Our Mortgage Advice Fees
Our Fees
At Broadbench, we believe in complete transparency regarding our fees. Securing a specialist contractor mortgage requires significant expertise, market research, and negotiation with underwriters to ensure your day rate or retained profits are assessed correctly.
Our fee structure is straightforward and broken down into two clear stages, ensuring you only pay for the work completed.
Stage 1: Agreement in Principle (AIP)
Once we have completed your Discovery Call, researched the market, and you are ready to secure your Agreement in Principle, we charge an initial fee of £100. This covers the cost of preparing your tailored mortgage recommendation and securing the formal AIP from the chosen lender, allowing you to make offers on properties with confidence.
Stage 2: Mortgage Application
When you have found a property and are ready to submit the full mortgage application, we will provide a checklist of required documents. Once we have received and certified your documentation, we charge the remaining balance of £400. This covers the comprehensive administration of your application, liaising with underwriters on your behalf, and managing the process through to the formal mortgage offer.
Total Broker Fee: £500
Please note: We may also receive a commission from the lender upon completion of your mortgage. The exact amount will be detailed in your Key Features Illustration (KFI) before you commit to any product.
Remortgages and Product Transfers
Product Transfers
(Remaining with your existing lender): No fee
Remortgages
(Moving to a new lender): £250 arrangement fee (a reduced rate for existing clients.)
Buy-To-Let
We only offer advice on first-charge mortgages. We charge a flat fee of £500 for our services, this is split into two payments. When we issue your AIP (Agreement In Principle) we charge £100, then a further £400 is charged on application. This means that if your application stalls at the AIP stage you are only liable for the £100. If we charge you a fee, and your mortgage does not go ahead, this fee is non-refundable.
Your Rights
You may be able to claim compensation from the FSCS if we cannot meet our obligations. The amount of compensation available will depend on the type of business and the circumstances of the claim.
We can provide more specific information on request, but as a guide, eligible mortgage claims related to advising and arranging are covered for 100% of a claim up to a maximum limit of £85,000 per person per firm.