Cost guide
How much does a Residential mortgage advice cost?
Looking for the right mortgage can feel a bit overwhelming, but getting expert advice doesn't have to be. We're here to help you understand the typical costs involved so you can plan with confidence. Residential mortgage advice means a professional will guide you through all the options for buying your home. This includes exploring the whole market to find a deal that suits you perfectly, even for buy-to-let properties.
Typical price
£0 to £500
What changes the price
Mortgage Complexity
More unusual or complex situations, like self-employment or multiple properties, might cost a little more.
Broker Experience
Highly experienced or specialist advisors might charge a slightly higher fee for their deep knowledge.
Service Scope
Some advisors offer ongoing support beyond just finding your mortgage, which can affect the price.
Fee Structure
Advisors charge differently; some have flat fees, others a percentage of the loan, or a combination.
Property Value
For very high value properties, the advice fees can sometimes be a percentage of the mortgage amount.
Geographic Location
Costs can vary slightly depending on where you are in the UK, especially in major cities.
Prices by region
| Region | Low | Typical | High |
|---|---|---|---|
| London | £700 | £1,200 | £1,800 |
| South East | £600 | £1,000 | £1,600 |
| South West | £500 | £850 | £1,400 |
| East of England | £550 | £900 | £1,500 |
| Midlands | £450 | £750 | £1,300 |
| North West | £450 | £700 | £1,250 |
| North East and Yorkshire | £400 | £650 | £1,200 |
| Scotland and Wales | £400 | £700 | £1,250 |
Questions people ask
What exactly does 'whole of market' mean?
It means your advisor can look at mortgage deals from almost all lenders, not just a select few. This helps ensure you get the widest choice and potentially the best deal for your circumstances.
Do I have to pay upfront for mortgage advice?
Payment structures vary; some advisors charge a fee upfront, others at completion, or a combination. Always clarify this before you commit to working with them.
Can I get mortgage advice for a buy-to-let property?
Absolutely, many advisors specialise in buy-to-let finance and can help you navigate the specific options for investment properties. They can guide you through the different lending criteria.
Is the advice fee negotiable?
Sometimes, especially for simpler cases or if you're a returning client, there might be some flexibility. It's always worth having an open conversation about fees with your chosen advisor.
What if I don't proceed with the mortgage after getting advice?
The advisor's fee usually covers their time and expertise in finding suitable options, regardless of whether you proceed. Always confirm their policy on this before engaging their services.
Are there any hidden costs I should know about?
Reputable advisors are transparent about all costs associated with their service. Always ask for a clear breakdown of all fees involved to avoid any surprises later on.