96% of borrowers call for clearer broker fee and commission disclosures

New research shows many borrowers do not fully understand how broker fees and commissions are structured or communicated. 

The latest research from Boon Brokers reveals a clear demand for client fees and commission explanations that go beyond FCA requirements. Consumers are calling for clear, jargon-free guidance they can actually understand. 

The survey of 1,000 recent borrowers across England found overwhelming support for greater clarity around mortgage broker fees and commissions. 

96% of respondents want brokers to provide both written and verbal explanations of commission and fees before an application.

67% say they did not receive a full written breakdown of commission earned and 66% stated that they did not have a full understanding of both broker commission and fees.

85% of respondents do not believe brokers should charge both a client fee and receive commission.

87% say transparency strongly influenced their trust in brokers, however 25% of respondents said client fees and commission were mentioned only briefly or not at all.

Boon Brokers commented: "With client fees and commission forming the backbone of a broker’s income, borrowers want to understand the ins and outs of how brokers are paid, ensuring advice is truly independent and transparent.

"The research raises a stark question: is it fair that borrowers continue to make the most important financial decisions in a market where broker fees and commission are often unclear or poorly explained?"