Satisfied clients or hefty fees – what really makes mortgage brokers tick?

There’s something really safe and reassuring about the saying ‘same old, same old’. And while we may live in volatile times, there’s no end in sight for our love of buying, or, in the case of most young Londoners, attempting to buy, property.

A man’s home is quite clearly his castle, and mortgage brokers have long been a central part of our house-buying experience, with over 70% of all mortgages now sold through brokers. And although digital mortgage brokers like Habito and Mojo are shaking up the market, brokers are set to be a key part of the market for some time. But what really drives your mortgage broker? Is it whether you’re getting the best deal and quickest turnaround, or whether they’re getting the highest fees?

Mortgage brokers typically charge an upfront fee and also receive a fee directly from a lender for placing business with them. This fee, called a procuration fee, or ‘proc fee’, is typically between 0.3%