Hey there, welcome to my blog. Today I’ve been a busy bee. I’ve finished sorting out the garden, done my self-assessment and paid my mortgage broker now our mortgage application has been accepted. How much do you pay a mortgage broker, I hear you ask. Fortunately, it’s not that much! Mine just had a £100 fee since his main profit is a commission from the lender.
My mortgage application was accepted
That’s the main bit of news really. I’m overjoyed, as we were concerned that since I only have 1 year of payslips, I though that could be an issue. Turns out it wasn’t an issue at all and the lender we went with only goes back one year.
That’s one of the reasons why we went with a mortgage broker. They’re great for advising for issues like this. If I hadn’t used a broker and just applied for the mortgage directly with a lender, I could have gone with one that checks two years of pay slips and they likely would have refused our application
Paying my broker
Some of you may be saying “wait! Aren’t mortgage brokers free?”. And to that, I would say sometimes. Different brokers charge different fees. Some are free, some can charge as much as £1,000. Cheaper isn’t necessarily better, as a mortgage broker that charges a higher fee may not be as focused on the lender’s commission (if they get one at all).
I was happy with £100. On the grand scheme of things, this is nothing. When he’s helping me secure a £150,000 mortgage, I’m totally happy with paying this amount!