Mortgage Broker Fee's

Kynthia

roblaity77 wrote: »

Hi

I've been trying to get a mortgage and decided to go through a broker to meet our circumstances.

What fee's should I expect to pay?

I have spoken to one company who have taken all our details and have stated they can get us a mortgage at a good rate.

However they have just sent me a list of fee's that I think are a bit much. As follows:

Booking Fee - £95
Arrangement Fee - £499 (to be added to the loan)
Valuation fee - £225
Broker Fee - £1495 (earned under offer, paid on completion)

Can someone shed some light on this for me please? As a first time buyer I don't know what i'm looking at. I know that I wont be paying that much if I can avoid it!

Thanks

I think you need to understand what fees you need to pay the mortgage lender, such as whether the product you want has an arrangement fee and that you'll need to pay for the cost of the valuation survey on the property. Then you need to clarify whether you need to pay a fee to your broker for their services or whether they are paid by commission from the mortgage lender.