Large mortgage broker firm launches with fees of over 1%
The mortgage intermediary service is aimed at borrowers such as expats, company executives, celebrities, sports people, professional buy-to-let landlords and property developers.
Insurers Unusual Risks said it launched the brokerage because changes in the mortgage market had left this profile of borrower looking for advice but were being penalised with higher fees because their circumstances were considered more complex.
“On a number of occasions we have met clients who have been quoted elsewhere, broker arrangement fees of between 1% and 1.5% of the mortgage which can equate to literally thousands of pounds of extra fees,” said Chris Morgan, lead financial adviser of Unusual Risks.
“We have now developed a business model and professional advice process that allows us to offer independent mortgage advice at highly competitive fixed broker fees.”