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Broker Fee

Broker Fee

Portrait of Justin Whitelock, founder of Mortgage London, standing in a park

By Justin Whitelock

Founder of Mortgage London (a trading style of City Finance Brokers Limited, authorised and regulated by the Financial Conduct Authority, FCA No. 766295)

A charge paid directly by borrowers to mortgage brokers for arranging mortgages, separate from lender payments, with charging models varying across the market.

Related glossary terms

UK Credit History

The record of a person’s UK borrowing and repayment behaviour, such as credit cards, loans, and existing mortgages, through credit-reference data.

Indefinite Leave to Remain (ILR)

A UK immigration status giving a non-British national the right to live, work, and study in the UK without time restriction, widening lender appetite.

Affordability Assessment

The lender’s evaluation process examining whether borrowers can realistically maintain payments, considering income, committed expenditure, credit profile, and stress-tested affordability at a higher assumed interest rate.

Procuration Fee

A payment made by the lender to a mortgage broker or intermediary when a mortgage completes, separate from broker fees.