New independent research conducted on behalf of Boon Brokers, a fee-free mortgage and equity release brokerage, questioned 1,000 mortgage borrowers across the U.K on the topic of mortgage broker fees in the industry.
Does Paying a Broker Fee Result in a Better Interest Rate?
Boon Brokers found that almost half (49.4%) of mortgage borrowers between the age of 18 and 24 believe that they will have access to a better interest rate if they pay a broker fee. Just over a third (33.5%) of mortgage borrowers between the ages of 25 and 34 share this belief. The older the borrower, the less likely they are to take this view. Just 6.7% of mortgage borrowers over the age of 65 agree.
The data differs significantly when filtered by the city of the respondent....