Broker Commission

sparrow

Registered User
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Just out of interest - what is the average commission a Mortgage Broker would recieve for giving a Bank my mortgage of 350K? Is it 1% or 3% or more?
 
it depends on who he gets you the mortgage with. In some cases where the broker provides a lot of business to a particular bank he/she can get 1-1.5% prob not much more. In other cases if he/she does little business with a bank they will only offer 0.5%. In your case the commission is about €3,500 to €4,000 I would think.
 
sparrow said:
Just out of interest - what is the average commission a Mortgage Broker would recieve for giving a Bank my mortgage of 350K? Is it 1% or 3% or more?


If you get rea to sort out your mortgage they will give a commission refund.

www.rea.ie
 
I think a more pertinent question is do all financial institutions pay the same percentage commission to the brokers? If not does the broker not have a vested interest in nominating a particular financial institution as mortgage provider ?
I am aware that with some brokers the fee is paid by the client.
 
It depends on the volume of mortgages the broker gives to the lender - some lenders pay as little as 0.25%, some 1%. You really need to find out how many agencies the broker has and how much they are sending to each lender. With the way that we work - charging a fee and refunding all the commission - the client knows there's is no bias in our advice.

Sarah

www.rea.ie
 
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