When a Broker acts for a Client it is standard practice for the firm to receive a percentage of the Arrangement Fee / Lenders set up fee that is charged by the lender. The percentage paid to a Broker is usually 50% of the lenders fees charged. This will be in addition to any commission which is due on any insurance / protection products purchased.
Depending on the type of financial product taken, a Broker fee of 1% of the finance amount taken may also be payable. Our initial meeting is always free of charge and we will endeavour to get you Indicative Terms so you can see what the terms and conditions are likely to look like. If you decide to proceed we will then ask you to sign a Broker Fee agreement and will advise you in advance what the Broker Fee will be and whether a commitment fee will be required. Any Broker Fee agreed becomes due for payment on production of a full offer of finance although on we may agree to wait until completion for payment if that is your preference. However, it should be noted that once the full offer is produced the Broker fee will be payable in full whether the case completes or not.