Our Broker Fees

Mortgage321 Fee Structure

At Mortgage321, we aim to provide clarity and transparency about our fees. Below is a breakdown of the fees we charge for different types of mortgages, explained in simple terms.

Residential Mortgages
Fee: 0.5% of the loan amount (minimum £1,000)
Initial Payment: £200 upon application
Balance: Payable upon mortgage offer
This covers everything from understanding your needs to communicating after the mortgage is completed.

Buy to Let Mortgages
Fee: 0.75% of the loan amount (minimum £1,000)
Initial Payment: £200 upon application
Balance: Payable upon mortgage offer
This fee includes all services required to secure your mortgage, just like our residential mortgage service.

Complicated Cases
Fee: 1% of the loan amount (minimum £1,000)
Initial Payment: £200 upon application
Balance: Payable upon mortgage offer
For more complex cases (e.g., high loan-to-value, adverse credit, self employed with limited trading figures), additional work is required, which this fee covers.

Product Transfers
Fee: £500 payable on application
This service includes a comprehensive range of activities to ensure your mortgage transfer goes smoothly.

Equity Release Mortgages
Fee: 1% of the loan amount (minimum £1,000)
Payable: Upon completion
Due to the specialised nature of equity release mortgages, this fee covers extensive personalised service and advice.

Commercial Mortgages and Bridging Finance
Commitment Fee: £500 payable on application
Completion Fee: 1% of the loan amount (minimum £1,500)
This fee structure reflects the additional work involved in securing these types of finance.

Second Charge Loans
Standard Fee: £995 payable on application
Complicated Cases Fee: £1,495 payable upon loan completion
Second charge loans often require more work than standard loans, hence the higher fee for complex cases.

Insurance Products
Fee: No charge
We receive a commission from the provider for any protection products.

Special Considerations
Occasionally, we may waive fees for:

Family members and friends
Resubmitted applications where a fee has already been paid
Repeat business
Multiple simultaneous mortgages (a discount may apply)

Our fee structures are reviewed annually to ensure they remain competitive and fair.

For any further details or specific queries, please contact us directly.