Covid 19 Status

In line with HM Government requirements to fight the spread of Covid-19 we have measures in place to ensure that we protect our staff, their families and the wider community, but also to ensure that there is minimal disruption to our customers.

Your access to online Multi Agency Credit Reports, Expert Help and Account Management remains unaffected. We take great pride in the support that we provide to our customers and throughout this period will do all we can to minimise the impact on our services. While the country remains in lockdown we will continue to support your queries via a dedicated and experienced team that will be securely working from home, and supported by a Management Team that will continue to be based at our head office and who will be able to provide customer support as required.

The security measures that we have in place to protect your Personal Data, in line with our Privacy Policy, will mean that some elements of our personalised support are affected during this period as our support team will be working with anonymised data when working remotely. Freephone access to our Credit Analysts has been removed during this period while we focus our efforts on continuing to reply to all of your emails and secure messages within one working day.

Thanks for your understanding, and we hope to have full customer support available as soon as possible and wish you well during these challenging times.


What is Commission?

Commission is a fee paid by a financial institution to a broker or intermediary in return for referring new business. Commission might be a percentage of the total value of the new business or a flat amount.

In contrast to commission-based mortgage brokers, the number of fee-based mortgage brokers has grown rapidly in recent years. In theory, if you pay a fee upfront, the mortgage broker should be less likely to be influenced by any Commission from mortgages they recommend. In other words, the advice is genuinely independent.

FCA regulations mean that a broker has to justify its recommendations to you, ensuring that it gave you the best deal available. They are supposed to be checked up on regularly and can lose their licence if found to be giving bad advice.

If paying a fee, after you've tallied the total cost, you may find that paying by commission would have been cheaper. However, you can be certain that the given advice really was in your best interests.

It is also possible to pay by a combination of fees and commission. The mortgage broker may be willing to set some of the Commission generated against their fees, or refund some of their commission to you. This is often negotiable with the mortgage broker.

Q: How much Commission do mortgage brokers make?

A: The actual amount will vary depending on the broker, the lender used, and how much you agree to borrow. Usually, broker Commission is around 0.5% of the total mortgage amount.


Jargon Buster

Use the links below and the resulting list of terms on the right to locate the term you are looking for. If you can't locate it, please get in touch.