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mortgae broker
lavandergirl_2
Posts: 442 Forumite
How much will a broker charge for sourcing a mortgage and how does it differ from going to the lender direct?
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Comments
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Depends entirely on the broker. Ours didn't charge anything to source us a mortgage. The advantage is that they can easily look across the whole market and get some exclusive broker deals. If you already have a lender in mind then there's no real benefit of using a broker.0
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There are no free lunches anymore and a broker will quite rightly want to be paid. There are several ways they do this, fee, commission from any life insurance or a "procuration" fee from the lender. Ask up front what the total remuneration for him will be. If he / stutters, walk out and find a broker that has no problem explaning his remuneration packages to you. OR - you can research the market yourself and dive in. Trouble is you have no grounds for recourse! Good luck and I hope this helped.0
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