Mortgage broker commission percentage these days

Dillon141

Hello, 

Are there any mortgage brokers out there who can tell me what the commission percentages are these days?

I hear all sorts of figures ranging wildly so I want a real idea.

Are most around 0.3%? Or is that just the lowest ones and most are actually much more? Do 1% commission still exist and are they common?

thanks everyone. 

Dill

kingstreet

Standard high street procuration fees are upto 0.4%, usually with about 0.3% to 0.5% paid away to a mortgage blub or similar.

K_S

Dillon141 said:

Hello, 

Are there any mortgage brokers out there who can tell me what the commission percentages are these days?

I hear all sorts of figures ranging wildly so I want a real idea.

Are most around 0.3%? Or is that just the lowest ones and most are actually much more? Do 1% commission still exist and are they common?

thanks everyone. 

Dill

@dillon141 You can see the procuration-fees for all the different lenders here. Do keep in mind that this is what the lender will pay out. Depending on how the firm is set up, there may be other organisations like the mortgage club, mortgage network, etc. that take a further cut before passing it on to the broker firm.
https://www.legalandgeneral.com/adviser/mortgage-club/lenders/procuration-fees/

The exact amount will also be clearly specified in the mortgage illustration/KFI sent to you by the broker.

ACG

The gross figure gets paid to the mortgage club/network. 
The net figure gets paid to the broker... Although if under a network they may take about 15% of that. 

I work on the assumption we get .35% some will be more, some will be less. 

Dillon141

Fantastic everyone! Thank you so much! 👍