A fee charged by an intermediary to the applicant for placing a loan. Under the Consumer Credit Act the maximum fee that a broker may retain in respect of credit broking services if a loan has not completed within six months of the date of introduction to a lender is £3.00.
Usually a fee charged by an adviser to a borrower for locating the most appropriate mortgage for the borrower.
The fee for services rendered that is charged by a Broker. Such a fee is in addition to or separate from any Commission. (See Broker, Commission)
A mortgage broker is normally paid in one of two ways – either by commission from the lender or by a broker fee, charged to the customer. Under current regulations, any mortgage broker that offers “independent†mortgage advice must offer customers the choice of paying a fee if they prefer. This fee will normally be a percentage of the mortgage loan required, typically 1-3%, but may be higher for more difficult cases such as ‘adverse creditâ€(tm) mortgages.
A fee charged by a broker or other intermediary for advising / negotiating a loan.
A fee charged by an intermediary to the applicant for negotiating a loan. If a loan has not completed within 6 months of the date of introduction to a lender, the maximum fee that a broker may retain is £300, under the Consumer Credit Act.
A fee charged by a Mortgage Broker for arranging mortgage financing. A fee is usually charged if there are past credit problems, or problems with job stability. In all cases where a fee has been charged, a Disclosure Statement must be completed in triplicate and signed by both the borrower and the Mortgage Broker.
