Do Mortgage Advisers Charge Fees?

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Do all mortgage advisers and brokers charge fees when you use their services, what fees can they charge and how much will the fees be?

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Do Mortgage Advisers Charge Fees?

No, not all advisers will charge a fee. The majority will receive a fee from the lender. The fee paid is generally a percentage of the amount you borrow – whilst this varies from lender to lender, a typical fee which is paid by a high street bank or building society will be around 0.35% of the mortgage. For example – if you borrow £200,000 the fee paid to the adviser will typically be £700.

To further clarify this point, you do not pay this fee, the lender will pay the adviser firm or their network directly.

There may then be a further fee payable to your mortgage adviser and it’s important to understand that some advisers/firms will charge you a fee regardless of the amount you intend to borrow. This is precisely why you should do your homework before fully engaging with a mortgage adviser. Here are a few examples of when a fee may apply:

• Some advisers will charge you an upfront admin/application fee

• Some advisers will charge you a fee on completion

• And some advisers will charge you both

Hence why it’s important to do your research before pressing ahead.

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Will Beechwood Charge A Fee?

For us here at Beechwood, we look to maintain total transparency throughout the process, so the following information is intended to meet that ethos.

Our initial advice & recommendation, to then applying for your mortgage and actively progressing through to offer, is all carried out during the early stages of the process.

We are on hand to help navigate your way through, but it’s safe to say that the majority of our time is spent during the first week or two following your initial contact with us.

However, we are still proud to say that you WILL NOT incur any costs should your mortgage application not proceed through to completion, as we do not charge an admin/application fee.

We do occasionally need to charge a fee on completion and this could be due to:

• You are looking to borrow less than £225,000

• Your situation/requirements are complex and therefore takes more of our time to thoroughly research, place and arrange your mortgage

Our fee will never be more than 1.5% of your mortgage and is only paid when your mortgage completes. Our typical fee based solely on the size of your mortgage will be:

• <50k – no more than £750

• 50-100k – no more than £650

• 100-150k – no more than £450

• 150-225k – no more than £350

• >225k – no fee payable