25th March 2019
When it comes to buying a property or organising your insurance we understand that you don’t have the time to contact numerous mortgage lenders or compare different insurance policies. That’s why working with a broker can save you time and hassle. We also understand though that, for some of our clients, it’s important to understand how it is we get paid as brokers. Look no further!
When you go to a bank or building society for a mortgage, you will only be offered products from their own range and not that of other lenders. Since you are only seeking advice from one entity, the options available may be limited or may not suit your needs. This is one of the many reasons Contractors find it difficult to get a mortgage the traditional way. More than that, many high street lenders do not understand how Contractors work and request lots of paperwork and time in order to get an application processed. We understand how Contractors work however and that is why we search the whole of market to find the best deal for you – saving you the leg work and hassle. For that research, we charge a fee of £100 prior to submitting an agreement in principle, and a further £400 prior to submitting the full mortgage application.
This fee covers the costs of administration and accounts for our expertise and experience in finding the right mortgage product for you. As well as the time taken to really research what the whole of market has to offer! If you don’t have the right expertise to handle the paperwork or speak to multiple lenders, not only can it cost you more money but time. This is why, for a fee, we handle everything. Letting you get back to doing what you do best, knowing we have everything under control.
We also receive a fee from the lender for introducing you to them. This is known as ‘procuration fee’ or, in simpler terms, a finders fee. All lenders typically pay more or less the same, the size of the fee we (brokers) receive is directly related to the size of the mortgage we arrange for you (for example, 0.3% or £300 on a £100,000 mortgage). This fee is paid to us directly by the bank or building society and is not a cost that you have to pay additionally.
The insurance advice we provide, whether you’re looking to protect yourself, your family or business, is free. We do not charge a fee on any of the following protection services: Life Insurance, Relevant Life Insurance, Critical Illness cover, Income Protection, Private Health Cover and Indemnity Insurance. We are paid a commission by the insurance provider with who you decide to take out a policy. Just as with a mortgage application, we’ll search the whole of market to find the best cover for you, your circumstances and budget.
Ultimately, we are proud to provide regulated and expert advice. We aren’t a call centre trying to make a quick buck but trained protection and mortgage advisers who will work hard to listen to your circumstances and needs before doing the work to find you the best solution. You will always find any details on our fees and commissions in your initial disclosure document, but do ask your adviser if you have any specific questions relating to this before then.
We look forward to helping you.
All content is accurate at the time of publication