Fees and Charges

Your initial appointment with our firm is completely free of charge.

When you decide to proceed with a mortgage transaction through our services, in most cases, we receive a commission (also known as a procuration fee) from the lender for arranging the mortgage.

This commission typically covers our time and services. We will disclose the exact amount we receive from the lender in any mortgage quote we provide to you. For the majority of our clients, no broker fee is required.

There are specific instances where we may need to charge a broker fee. These circumstances are outlined below:

Broker Fees Payable Upon Application (Non-Refundable)

1. Smaller Loan Amounts (Residential Purchase & Remortgages)
   A broker fee of £399 will be charged if the loan amount is under £100,000.
2. Mortgage Renewals (Residential and Buy-to-Let)
   For existing clients of Oak Tree Mortgages, we will waive our broker fee when renewing a mortgage with the lender, provided the loan amount is less than £100,000.
3. Complex Cases
   In certain situations where extra work is required due to the complexity of the case, we will inform you at the end of the initial free appointment if a fee will be applicable. The broker fee for complex cases is £399.
   Examples of more complex residential cases include Shared Ownership, Right to Buy, and Joint Borrower Sole Proprietor Mortgages.
4. Multiple Sources of Gifted Deposit (UK Funds)
   If the mortgage deposit is being gifted by more than two individuals, we charge £50 per additional giftor. This fee covers the enhanced due diligence required.
5. Gifted Deposit (Foreign Funds)
   If the mortgage deposit is from abroad, we reserve the right to charge £50 per giftor for the additional due diligence required.
6. Buy-to-Let/Holiday Let Mortgages (Purchase & Remortgage)
   A broker fee of £399 applies.
7. Ported Cases with Reduced Lender Commission
   A broker fee of up to 0.15% of the mortgage amount may apply if a lender offers a reduced procuration fee.
8. Transfer of Equity Applications
   If the lender does not pay a commission to the broker, we will charge a broker fee of £499.
9. Self-Build Mortgages
   A broker fee of £1,500 is charged for self-build mortgage applications.

Broker Fees with Deferred Payment Option (Non-Refundable)

1. Debt Consolidation Remortgages
   If unsecured debts are being repaid using the proceeds of a remortgage, we charge a broker fee of £399. This fee can either be paid at the time of the mortgage application or deferred until completion.
2. Smaller Loan Amounts (Residential Purchase)
   In some cases where a client is downsizing, clearing debt, and paying the broker fee upfront would cause financial hardship, we may allow the £399 broker fee to be paid on completion of the mortgage.

Miscellaneous Services (Non-Credit Broking)

1. Mortgage Capacity Letter (Court Letter for Divorce or Separation)
   We charge £399 per report for a mortgage capacity letter. If any changes are required after the initial report is provided, a charge of £100 per hour will apply.

You may request a refund of fees paid prior to the submission of your application to the mortgage lender.

If we have agreed to defer a broker fee until the completion of the mortgage and the mortgage application results in a mortgage offer, but the offer expires without completion, the broker fee becomes payable.
No refund will be given if:

• An Agreement in Principle (AIP) is obtained, but the application is later declined.
• We are unable to obtain an AIP, and the application is subsequently declined by the lender due to the property being unsuitable or a change in your circumstances after the application is submitted.

Refunds outside of these circumstances will be considered on a case-by-case basis.

Our broker fee is payable either upon application or at the time of mortgage completion, as agreed prior to your application.

If the broker fee remains unpaid, we reserve the right to take legal action to recover the debt, which may affect your credit history.