What are mortgage broker fees?

A mortgage broker fee is payable by the borrower to the broker for arranging their mortgage.

The mortgage broker firm will normally receive a commission payment from the lender but could also charge you a fee on top. Any information regarding fees should be provided to you at an early stage in the advice process.

The average commission or procuration fee payment made to a broker firm is 0.35% of the mortgage amount approved and the figure will be printed on any mortgage quotation. For complex mortgage cases, or those requiring extra work, the broker could make an extra charge to cover the additional time.

The fee charged by your broker could be expressed as a flat amount or a percentage based on the size of the mortgage.

Fees are normally payable when you apply for the recommended mortgage.

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