What do mortgage brokers earrn?

ACG

£30k mortgages tend to take 10x as much work as £300k mortgages. No idea why but they always turn out to be nightmares.

After the day I have had today, my answer to the title is not enough.

Tomorrow shall be spent on the M6 because lenders are pedantic. Theres 6 hours I did not account for when agreeing the fee. Like everything though, we take the rough with the smooth and im sure there will be good times...eventually :P

WillyWonga

Be a mortgage broker??? I would rather sell Betamax Video Recorders door to door. Less hassle. They earn their money through knowledge and experience whatever % it is.

If you want to go alone then good luck.... you'll need it, along with a lot of patience.

Madbags

Connells in Plymouth have a First Time Buyer centre, they offer an hour free no obligation chat with their broker, for FTBs of course. In that session we obtained all the information we needed, what lender would be favourable etc. So we approached them direct and got our mortgage.


His fees, should we have chosen to accept him, were along the lines of a one off £400ish cost and Connells would deal with everything for life, i.e. initial mortgage app, remortgaging etc..

owitemisermusa

From experience, broker fee £250, commission £500.

engineer_amy

As a FTB in 2009, I imagine I was a brokers dream candidate. I had 10% deposit, good salary and no adverse items on my credit file, accepted on first application. I just needed my hand holding as a mortgage newbie. I wasn't charged a fee, instead I was told the lender would provide the broker with a commission, and I was told what that commission was. So he had a very small amount of legwork to do (im assuming)


Personally, I wouldn't go to a broker in future for a remortgage, unless my circumstances change or my file becomes adverse in anyway, in that case I would require the expertise of someone who had seen it before. In which case I would be happy to pay any fee in order to obtain a suitable remortgage


I had a conversation with the mortgage advisor in the estate agents next to my office, they have started charging £750 to arrange a mortgage.


I have wondered how many standard applications an advisor can work through in a day/week, and how often they are left frustrated, banging their head off a brick wall, all because the lender says no, the applicants haven't told them about debt etc, or generally just tough applications. Im not sure I would want to do it

nubbins

engineer_amy wrote: »

Personally, I wouldn't go to a broker in future for a remortgage, unless my circumstances change or my file becomes adverse in anyway, in that case

Depends where you live, if the mortgage/remortgage is 200k or lower then you are probably going to get charged, if its higher then you probably won't. I have never paid for a a broker so to me its worth going through one every time, saves having to deal with bank/building society staff direct and most of the time it simply involves me scanning and sending 3 months, statements,pay slips, P60 and a few other bits and bobs and thats it.

Tigsteroonie

My ezperience of a mortgage broker? Worth every penny that it cost me.

I presumed that they charged a fee and probably also took a commission rate (but I didn't really care about the latter, that's their business) which recompensed them for the time & effort involved. The reality in my case was that they probably got recompensed for about 1/10th of the time - but it was a flat fee.

sjb2016

Our broker earned £650 gross from sorting out our mortage (£200 broker fee and £450 commission from bank). We were first time buyers and it was good having somebody who knew what they were doing to help us. As soon as our offer was accepted on a house, he arranged to meet us the next day (a Sunday) and got the ball rolling. I should imagine that the £650 was "uncomplicated" money for him, which hopefully helped to balance out the fact that he has probably had to work weeks on some applications for the same pay. My dad worked for himself, and anybody that does it well earns every penny, regardless of what they're doing.

lawriejones1

Used a fee-free, whole of market broker and it was a doddle. The only thing he queried was the amount of units of alcohol I drank per week when sorting the life insurance. I was trying to be conservative as well.

Nice chap, and recommended him to friends. Conveyancing solicitor was rubbish though. Whatever he earned, he deserved it because it took me about 2 hours in total to sort out.

AnnaLMLH

Id say probably no enough, for the hours of stress and reading and negotiating to try find the right fit of mortgage for a person,
especially the brokers who work with adverse borrowers, it must make it a 1000 times more frustrating
plus I bet its a job that "follows you home" you dont leave your desk at 5pm and think hey done for the day itll trail on into the time your meant to off
worth every penny, and yes ill be using a broker come october