Torc24.co.uk Pricing

Torc24.co.uk’s website does not display a fixed price list for its services, which is typical for mortgage brokers. Instead, they operate on a model where fees are disclosed during the initial consultation and are contingent on the specific service provided and the complexity of the client’s needs. This approach is common in the UK mortgage advisory market.

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Disclosure of Fees

The website explicitly states: “Any fees payable will be explained in your initial no-obligation appointment, before you choose whether to use our Mortgage Services.” This is a critical piece of information. It means:

• No Upfront Hidden Costs: You won’t be charged anything before you understand what the service entails and what the potential costs are.
• Personalised Fee Structure: The fee structure will likely be tailored to your specific circumstances, the type of mortgage you require, and the complexity of your application.
• Decision Before Commitment: You have the opportunity to decide whether to proceed with their services after the fee structure has been fully explained to you.

Typical Mortgage Broker Fee Structures

While Torc24.co.uk doesn’t list exact figures, common fee structures for mortgage brokers in the UK generally fall into a few categories:

1. Broker Fee (Advisory Fee): This is a fee charged by the broker for their advice and for arranging the mortgage.
   • Flat Fee: Some brokers charge a fixed amount (e.g., £295, £495, £995 or more) regardless of the mortgage size, though this can vary significantly based on expertise and complexity.
   • Percentage of Loan: Less common for residential mortgages, but some might charge a small percentage of the loan amount (e.g., 0.5% – 1%). This is more typical for commercial or complex buy-to-let arrangements.
   • Contingent Fee: Often, the fee is payable only upon a successful mortgage offer being secured or upon completion of the mortgage. If the mortgage doesn’t go through, no fee is charged.
2. Lender Fee (Procurement Fee/Commission): Mortgage brokers typically receive a commission directly from the mortgage lender for introducing new business. This fee is paid by the lender and is generally not passed on to the client directly. The broker is obliged to disclose this commission if requested.
3. Combination of Both: Many brokers use a hybrid model where they charge a small client fee and receive a commission from the lender.

Factors Influencing Fees

The fee you might be quoted by Torc24.co.uk could depend on:

• Type of Mortgage: First-time buyer, home mover, remortgage, buy-to-let (which they mention they handle). Buy-to-let mortgages are often unregulated, and brokers might charge higher fees for these.
• Complexity of Case: If you have adverse credit, unusual income sources, or specific requirements, the work involved for the broker is greater, and this can be reflected in the fee.
• Mortgage Amount: While often a flat fee, very large mortgages might incur a higher fee in some cases.
• Service Level: Their “5-star rated service” and dedicated advisor model may be factored into their pricing.

Ethical Consideration (Islamic Perspective)

From an Islamic perspective, the fee charged for brokerage services itself is not inherently problematic, provided it’s for legitimate services rendered (known as ujr or ji’alah). However, the crucial issue remains that the underlying transaction being brokered is an interest-based mortgage. Therefore, while the fee disclosure process might be transparent in a conventional sense, engaging with Torc24.co.uk means paying for a service that facilitates an impermissible (haram) transaction. A Muslim would need to seek out brokers who facilitate Sharia-compliant home finance options, where the entire process is free from riba.

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