A story on the Mortgage Solutions website caught our eye over the weekend.
Apparently, the revenue derived by broker firms and advisers amounted to £1.58 billion in 2022. This was up 12% over the previous year.
That’s quite a chunk of money being extracted – sorry, earned – out of the pockets of borrowers.
Data from the Financial Conduct Authority (FCA) showed that this was spread across 4,277 firms, while the reported number of mortgage broker posts was 36,441.
Commission was the main source of revenue.
Mortgage brokers earned £1.26bn in commission in total from all the business they conducted, with £868m of that coming from mortgage activity.
Read the full article here for more eye-watering statistics.
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