Do Mortgage Brokers Charge A Fee?

Written by Simon Burnett on March 26, 2021. Posted in Blog.

Using a mortgage broker is a fantastic way of getting a great mortgage deal that is suitable for you in the long term. We are often asked if mortgage brokers charge a fee?

It depends!

Some mortgage brokers do charge a fee of some sort, and some don’t. So is it better to go with a free mortgage broker? Not always.

Confused? I’m not surprised! Let me clear it up for you!

What Type Of Fees Do Mortgage Brokers Charge?

There are a number of ways mortgage brokers get paid, here are some ways mortgage brokers get paid:

Fixed

This is how we work at Burnett Mortgages. It is a flat rate. You are charged one fee for all our work. You know in advance how much you will pay and that is it.

No hidden extras and no nasty surprises. If it takes us longer because your case is complicated, you don’t pay any extra. If you are a first time buyer we won’t charge this fee until your mortgage offer has been issued!

Percentage

Some brokers charge a percentage of the value of the property.

This can be good if you are buying a low-value property but not so great if you are buying a property with a hefty price tag. You could be paying way over the odds for mortgage advice and brokerage.

Should I Pay For A Mortgage Broker?

Not all mortgage brokers charge fees, and that doesn’t necessarily mean they are better or worse than any other broker.

Or maybe you are wondering if you even need a mortgage broker?

You don’t have to use a broker at all. You could go straight through your bank or to a high street lender directly but you will only have advice on their products.

However, mortgage brokers have access to a range of mortgages that the general public may not have access to themselves. Especially whole of market broker firms like us here at Burnett Mortgages.

We aren’t tied to a particular lender so can scour our resources, use our experiences and leverage our professional relationships to find you a fantastic mortgage.

The Money Advice Service advise using a mortgage broker because it helps to ensure your mortgage is suitable for your situation and lifestyle and will help you navigate the murky waters of borrowing money.

If you don’t take advice, you could end up:

With the wrong mortgage for your situation, which would be a costly mistake in the long run.

Being rejected by your chosen lender, because you didn’t understand the restrictions clearly or what circumstances the mortgage was designed for.

As an industry, we are regulated by the Financial Conduct Authority (FCA). We need to ensure the mortgage we arrange for you is suitable for your unique circumstances.

This is to make sure you will be able to afford it long term.

Using a mortgage broker to find a mortgage means greater choice, advice from a regulated and competent person, and the option to go to the Financial ombudsman if it turns out the mortgage wasn’t suitable after all.

Are Mortgage Broker Fees Worth it?

Well, we can’t speak for everyone but ours certainly are!

We charge one fee for our services. After that, any further work we do with you doesn’t cost you a penny. This includes remortgages.

We want to be your mortgage broker for the whole of your mortgage-paying life. We work hard to build and maintain our relationships with our customers.

If you are considering a mortgage or remortgaging, why not have a chat with me to see if I am the right fit for you? I would love to hear from you.

You may have to pay an early repayment charge to your existing lender if you remortgage

Your home may be repossessed if you do not keep up repayments on your mortgage.

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What Our Clients Think Of Us

