How it works
There are currently two main options open to you when looking for a mortgage:
1. Go directly to a lender
With this option you contact all major banks and building societies and ascertain which mortgage is best for you. You then complete the application forms and deal directly with the lender.
COMMISSION: There is no commission with this option. Any commission that would have been payable is kept by the Lender.
2. Use a mortgage broker
With this option you contact a mortgage broker and they use mortgage sourcing software to search for the most suitable mortgage. You complete the application forms and the mortgage broker liaises between you and the lender. For this service the broker will be paid commission from the lender and you still get exactly the same mortgage. (Beware - some mortgage brokers also charge you a fee for their service).
COMMISSION: The Lender pays commission to the Broker.
WE NOW OFFER A THIRD OPTION
3. Use Money Back Mortgages
With our solution you become your own broker and use our website to search for the most suitable mortgage for you using similar software to that used by independent mortgage brokers. You complete the application forms and our team of administrators liaise between you and the lender. We receive the same commission as any other broker - BUT - we rebate to you 50% of whatever we receive. With our service you will have access to the vast majority of mortgages that are available in the UK.
COMMISSION: We pay you 50% of commission paid to us on mortgages over £75,000. For mortgages that are under £75,000 we do not rebate commission.
