How much does a mortgage broker cost? (and is one worth it)

A mortgage broker can cost you nothing, £300, or £1,000+ - and the price isn’t a reliable guide to the value. The real questions are how they’re paid, whether they see the whole market, and whether their access saves you more than their fee.

The three ways brokers get paid

A whole-of-market broker can access most or all lenders; a restricted broker only sees a panel. Neither is automatically better - a good restricted broker with a strong panel can still beat a lazy whole-of-market one. Always ask: “How many lenders do you compare, and how are you paid for recommending one?”

Is a broker worth the fee?

The maths is simple: if a broker finds you a rate 0.1% lower than you’d find yourself, on a £250,000 mortgage that’s £250 a year - which beats most broker fees within 12–24 months. Brokers earn their keep most when your case is unusual: self-employed, a credit blip, a large loan, an auction purchase, or a complex income picture.

The questions to ask before paying

• “Are you whole-of-market or restricted?” - and how many lenders do you actually compare?
• “What’s your fee, when do I pay it, and is it refundable?” - some waive it if you complete through them
• “Do you take commission from lenders too?” - fee plus commission is the most conflicted model
• “What happens if my application is declined?” - the best brokers know which lender will take a borderline case
• “Are you regulated?” - check the FCA register; never use an unregulated introducer

A good broker is like a good conveyancer: the fee is annoying, the protection is worth it, and the cheapest option is rarely the cheapest overall. Get the fee structure in writing before they run your credit file.

Source: MoneyHelper - using a mortgage broker — Fees and regulation guidance checked August 2026