How much do mortgage brokers charge and is it worth it?

The costs of buying a home in the UK go far beyond the purchase price and the house deposit you’ve been so carefully saving. You’ll need to foot the bill for numerous other expenses – some obvious, some less so – to complete your property purchase.

From conveyancing and valuation to removals and stamp duty, there’s a lot to budget for, which may make adding extra expenses like mortgage broker fees rather undesirable. So, how much do mortgage brokers charge and is it a price worth paying?

What exactly is a mortgage broker?

A mortgage broker is a qualified professional who helps homebuyers like you find and secure the most suitable mortgage deal for them.

They scour a range of products across the market so you don’t have to. This approach offers far more advantages than getting a mortgage from a bank directly. Instead, your broker will analyse multiple products to complement your financial situation, goals and credit history.

How can working with a broker help?

In a typical UK house purchase, the broker essentially acts as a guide, assisting you with every aspect of your mortgage. They’ll explore and explain your options, liaise with multiple lenders on your behalf, manage application paperwork and even increase your chances of approval.

As Business Insider explains, having this level of professional support can be invaluable during the often complicated and drawn-out house buying process:

“The benefit of having someone do all the hard work for you is that you don’t have to be an expert in underwriting or understand the nitty gritty differences between lenders. Granted, it’s always a good idea to learn as much as possible about what you’re getting yourself into, but a mortgage broker can help you wrap your head around everything.”

The advantages don’t end there; with a mortgage broker on your side, you can save time, stress and money, ensuring you choose a mortgage that truly fits your needs.

What mortgage broker fees can I expect?

Now for the costs, which can vary significantly from broker to broker. Some brokers take their fee as a percentage of the mortgage amount, while others charge a set price.

Here at The Mortgage Bureau, we aim to make the process of securing your mortgage and proceeding with your purchase as straightforward and transparent as possible. As a result, we charge a set fee so you can avoid hidden costs and nasty surprises.

While many people think that recruiting an independent mortgage broker is expensive, broker fees remain reasonable. The money and time you could save certainly makes working with a broker a positive and rewarding experience for first time buyers, existing homeowners and those looking to remortgage.

How do I get started when finding a mortgage?

Our service is just as simple as our fees, which means you’re only a couple of clicks away from finding the best mortgage deal for you and your circumstances. Get in touch with us today to find your local mortgage advisor and get the ball rolling!