Let’s get this out of the way: Habito is 100% free
. We collect our fee from the lender, not you.
We offer another service that we do charge for – our home-buying service
, where we help you sort the property survey, the mortgage, and the legal work together – everything you need if you’re buying a home.
But if you just need us to help you find the best mortgage deal, we won’t charge you a thing.
Not every mortgage broker is free, though. Some mortgage brokers will want to bill you on an hourly basis. Some charge a flat fee, often split into two parts – the first when you start working with them, and the final when you sign your mortgage agreement with the lender. Expect to pay around £300 for an independent mortgage advisor
, but can be lots more.
All mortgage brokers get a commission from the lender once your mortgage is approved and signed for, in exchange for sending a new customer their way. This commission is usually between 0.3% and 0.5% of the mortgage value, and it’s the same amount for all brokers.
Brokers should always be upfront and transparent about how much they charge, but if you’re unsure about anything, it’s best to ask before you sign any paperwork.