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.
HOW CAN WE HELP?
Choosing a mortgage is an important financial decision and it’s easier with someone who’s on your side. We work as a whole of market mortgage broker so that you get the best possible choice of mortgages.
DRAKE MORTGAGES ARE EXPERT BUY TO LET MORTGAGE BROKERS
We are experienced whole of market brokers who can help you get a great holiday let mortgage.
We can also give you access to exclusive schemes and some specialist lenders who don’t deal direct with borrowers. Loans are available to individuals and SPV’s upto 75% and we can help with Scottish properties, mixed use, multi-lets and Airbnb.
Bridging loans are one of the most useful, multi-purpose, types of lending solutions available. You can get a bridging loan approved on almost any property for almost any reason. Great for auction purchases or snapping up a buy to let bargain.
And we can arrange them really fast.