek mortgage advice. A mortgage broker guides you through the mortgage process, helping you to select and apply for one. Some brokers charge for this service and others don’t; those who do have different fee structures. Most mortgage brokers receive a commission from lenders, which equates to about 0.37% of the agreed mortgage loan. Some brokers also levy a fee to their clients. What are the different ways for mortgage brokers to earn their income? A fixed fee.

At Trinity Finance, we charge a standard admin fee of £595 to provide you with mortgage advice. This rate will be different for other mortgage brokers but, whatever their fee, you will know the exact cost before you proceed. Having recommended a certain mortgage to you, you’ll receive an ESIS, which stands for European Standardised Information Sheet.

This document illustrates the mortgage details, confirming the costs pertaining to the mortgage. It should be noted that we don’t charge a fee for insurance advice so if you’re looking to purchase insurance from us, our help and advice are free. A percentage. Some mortgage brokers prefer to charge a percentage of the mortgage. As an example, their fee might be 1% and if you take out a mortgage of £200,000, you’ll need to pay a fee of £2,000.

An hourly rate. Other brokers levy an hourly charge. In this case, it’s important to ascertain the timescale for your broker to locate a mortgage for you and to guide you through the mortgage application. Combined charges. Some mortgage brokers charge clients a combination of the fees already mentioned.

At Trinity Finance, we receive a procuration fee from the mortgage lender and charge you a fixed fee for mortgage advice. Fee-free. Some brokers receiving commission from lenders don’t charge a separate fee on top. This is called a fee-free service, allowing you to continue through the mortgage process without having to pay for the advice. Make sure you check which of these fees applies to your mortgage broker before you proceed and that you have the details in writing.

At Trinity Finance, we will confirm our mortgage advice fee and the precise commission to be received from the lender. Aside from the fee due for mortgage advice, another important factor you need to check is whether your mortgage broker offers restricted advice or not. By this, I mean that some brokers may be restricted to only being permitted to offer mortgages from a few lenders or, in some cases, just one lender. This is not the case with Trinity Finance and we can search through the mortgage market without being limited to certain providers. In this way, we can help you secure the best deal to meet your requirements.

Find out more here: https://www.trinityfinance.co.uk/
Or contact us on 01322 907 000 and one of our professional mortgage brokers in Bexley will be more than happy to help you.