According to Stipendium, the typical homeowner remortgages four times during their 25-year mortgage term at an average total cost over that period of £9,960. The broker fee will often be a large chunk of this at an average of £300 per transaction and therefore a lifetime cost of £1,200.
Highlights of the new product include remortgage forever for a one-off £99 - unlimited, with no broker fees, ever. Mortgages arranged via advisers with access to 12,000 mortgage products across 90 lenders. Access to your own personal remortgage expert, and inbuilt financial health and wealth check.
Christina Melling, CEO of Stipendium, comments: “Broker fees are a large proportion of a homeowners mortgage and remortgage costs as another layer in the huge overall cost of securing property funding. And on an ongoing basis, given the typical propensity to remortgage multiple times in our lifetime, we perhaps forget how much this element really costs us and Stipendium have set out to solve this for the consumer.
"When you consider that over 500,000 UK homeowners remortgaged in the last year with a typical broker fee of £300 each time, it’s a £3.7bn problem well worth solving.”
