L&C Mortgages, the UK’s largest fee free mortgage broker, has calculated that it saved its customers more than £33m by not charging broker fees last year.
L&C completed mortgages for more than 65,000 customers in 2025, all without charging a single fee. The recent FCA consultation paper noted that the average broker fee paid by customers in 2024 was £510. Even based on this average fee it means that L&C saved its customers millions by using its fee free service, a vital cost saving for all customers but even more so for those displaying traits of financial vulnerability.
In addition, L&C’s Rate Check service helped customers keep track of fast-moving rates, saving them more than £29m. Rate Check helps customers to be sure that they not only get the right deal when they apply but that they also move onto keener deals if interest rates improve.
Switching customers to better rates as they became available boosted the broker fee savings for L&C customers to total more than £60m in 2025.
Mark Harrington, Chief Executive Officer at L&C Mortgages said,
“2025 brought challenges for customers and advisers alike but I’m proud that L&C has stuck to its winning formula of fee free advice from right across the market, helping customers seek out the very best value.
The recent FCA consultation pointed to the average broker fees that customers are charged and felt like the justification to point more customers towards execution only. The cost of this fee, when added to the loan, is significant over the life of a mortgage.
Our belief is that not charging a broker fee enables more homeowners and buyers to access advice on the best deal for them, especially important at a time when more customers are displaying vulnerabilities of all varieties. It’s particularly significant in the year that saw us push through the proud milestone of 1 million mortgages.
Fee free advice and helping customers navigate market volatility with Rate Check helped L&C grow our year-on-year volume again last year. We’re excited to continue that growth this year and continue to be the UK’s favourite mortgage partner, helping even more customers without charging a fee or loading protection premiums.”