“Simon is totally reliable, trustworthy and professional he went above and beyond to ensure that our mortgage was ported across to the new house we were buying in time for the completion date we had agreed. I would thoroughly recommend Simon to all of our friends and family and would have no hesitation in using him again to arrange a mortgage.”
Steven Wheeler – August 2021
“Best service we could have hoped for! Simon got us the right mortgage quickly, was professional, friendly, super responsive and delivered what we needed in a difficult Covid-19 time time, all whilst explaining everything through to us. Burnett Mortgages even went the extra mile sending us a thoughtful and lovely moving in gift, which just cemented that caring touch we experienced throughout. We couldn’t recommend Simon, Paulina and Burnett Mortgages highly enough! Will definitely use them again in the future.”
Rebecca Hastings, July 2021
“Simon gives 100% in all aspects of his work. Highly recommended.”
Rick
December 2020 “This is our second re-mortgage using Simon and on both occasions he has provided us with a first rate service. Personable, responsive, kind and extremely good at his job. I highly recommend him and will continue to use his services as long as he’s offering them!
Also a thank you to Paulina, who has recently joined Simon’s team and kept in regular touch throughout as well as being very friendly and efficient.”
Juliette Prosser- December 2020
“We came across Simons website when we were searching for a local mortgage broker. We had just had our mortgage declined from a bank because I only had one years accounts. I emailed Simon and had a response from him within the hour, he said he’d try his best to help us out. He phoned us a few days later to talk about our situation and why we had our previous mortgage declined. With us being first time buyers we were stressed out and we didn’t want to loose a house that we had fallen in love with. Simon made sure that he gathered as much information as possible from me and my boyfriend and found a mortgage and had it accepted within a week or so. I would recommend him to anyone who is struggling to get a mortgage, he’s very down to earth, friendly and professional and we will continue to use him if we ever buy another house in the future!!”
Megan Randall – February 2021
“Me and my partner were 1st time buyers and had no idea what we was doing with any paperwork or what to apply for. Simon and Paulina calmed all nerves and helped us every step of the way. Nothing was any trouble for them and no question was too stupid (I asked some stupid ones).
I would highly recommend Simon to anyone who’s looking for their 1st home or people remortgaging.”
Will Gregorick – April 2021
“Simon has just helped us remortgage our help to buy mortgage. He has been so supportive through this process going over and above!
He got us a great deal on our mortgage too. Would definitely recommend him!!”
Rachelle Mclennan – July 2021
Simon was excellent from start to finish and in very unusual circumstances. He dealt with our mortgage managing to get us the best deal possible in a time of economic uncertainty and made sure our life insurance was up to scratch too. Despite not being able to be in face to face contact due to restrictions imposed at the time communicating was simple, regular, supportive and effective. He was easy to talk to and happy to deal with questions. He certainly went above and beyond to get us relocated and was excited for us even sending us a congratulatory gift. We will most certainly be returning when it is time to remortgage.
Alexis – October 2020
“Where do we start with Simon, we can’t recommend him enough. This time we re-mortgaged after he found our first mortgage on our first home. Simon is so easy to talk to, and he always goes the extra mile to help his customers. Any stress you have you have about your mortgage dwindles away as soon as you speak to Simon. Every little detail he explains to you in a way that it is easy for anyone to understand, so you will never sign anything you are unsure about. We can’t thank Simon enough and we will sure be in touch when its time to re-mortgage again.”
Colette Hunt – May 2021
“I couldn’t thank Simon and his team enough for helping me get on the property ladder. He could never do enough to help through the process. As a first time buyer I didn’t have a clue and any question I asked he answered with my best interests at heart. I would advise anyone who is thinking of using a mortgage advisor to use Simon and his team. I will be definitely using him in the future when it comes to remortgage time and thanks to Paulina who chased the solicitors making them pull there finger out. Thank you once again.”
Matthew Lindley – May 2021
“We came across Simons website when we were searching for a local mortgage broker. We had just had our mortgage declined from a bank because I only had one years accounts. I emailed Simon and had a response from him within the hour, he said he’d try his best to help us out. He phoned us a few days later to talk about our situation and why we had our previous mortgage declined. With us being first time buyers we were stressed out and we didn’t want to loose a house that we had fallen in love with. Simon made sure that he gathered as much information as possible from me and my boyfriend and found a mortgage and had it accepted within a week or so. I would recommend him to anyone who is struggling to get a mortgage, he’s very down to earth, friendly and professional and we will continue to use him if we ever buy another house in the future!!.”
Megan – February 2021
“We have found Simon to be a most helpful mortgage adviser. He is knowledgable and listens to clients’ requests and needs. He is very prompt in communication and always goes that extra mile to help. I would have no hestitation in recommending him for mortgaging advice.”
Suzanne
“I cannot recommend Simon enough. He is professional, trustworthy, caring and knowledgable. Simon arranged both our mortgage and our protection. Unfortunately, we found ourselves in a position where we had to claim on the critical illness cover. Without his advice and cover we would have found ourselves in a sorry state. His attention to detail and no-nonsense approach to explaining each product ensured that we were covered. He has eleviated a huge financial burden at a very stressful time. I can’t recommend him enough. I will never use anyone else. This man really does go above and beyond.”
Nicki – December 2018
Simon took on a challenge for my daughter – less than two months into a new job with time off on sick for Covid testing, turned down elsewhere, and not only found a mortgage that was 25% more affordable, but got it over the line within a week. Thank you – you’re a legend!
Guy Nottingham – January 2021
“My girlfriend & I were left in a tricky spot after our mortgage application was declined having already had an offer accepted. As a first time buyer this was very stressful but Simon consistently reassured us throughout the process. He was extremely responsive to all questions and sorted us a mortgage with a better rate than any other we could find online in less than two weeks. We will definitely be using his services & we can’t recommend him enough!.”
Nathan – February 2021
Very professional, honest and always at the end of the phone to guide you through everything you need. 100% recommend to anyone. Extremely happy with the service and will use for many years to come.
Steve Fairhurst – December 2020
“Excellent service. Both Simon and Paulina were very helpful guiding us through the process and answering all of the questions we had. Communications level has been fantastic and the application had progressed very efficiently. Thank you :).”
Paulina Lucewicz April 2021
“Me and my partner had Simon help us when we first decided to buy a property together neither of us had any experience and at the time we had an average if not low credit score Simon was able to talk us through the process and what we could do to raise that score and look at options available to us. Simon has helped us through every stage and has been an absolute diamond answering questions that we had no clue about. It is always a pleasure talking to Simon he works his best and looks at all options, he is very efficient and is true to his word. He has now helped us not only initially get onto the property ladder but with a variety of other questions in relation to our mortgage and we recommend him highly to anyone who needs help”
SarahJane Ward April 2021
“Moved into our first home today after the incredible support from Simon. Hasn’t been a simple journey, with obstacles in our way (from seller and seller solicitors) but Simon was consistent throughout and was availiable at all times of day during the week to make things as easy as possible. Always worked around our awkward schedule including house visits on a Friday night. Can’t recommend him enough. Thank you so much Simon!”
Jessica

Do Mortgage Brokers Charge A Fee?

What Type Of Fees Do Mortgage Brokers Charge?

Should I Pay For A Mortgage Broker?

Are Mortgage Broker Fees Worth it?

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