We Don’t Believe in Mortgage Broker Fees
The age-old phrase “you get what you pay for in life” is often correct, but not for the mortgage or insurance industry.
In our industry, whole-of-market brokers have access to the same interest rates and mortgages.
Paying a broker fee does not lead to a better mortgage deal.
At Boon Brokers, we are happy with our commission from providers and see no need to charge our clients a penny.
Our Commission
Our commission is clearly outlined in the Mortgage Illustration documents. There are no hidden fees or surprises ahead.
We work with a whole-of-market range of providers and our commission is always based on the loan sum.
The average commissions we receive are:
- – Mortgage commission: £650
- – Insurance commission: £500
This means that our revenue is typically over £1,000.00 per case, without charging the client a penny. Fee-charging brokers may receive this too, but they charge a client fee on top.
“As a regulated national broker, we must always advise the most suitable deal for your requirements, regardless of the commission.”
Gerard Boon Managing Director (B.A Hons, CeMAP, CeRER)
Here’s How We’re Paid…
Submit an Enquiry
1) Mortgage Recommendation
You will receive a Mortgage Recommendation from our experts. Our commission is clearly outlined on the Mortgage Illustration, which you must approve before we submit your application.
2) Application Submission
After you have approved the Mortgage Illustration and sent your broker requested documentation, we will submit your application with the mortgage lender.
3) Completion
When the Mortgage application is approved by the lender, we will receive your Mortgage offer. Once your solicitor completes the transaction, we receive our commission.
Minimise Costs, Maximise Quality
We build on our success.
Our profit is largely re-invested back into the business to build efficient systems and to recruit the best advisers in the industry.
Our free service provides:
- – An expert consultation for tailored mortgage advice
- – Access to a true whole-of-market broker with 90+ lenders
- – A dedicated mortgage adviser, from start to finish
We continue to invest in technology to improve our internal processes. This allows us to operate nationally and deliver a 5* star service for all clients.
Your Success, Our Reward
Unlike some brokers who charge fees regardless of if your mortgage completes, our success is tied to yours.
Your lender will pay our commission, but only after you’re happy and your mortgage agreement is completely finalised.
If your case falls through, there are no hard feelings. You will not be charged. We will be happy to help when you are ready to proceed again in the future.
No upfront costs, no hidden charges, and absolutely no pressure.
Our service is simple – to provide expert mortgage advice completely free, making finding your perfect mortgage as simple as can be.
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Book a Free ConsultationYour Questions, Clear Answers
What does whole-of-market access mean?
Whole-of-Market access means that we can access a whole of market range of lenders. At Boon Brokers, we have truly whole of market access, with over 90 providers available to us. That includes all the high-street lenders like Santander, Halifax, Nationwide, Barclays, NatWest, TSB, HSBC, etc, as well as more specialist lenders like Accord, Precise, Metro, etc.
If lenders pay your commission, why do other brokers still charge a fee?
Upfront fees do not guarantee a better service. Simply put, all brokers receive commission from lenders for matching clients with the right mortgage product. However, some brokers may still wish to charge additional upfront fees. In the financial world, this is called ‘double dipping’, and refers to charging both an upfront fee and receiving commission. At Boon Brokers, we believe that the commission lenders pay us is enough. That is why our philosophy is to provide you with a premium service - completely free.
Do you get access to extra lenders if you pay an upfront broker fee?
No. Additional charges or upfront costs will not provide any specific advantages from a fee-free broker. If the broker you choose has full whole-of-market access, then additional costs will not grant access to new premium lenders.
In short, the number of lenders a broker has access to is fixed by their whole-of-market status, irrespective of any upfront costs.
What is the average cost of a broker?
The typical cost of using a mortgage broker is paid through commission from the lender, usually around 0.35% of the total loan amount. Any additional fees are always optional, and will vary between brokers. For more information, read our article on How Much Do Brokers Charge?
Are Boon Brokers approved by the FCA?
Yes. Here at Boon Brokers, we are fully authorised and regulated by the Financial Conduct Authority (FCA). This approval ensures that we can offer expert mortgage advice and arrange mortgages on a whole-of-market basis.
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