We do not charge you to obtain an Agreement in Principle. This means you can speak to us, understand your potential borrowing position and see whether a lender may be prepared to consider your application before deciding whether to proceed further.
An Agreement in Principle is not a formal mortgage offer and is subject to a full application, underwriting, valuation, lender checks and the lender's final decision.
If you choose to proceed with a full mortgage application, we will explain our mortgage advice fees clearly before any application is submitted, including what is payable, when it is payable and what service you receive in return.
Affordability Calculations and Written Confirmation
Where you require a formal affordability assessment, written confirmation of borrowing capacity or a letter to support a third-party process, a separate fee may apply.
This may include:
- Matrimonial or separation disputes
- Court-related affordability letters
- Written confirmation for solicitors
- Formal borrowing capacity assessments
- Bespoke affordability calculations where no mortgage application is being submitted at that stage
These services involve a review of your financial circumstances and the preparation of written information that may be relied upon by you or shared with a third party. We will explain any fee before carrying out this work.
Any affordability calculation or written confirmation is based on the information provided to us and lender criteria available at the time. It is not legal advice, does not guarantee borrowing and should not be treated as a formal mortgage offer.
A formal mortgage offer can only be issued by a lender following a full application, underwriting, valuation and final approval.
Why Do We Charge a Mortgage Advice Fee?
Our role is not simply to find a mortgage product.
We provide tailored mortgage advice based on your personal circumstances, objectives, affordability position and lender criteria. We research suitable options, recommend an appropriate mortgage and manage the application through to mortgage offer and completion.
Our fee reflects the time, expertise, advice and ongoing support involved in progressing your case properly.
What Our Mortgage Advice Fee Covers
Our mortgage advice fee covers the work involved in:
- Understanding your circumstances, needs and objectives
- Reviewing your income, commitments and affordability
- Assessing lender criteria and eligibility
- Researching suitable mortgage options
- Explaining the advantages and disadvantages of different choices
- Recommending a suitable mortgage
- Preparing and submitting your application
- Liaising with lenders, solicitors, estate agents and surveyors
- Managing underwriting queries
- Keeping your case moving through to mortgage offer and completion
In short, you are paying for professional advice, research, guidance and ongoing case management, not just the submission of an application.
When Are Fees Payable?
We will always confirm our fees before you choose to proceed with a full mortgage application.
For most residential mortgage applications, an administration fee may be payable when your application is submitted.
Our mortgage advice fee becomes payable when your formal mortgage offer has been issued.
A mortgage offer means the lender has formally agreed to lend, subject to the terms and conditions of that offer. By this stage, we have completed the advice process, researched suitable mortgage options, submitted your application and managed the underwriting process needed to secure the lender's formal offer.
In some cases, we may agree to collect the mortgage advice fee at completion rather than immediately when the mortgage offer is issued. Where this applies, this does not change when the fee becomes payable; it simply means we have agreed a later payment collection date.
The exact amount, timing and terms of any fee will be explained before you proceed and confirmed in your fee agreement and advice documentation.
Where a different fee arrangement applies, this will be explained and agreed with you before any work begins.
Other Costs You May Need to Consider
Our mortgage advice fee is separate from any other costs that may apply as part of the mortgage or property transaction.
Depending on your circumstances and the mortgage product selected, other costs may include:
- Lender arrangement or product fees
- Valuation fees
- Legal or conveyancing fees
- Survey fees
- Stamp Duty Land Tax, where applicable
- Insurance premiums, where protection or home insurance is arranged
We will explain any known costs as clearly as possible during the advice process. Some third-party costs are set by lenders, solicitors, surveyors or other providers and are not Prosper Home Loans fees.
Do We Receive Payment From the Lender?
In addition to any fee payable by you, Prosper Home Loans may also receive a payment from the lender if your mortgage completes.
This is often referred to as a procuration fee. Where this applies, it will be disclosed to you as part of the mortgage illustration and advice process.
Do Fees Vary by Case Type?
Yes. Fees may vary depending on the type of mortgage, the loan amount, the complexity of your circumstances and the level of work involved.
This may include:
- Residential mortgages
- Remortgages
- Buy to let mortgages
- Second charge mortgages
- Bridging finance
- Commercial mortgages
- Development finance
- Equity release
- Formal affordability assessments
- Court or solicitor letters
- Matrimonial or separation-related borrowing assessments
Specialist, complex or non-standard cases may involve different fee structures. These will always be explained and agreed with you before you proceed.
Returning Clients
Many of our clients return to Prosper Home Loans when their circumstances change or when their mortgage is due for review.
Where appropriate, we may reduce our standard fee for returning clients. Any reduced fee will be discussed and confirmed before you proceed.
Why Choose Prosper Home Loans?
When you choose Prosper Home Loans, you receive more than a mortgage recommendation.
You benefit from:
- Personal, tailored mortgage advice
- Access to a wide range of lenders
- A dedicated adviser and support team
- Full application management
- Clear communication throughout the process
- Help dealing with lender and solicitor queries
- Ongoing support through to completion
Our aim is to make the mortgage process clear, well-managed and as straightforward as possible.
Frequently Asked Questions
Is the first appointment free?
Yes. Your initial consultation is free and without obligation.
Do you charge for an Agreement in Principle?
No. We do not charge you to obtain an Agreement in Principle.
An Agreement in Principle is not a formal mortgage offer. It is subject to a full application, lender underwriting, valuation, credit checks and final approval.
Do you charge for affordability calculations or letters?
A fee may apply where you require a formal affordability calculation, written confirmation of borrowing capacity or a letter for use in a third-party process, such as a solicitor request, matrimonial dispute or court-related matter.
We will explain any fee before carrying out this work.
Will an affordability letter guarantee I can get a mortgage?
No. Any affordability calculation or letter is based on the information provided to us and lender criteria available at the time. It does not guarantee that a lender will approve a mortgage application. A mortgage offer can only be issued by a lender following a full application, underwriting, valuation and final approval.
Will I know the fee before I apply?
Yes. We will explain and confirm any mortgage advice fee before your full mortgage application is submitted.
When is the mortgage advice fee payable?
For most residential mortgage applications, our mortgage advice fee becomes payable when your formal mortgage offer has been issued.
In some cases, we may agree to collect the fee at completion. Where this happens, the fee still becomes payable at mortgage offer, but payment is collected at a later agreed date.
Why is the fee payable at mortgage offer?
By the time your mortgage offer is issued, we have carried out the advice, research, application submission and underwriting management needed to secure the lender's formal offer.
What happens if the mortgage does not complete after offer?
Your fee agreement will explain when the fee becomes payable and whether any fee remains payable if the mortgage does not complete after a formal mortgage offer has been issued.
Where we agree to collect the fee at completion, this is a deferred payment arrangement and does not necessarily change the point at which the fee became payable.
Are there any other costs?
There may be other costs, such as lender fees, valuation fees, legal fees, survey fees or insurance premiums. These are separate from Prosper Home Loans fees and will depend on your circumstances and the product or services selected.
Does Prosper Home Loans receive a fee from the lender?
In some cases, yes. Prosper Home Loans may receive a procuration fee from the lender if your mortgage completes. This will be disclosed to you during the mortgage advice process.
This is ready to paste directly into a Webflow Rich Text field. It follows the same clean hierarchy and layout used on the Specialist Lending page, making it consistent with the rest of the Prosper Home Loans website.
