How does a broker make money

lm1981

I am going to need to approach a mortgage broker as my circumstances aren’t quite straight forward - do you normally pay a broker a one off fee or do they get commission on referrals from banks etc 

I am trying to keep costs down , I could prob go out to various lenders myself but a broker will be better placed I think to advise 

Bubblebutt9

I have just used a broker to remortgage and it cost £499 which is payable on completion. Well worth the money if you have a good one in my opinion as they take the stress out of the process. Well they did for me anyway. I think fees do vary though. The initial broker I contacted wanted a fee upfront then another big fee upon mortgage over. I was a straightforward case too so politely declined 

MovingForwards

Some take a few on application, some on receipt of an offer, some on completion and some only have the payment from the lender.

The former is very risky for you, the latter is three are so much better financially for you.

ACG

Some brokers charge, some do not.
Fees will vary from £0 up to around £2k. 
When they charge will also vary, some charge upfront, some on offer and some on completion. 

K_S

lm1981 said:

I am going to need to approach a mortgage broker as my circumstances aren’t quite straight forward - do you normally pay a broker a one off fee or do they get commission on referrals from banks etc 

I am trying to keep costs down , I could prob go out to various lenders myself but a broker will be better placed I think to advise 

@lm1981
All brokers will get what is known as a proc-fee (commission) from the lender which generally speaking is around 0.3-0.4% for mainstream residential mortgages.

On top of the proc-fee, some brokers will charge a fee, some will not and some will do so depending on the case specifics.

The smaller the loan or more complex the case, the more likely it is that the broker will charge a fee.