L&C say they saved customers £5.9m in broker fees

L&C say the mortgage market has changed out of all recognition in the last 18 months and borrowers are ever more keen to seek quality advice without incurring a heavy cost for that advice. Mortgage arrangement fees have soared in recent years and with some broker fees amounting to as much as 1% of the mortgage amount on top, borrowers cannot ignore their impact.

"Fee-free, whole of market advice coupled with quality service from application to completion has been central to borrowers choosing L&C. With mortgage availability restricted the last thing our borrowers want to face is another fee. That's why we are maintaining our commitment to fee-free advice", commented David Hollingworth at L&C.

This is all despite the latest trend towards brokers charging fees as revealed by our latest Mortgage Introducer poll on fee charging which showed that 16% of brokers who responded had recently started charging fees taking the overall figure to over 60%.