Affordable Mortgage Solutions with Clear Costs
Solve Mortgages is committed to ensuring that everyone has access to exceptional financial advice without the worry of hidden fees. Our charging structure is crafted to be fair and clear, reflecting our belief that the compensation received for our services should be commensurate with the effort and time invested.
How Do We Get Paid
As with all Mortgage Brokers, we are compensated by the lender with a commission upon the completion of your mortgage. The commission typically ranges from 0.3% to 0.5% of the loan amount and differs from lender to lender. This payment does not influence the cost of your mortgage, which would remain unchanged even if you approached the lender directly. Often, this commission covers our expenses, eliminating the need for any additional charges to you.
Why Do Mortgage Broker Charge A Fee
Many mortgage brokers charge a fee in addition to the commission they receive from the lender. This could be an advice fee, completion fee, or application fee, and may be payable before the application, upon offer, or at completion. Brokers often charge this extra fee because there is no certainty that the mortgage will complete, even after an offer is made. This compensates for the broker's time spent assessing your situation, finding a suitable lender, and processing the application without any remuneration.
Does Paying A Fee Get You Better Advice
The belief that higher cost equates to better quality - the Chivas Regal effect - does not apply to mortgage advice. All brokers must be registered with the Financial Conduct Authority and comply with the same regulations. Therefore, every mortgage broker should offer exceptional advice and strive for the best possible outcome for their customers, regardless of whether a fee is charged.
How Are Solve Mortgages Different
Our philosophy is on minimising our costs to offer fee-free financial advice whenever possible. We believe in fair compensation for the time invested in each case. We do not charge fees prior to application on residential mortgages; however, fees may apply prior to application or on completion for some of our services.
Our Charges - Mortgages
A complimentary initial consultation is included free of charge on all mortgage services.
The time it takes to process a mortgage application is the same, whether it's for £50,000 or £500,000. However, the commission we receive from lenders can vary significantly. As a result, we have established a completion fee based on the mortgage amount.
Our minimum completion fee is £625. The commission we receive from the lender will be used to cover this fee, and often, no additional fees will be charged. However, if you borrow less than £178,000, the commission might not suffice to cover our fee. In such instances, you will be required to pay the shortfall. For instance, if the commission amounts to £340, you will be charged £285. Rest assured, the maximum fee will not exceed £495.
Additional Charges
Should a case require additional work and compliance, an extra fee of £295 will be charged in addition to our standard completion fee to cover the increased costs. These include:-
Debt consolidation.
Foreign national applications.
Applications where foreign currency is used.
Complex Incomes.
Adverse credit.
EX Pat applications.
Buy to Let Portfolio Landlords
Our Charges - Equity Release
A complimentary initial consultation is included free of charge on all Equity Release cases.
Equity Release involves significantly more work than a standard mortgage, but the commission received from lenders is substantially higher than that of a mortgage.
We do not charge any up front fees, however our minimum completion fee is £1250. The commission we receive from the lender will be used to cover this fee, and often, no additional fees will be charged. Typically, if you borrow less than £80,000, the commission might not suffice to cover our fee. In such instances, you will be required to pay the shortfall. For instance, if the commission amounts to £900, you will owe us £350. Rest assured, the maximum fee will not exceed £495
Our Charges - Protection and General Insurance
Our insurance services are always provided free of charge. A commission will be received from the Provider and this will always cover our costs.