Stuart Bowman
3-minute read
Last updated: 12th February 2020
Mojo Mortgages has been voted the UK's best mortgage broker. Let's get you the best rate you can... for free, all from the comfort of your sofa.
Get StartedA mortgage broker can give you peace of mind in knowing the mortgage you get is recommended by an expert who knows what’s best for you. What you might not know is that you don’t actually have to pay for a broker’s help.
We’ve already talked about who brokers are, and what they do. Here, we’re going to look at how mortgage brokers get paid and how you can get their expert advice without paying fees.
Mortgage brokers make money in different ways.
You’ve probably sussed it out by now, but the commission model is great because it won’t cost you anything.
Commissions are still determined by how big the loan is, but the percentage a broker earns tends to be around 0.35 to 0.45%.
Your mortgage broker must declare how much, if anything, they’ll earn from the lender. Brokers are regulated by the Financial Conduct Authority (FCA), so they shouldn’t let the amount of commission they can earn affect their advice to you. It could cost them their licence, after all.
Some brokers will charge you a fee for their advice and then still take a commission from the lender when they secure you a mortgage. Some people call this ‘double dipping’.
Again, brokers who do this should tell you upfront how they make money, so you’ll know if you’re dealing with a double dipper. It’s up to you whether you think their service is worth paying for.
At Mojo Mortgages, we won’t charge you a fee for our advice. Instead, we earn money from lenders who pay us a commission when we secure your mortgage with them.
We compare thousands of mortgage deals in under a minute and we can help you get a mortgage in principle in under 15 minutes.
We search 90 lenders and 20,000 products to show you your best mortgage deal. Go find it!
Get my best rateHere are a few other articles you may find useful.
Best can mean anything depending on what you need, but if you want lowest mortgage rate from each of the lenders? Here you go
There's nothing stressful about a mortgage adviser meeting, but if you want to be prepared, find out what will happen first, here.
See the mortgage adviser questions... and know how to answer them
Sorted. We can do everything you need and in a few minutes you'll have a a handy document to show the estate agent when making an offer.