Survey says broker fees hit an average of 0.93% of the loan amount

by Aaron Strutt

Mar 10 2015

Brokers that specialise in arranging complex mortgages such as large loans, let-to-buy's and buy-to-let's, charge an average fee of 0.93% of the mortgage advance.

This is according to the latest Mortgage Broker Fee Survey 2015 of 20 leading brokers.

The survey found the lowest broker fees to be 0.5% of the amount borrowed - rising to a hefty 1.5%. A reported 70% of the mortgage brokers surveyed charged a typical fee of 1% of the mortgage advance or more.

Aaron Strutt, product manager at Trinity Financial, says: “As the survey points out broker fees often vary by quite some margin, but Trinity’s typical broker fee is £495 and we receive a commission from the lender.

“If you think you are paying more than necessary, feel free to call us to find out if you can get a better deal.”

For help to secure a leading mortgage, call Trinity on 020 7016 0790.