For most of our day-to-day business the insurers, banks and lenders pay us a commission/brokerage when you draw down a loan or take out a policy. So usually our service is paid for by the lender/insurer. The banks/lenders/insurers pay us a commission because we are a cost-effective way of introducing business to them, and we do all of the initial work of introducing you to them.
There are occasional times we do charge a fee; this may be to cover work done whereby we do not get paid a commission by the lender. Fees are always agreed upfront, if charged at all. Situations that may incur a fee are:
- A bit outside the square such as bridging finance (sometimes) and asset lends
- Short term loans where we have obtained finance from a Non-Bank lender with a view to going (refinancing) main bank in 6-18 months
- Not using our service exclusively - engaging our help then getting the mortgage from another broker or bank directly
- A lender that doesn’t pay us a brokerage commission and your situation was ‘outside the square’
- Commercial finance, sometimes personal loans
- Caveat loans, development finance, business lending
We would always discuss any fee upfront and payment is often made when a loan is drawn down, unless otherwise stated.
Please remember that you can contact us at any time.