Fee Schedule
We believe in being open about what we charge. This document sets out our fees in full, before you commit to anything. Your individual fee agreement, signed at the point of instruction, will confirm the exact amount payable in your case.
1. Our fees
Mortgage advice
| Type | Fee | Payable |
|---|---|---|
| Standard residential | £495 | On formal mortgage offer |
| Adverse credit / complex | £695 | On formal mortgage offer |
| Buy-to-let (single) | £595 | On formal mortgage offer |
| Buy-to-let portfolio (4+ properties) | £995 | £300 on application, balance on offer |
| Bridging finance | 1.0% of loan, min £1,000 | On drawdown |
| Equity release / lifetime mortgage | £995 | On formal offer |
Secured loan advice
| Type | Fee | Payable |
|---|---|---|
| Home-owner secured loan | £495 or 1% of loan, whichever is greater (max £2,500) | On completion |
| Adverse credit secured loan | £795 or 1% of loan, whichever is greater (max £3,000) | On completion |
| Debt consolidation | £495 | On completion |
Insurance and protection
| Type | Fee |
|---|---|
| Life assurance, critical illness, income protection | No fee. Paid by the insurer (commission) |
| Buildings & contents | No fee. Paid by the insurer (commission) |
| Business protection (Relevant Life, Key Person) | No fee. Paid by the insurer (commission) |
2. Lender procuration fees
In addition to any advice fee paid by you, we are paid a procuration fee by the lender or insurer when your application completes. This is typically:
- Mortgages: 0.30% – 0.55% of the loan (varies by lender)
- Secured loans: 0.50% – 8% of the loan (varies by lender; typically higher for adverse cases)
- Bridging: 1% – 2% of the loan
- Insurance: 100% – 250% of the first month's premium (paid as commission over the first 24–48 months)
We will always disclose the exact amount the lender or insurer will pay us, in writing, at the point of recommendation. This does not increase the cost to you.
3. When fees are payable
For mortgages and secured loans, our advice fee is payable only when you receive a formal offer (or, in some cases, on completion). If we are unable to source a suitable product, or if you choose not to proceed before offer, no fee is payable. There is no charge for the initial consultation under any circumstances.
4. What's not included
Our fees cover the advice and arrangement of your product. They do not include:
- Lender or product fees (arrangement fees, valuation fees, booking fees, ERCs)
- Conveyancing and legal fees
- Stamp Duty Land Tax
- Survey costs (homebuyer's report, building survey)
- Any third-party fees you choose to incur (accountants, solicitors, etc.)
Where these are charged by a lender, valuer or solicitor, they are paid directly to them, never to us.
5. Refunds
If you cancel your instruction before any advice fee has been earned (i.e. before formal offer or completion), no fee is payable and any deposit held will be refunded in full within 14 days. After offer or completion, our fee is non-refundable as the work has been completed.
6. Method of payment
Advice fees are typically deducted from the proceeds of the loan on completion (where the lender permits) or invoiced and paid by bank transfer within 14 days of formal offer. We do not accept cash payments above £500.
7. VAT
The fees set out in this schedule are not subject to VAT. Our advice service is exempt under VAT Act 1994, Schedule 9, Group 5.
8. Your individual fee agreement
Before any work commences on your case, you will receive a written individual fee agreement specifying:
- The exact advice fee applicable to your case
- When that fee becomes payable
- The procuration fee the lender or insurer will pay us, in pounds and pence
- The total cost of all fees combined
You will not be required to commit to any fee or instruction without first receiving and signing this document.
9. Questions
If anything in this schedule is unclear, please ask. We'd far rather explain our fees twice than have a client who isn't sure what they're paying. Email info@excelmoney.co.uk or call 0800 448 0298.