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Yes, most lenders will pay a ‘procuration fee’ to MFB upon completion. Typically, this is a set percentage of the loan (this percentage doesn’t change whether the loan is £50,000 or £500,000) and varies from lender to lender depending on the arrangements they have with the brokerage. Brokerages receive this payment from lenders in recognition of the preliminary admin work they complete preparing documents for submission, and managing the case through to completion, saving the lender time, resources and money.

We don’t charge for initial quotes or recommendations, despite how long this may take us to put together. Our brokers spend a lot of time researching and sourcing the “best rates” for our clients, which doesn’t always mean the cheapest interest rate. Lenders have specific criteria and use different stress-test calculations, so you may be able to source one rate but not another. Our brokers will ask detailed questions to find a deal that suits you. Online mortgage searches may pull up a cheaper rate, but they won’t be able to find one tailored to your needs, experience, or circumstances, so our experience saves you time and hassle.

Companies offering free mortgage advice and services will typically deal with more customers at a time and more straightforward cases. Consequently, they spend less time working directly with you, understanding your current and future plans, and keeping you updated during stressful times! 

However, whilst this approach may work for some, we believe that having a dedicated team looking at each case guarantees our clients secure the best deal available and have the highest level of support available to them throughout. Our brokers and client relationship managers spend more time researching and working on individual cases, justifying the need for a fee.

The two main reasons we charge a fee are the workload per broker and the time each case takes.

Finding a lender that accepts your specific case and offers a product that works for your investment plans is time-consuming, especially for more complex cases! 

For our expert brokers to do this efficiently, they need an in-depth knowledge of the market, which only comes with training and experience. They will compare individual mortgage products to determine the most affordable over time rather than just the cheapest interest rate, and review the criteria and small print. Depending on the case, this can often be hours of work.

It's no secret that mortgage applications involve a lot of administrative work, and while you will still have to do some of this, we’ll do the majority for you. Arranging and reviewing your documentation to ensure it’s correct and presented to the lender in the most efficient way can be lengthy. However, not only do you get a specialist mortgage broker on your side, but we dedicate a named Client Relationship Manager (CRM), to take all the pressure off you. 

As industry professionals, the broker and Client Relationship Manager working on your application have the knowledge, experience, and skills necessary to ensure your mortgage is completed as seamlessly as possible.