Your initial consultation and discussions with your adviser are free, up until we submit your mortgage application. Our mortgage fee is up to £795 — and you pay most of it only when your mortgage actually completes.
No broker should make you hunt for this. Here it is in one table.
| What you're asking us to do | Our fee | When you pay |
|---|---|---|
| Initial consultations and discussions | Free | Never charged |
| Arranging a residential mortgage or remortgage | Up to £795 | £295 on application, the rest on completion |
| Buy-to-let mortgages | Up to £795 | £295 on application, the rest on completion |
| Product transfer (staying with your current lender on a new rate) | No fee | — |
| Protection and insurance advice | No fee | — |
| Bridging finance | Typically £1,995 | £495 on application, the rest on completion, and it can be added to the loan if you prefer |
| Second charge loans | 10% of the loan, capped at £4,950 | — |
| Commercial lending | Quoted individually, it depends on the case | Agreed with you in writing before any work begins |
| Equity release or lifetime mortgage | We don't advise on this — we refer you to a qualified partner | Their fee is capped at £1,795, payable only on completion |
We will never ask you for a payment before you have received advice. We may also reduce or waive our fee in some circumstances — existing clients, for instance, may qualify for a lower rate.
Our mortgage fee is split deliberately. £295 is payable on application — the point at which most of the work has been done. The rest is payable on completion, when you actually have the mortgage. So the larger part of what we charge depends on us delivering the result.
Being straight about the other half of that: the £295 application fee is not refundable if the lender turns the application down, or if you decide not to go ahead once it has been submitted. If a lender does decline you, we will try to place your application with another lender at no extra charge — that is part of the job, not a new piece of work.
If your current deal is ending and the right answer is simply to move to a new rate with your existing lender, we don't charge you anything for that. It is a common situation, it is often the right answer, and we would rather do it properly for nothing than push you towards a full remortgage that earns us a fee.
We don't charge you anything for advice on life cover, critical illness, income protection, buildings and contents insurance, accident, sickness and unemployment cover, or private medical insurance.
Where a policy goes ahead, the insurer pays us a commission, calculated as a percentage of the premium you pay. You will see the figures in your quotation before you commit to anything. For completeness: our advisers may also receive bonuses linked to sales and quality targets, and those are paid by Friends Capital, not by the insurer.
Bridging cases are charged at a typical fee of £1,995, because they are considerably more involved: shorter timescales, specialist lenders, and an exit strategy that has to be properly assessed. £495 is payable on application and the balance on completion — and if you would rather not pay the balance separately, it can usually be added to the loan.
Secured second charge loans are charged at 10% of the loan, capped at £4,950. We advise on these from a broad panel of lenders, and we will always weigh a second charge against a new first charge mortgage before recommending either.
Commercial lending is quoted case by case. These deals vary too much for a standard fee to be meaningful, so we work out what the job involves and agree the figure with you in writing before we start.
Most bridging, commercial and buy-to-let lending is not regulated by the Financial Conduct Authority, and we will tell you clearly when that applies to your case.
When your mortgage completes, the lender usually pays us a commission, known as a procuration fee. It is paid by the lender, not added to your loan, and it does not change the rate you are offered. The lender confirms the amount in their own disclosure document, and we agree all fees with you before any work begins.
We are whole-of-market and not tied to any lender, and the commission a lender pays does not influence which lender we recommend.
We do not advise on equity release ourselves. If a lifetime mortgage looks like the right route for you, we refer you to a qualified partner who specialises in it, and they advise you directly.
Their fee is capped at £1,795, payable only on successful completion. You will never be asked for an upfront or advance payment for that advice, and the initial consultation is free.
Equity release is a long-term commitment. It reduces the value of your estate and can affect means-tested benefits such as Pension Credit and Council Tax Reduction. We would always encourage you to involve your family and take independent legal advice before deciding anything.
The fee is for the work, not the paperwork. It covers a full review of your circumstances, a search across the lenders we have access to as a whole-of-market broker, a recommendation with the reasoning explained, the preparation and submission of your application, and dealing with the lender, your solicitor and the estate agent through to completion. If the lender raises a question three weeks in, that is our job, not yours.
Everything up to the point where we submit your mortgage application:
And beyond that point, a product transfer with your existing lender is free whatever stage you are at.
Some brokers advertise "fee-free" advice. They are still paid — by the lender, through commission. We charge a fee because it lets us spend the time a case genuinely needs, including the complicated ones: self-employed income, adverse credit, contract work, shared ownership. Those take far longer than a straightforward salaried application, and a commission-only model quietly discourages taking them on.
We would rather tell you what we charge, and why, than be vague about it.
You will receive the fee in writing before you are asked to commit to anything, and we will talk you through it. If anything on this page is unclear, ask us — it is a reasonable thing to want to know before handing over your financial details.
Do you charge for the first appointment?
No. Your initial consultation and every discussion with your adviser are free up until we submit your mortgage application — whether you come to our Sheffield office, phone, or meet us by video. You will not be charged for finding out where you stand.
How much is your mortgage fee?
Up to £795 for a residential mortgage or remortgage. We may reduce or waive it in some circumstances — existing clients, for example, may qualify for a lower rate — and we confirm the exact amount in good time before you apply.
When do I pay it?
In two parts: £295 on application, and the remainder on completion.
What if my mortgage doesn't complete?
The completion portion never becomes payable. The £295 application fee is not refundable if the lender declines the application or you decide not to proceed after it has been submitted — but if a lender does decline you, we will try to place your application with another lender at no extra charge.
Do you charge for a product transfer?
No. If the right answer is to move to a new rate with your existing lender, we do that for you free of charge.
Is there a fee for protection or insurance advice?
No. We are paid commission by the insurer, and the amount is shown in your quotation before you commit.
Do you get paid by the lender as well?
Usually, yes. When your mortgage completes the lender pays us a procuration fee. It comes from the lender, is not added to your loan, and does not change your rate. The lender confirms the amount in their disclosure document, and it does not influence which lender we recommend.
Why is bridging finance more expensive?
Bridging is charged at a typical fee of £1,995 because these cases are more complex: shorter timescales, specialist lenders, and an exit strategy that has to be properly assessed. £495 is payable on application and the balance on completion, and the balance can usually be added to the loan if you prefer.
What about second charge loans?
Secured second charge loans are charged at 10% of the loan, capped at £4,950. We advise on these from a broad panel of lenders, and we will always weigh a second charge against a new first charge mortgage before recommending either.
What do you charge for commercial lending?
Commercial cases are quoted individually, because they vary too much for a standard fee to mean anything. We will work out what your case involves and agree the figure with you in writing before any work begins.
Do you advise on equity release?
No. If a lifetime mortgage is the right route for you, we refer you to a qualified partner who specialises in it. Their fee is capped at £1,795 and is payable only on completion.
Call 0114 303 1031, email info@friendscapital.co.uk, or get in touch through the website and one of our advisers will come back to you.