Mortgage Broker Fees

[Martin@AS Financial]

Just been quoted a £695 fee for remortgaging by one of the main contractor mortgage brokers that frequent this board. This seems a lot considering I have to pull it out of my own pocket and can't add to mortgage.

Do they all charge a fee these days? I recall some years ago dealing with a broker that didn't charge a fee (they made their money from setting up the mortgage with the bank on a commission basis).

£695 I ask you!

I don't charge fees here at AS Financial for remos or purchases.

[d000hg]

Our advisor always used to get paid by the provider - it would say clearly in the fact-sheet what they would get - and we paid nothing.

I've heard from a couple of people that they now do charge directly, but that this is actually due to some regulation. I haven't asked directly as we're not due to remortgage yet so this may or may not be a crock, but from memory they got paid something like £300 by the provider (and I trust him as an advisor because he has recommended providers who pay him nothing in the past).

[nemosdad]

Mine was first time mortgage and I didn't pay any fee, but everything went smooth.


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