No-fee mortgage brokers are the way forward
06/07/2006
According to The Motley Fool, more people should look to take advantage of mortgage brokers who offer their services free of charge.
Mortgage brokers usually charge between 0.6 and 1.2 per cent of the total loan, which for a typical mortgage borrowing total of £150,000 could be up to £1,800 extra.
"Broker fees can significantly inflate the cost of a mortgage," said Neil Faulkner, The Motley Fool personal finance expert.
"Many people pay broker fees because they don't know they have the option not to," he continued. "If you don't know for a fact that your mortgage broker is fee-free, chances are you're paying more than you have to."
Independent mortgage brokers and the services they provide are an important part of the house-buying and borrowing process but, according to the financial comparison website, their services should not involve you paying over the odds for them.
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