Do all mortgage brokers charge fees? Find out now!
Not all mortgage brokers charge a fee. At Beechwood, we take pride in offering a transparent and fair approach to our fees. Continue reading to learn more about mortgage broker fees, the expected costs, and when you may need to settle up with your broker.
So, why choose Beechwood Mortgages?
TRUSTED ADVICE
We’ve been making things simple for clients in Berkshire and surrounding counties since 2001.
COMPARE & SAVE
We have full market access, so you can compare mortgage and insurance rates and other products with ease.
ONE POINT OF CONTACT
Avoid confusion with one dedicated broker working with you throughout the entire process.
PERSONALISED SERVICE
Receive expert recommendations based on your circumstances. We take care of all your paperwork too.
How are mortgage brokers paid?
Mortgage brokers earn a fee from the lender, called the Procuration Fee which, although varying, is usually about 0.35% of the mortgage amount. For example, on a £250,000 loan, the fee would be £875. This fee is paid to your broker by the lender, not you. However, some brokers might also charge extra fees, like an upfront application fee or a fee when your mortgage is approved.
It's important to research brokers to understand any additional costs.
Will You Need To Pay Us A Fee?
Good news: If you're borrowing over £275,000, we're most unlikely to charge you any fees.
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To ensure transparency, unless you are a first time buyer a fee might apply if you're borrowing less than £275,000. Rest assured in that if we can't secure a mortgage offer, there are no upfront application or admin fees!
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​For full details, check our fee table below.
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Our team is here to help you through the mortgage application process and it costs nothing to talk with us!
When Our Fee May Apply:
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You wish to borrow under £275,000
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Your needs / requirements are complex
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Our fee is capped at 2.5% of your mortgage and is paid when we secure your mortgage offer.
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If a fee is based solely on your mortgage value, here's what to expect:​
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Mortgage of between 50-100k: £700 - £1250
100-200k: £350 - £700
200-275k: max £350
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Looking to borrow over £275,000? We aim to help without increasing your costs.
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Click HERE if you are a First-Time Buyer.
Unsure about charges and costs?
Need immediate assistance? Contact us now via our Live Chat.
Don't forget to explore all your options before making a decision and avoid paying exorbitant broker fees!
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