As we offer the choice of an independent whole of market full advice service that includes lender direct deals & there are some products where we will not be paid a procuration fee for introducing you to the lender, in these instances we will charge a discounted one off fee of £99 for the product advice and recommendation that you will receive. (Ordinarily we would typically earn a commission of 0.35% of the mortgage amount and under FCA independence rules we should charge you this to offer “independent” advice but as we want to offer a full advice service that is affordable to all, we have decided to only charge £99). This fee is payable prior to issuing our written recommendation and the production of the mortgage key facts illustration for the recommended mortgage product.
The £99 broker fee is non refundable once the Key Facts Document has been issued regardless of whether you decide to apply to the recommended lender or if you are declined by the recommended lender. However, in these instances, we will provide further recommendations free of charge until your application is accepted by a lender unless you have undisclosed adverse information registered against you and then our standard specialist broker fee of £495 is also payable on completion of the mortgage.
In all instances in which we are paid a procuration fee from the recommended lender, we will charge a non-refundable upfront fee of £99 fee on submission of a full application. However, we will provide the Mortgage Key Facts Illustration and obtain an agreement in principle from the recommended lender free of charge and you will only pay the £99 fee when you decide to proceed with the full mortgage application. Assuming that you are looking for a standard residential mortgage, you are able to prove your stated income & do not have any adverse information registered against your credit file then we will waive our usual specialist broker fee of £495.
The advice/ application fee of £99 covers the cost of the factfinding process (in which we will determine your specific requirements for the mortgage), our expert advice in the sourcing of the whole of the mortgage market & our recommendation of a product specific to your particular requirements. The sourcing includes exclusive intermediary only products, direct to lender via branch, web & telephone only applications. Unlike going to see a Bank (who can generally only provide information on their on products only) you will receive a written recommendation from a mortgage broker directly authorised and regulated by The Financial Conduct Authority and this will give you the protection of the Financial Ombudsman Service and The Financial Services Compensation Scheme.