Almost half of 18–34 year olds, 49%, said they paid a fee calculated as a percentage of the mortgage value, compared with 21% of borrowers aged 45–54 and just 9% of over-55s

Younger borrowers are significantly more likely to pay mortgage broker fees than older age groups, according to new research from L&C Mortgages.

The research found that 91% of borrowers aged 18–34 said they were charged a broker fee when taking mortgage advice. This compared with 64% of borrowers aged 45–54 and 42% of those aged over 55.

Younger borrowers were also far more likely to face percentage-based fees. Almost half of 18–34 year olds, 49%, said they paid a fee calculated as a percentage of the mortgage value, compared with 21% of borrowers aged 45–54 and just 9% of over-55s.

Among younger borrowers charged a percentage fee, 66% said it was between 0.5% and 1% of the mortgage amount.

Where a flat fee was charged, 96% of borrowers aged 18–34 said they paid between £250 and £999.

With most first-time buyers falling into this age group, L&C said the findings suggest younger borrowers are more exposed to higher advice costs at a point when affordability pressures are already significant.

The research also found that more than half of borrowers aged 18–34, 53%, felt pressured to use an estate agent’s recommended or connected broker. This compared with 22% of those aged 45–54 and 12% of borrowers aged over 55.

David Hollingworth, associate director at L&C Mortgages, said: Younger borrowers are far more likely to be hit with broker fees, and often the more expensive types of fees.

Mortgage advice is crucial for those with less experience, but that advice doesn’t need to come with an unnecessary, additional cost, he said.

He added: The key message is that borrowers do have a choice. Just as good advice can help save money on your mortgage, using a fee-free broker can make a real difference at one of the most financially pressured moments of someone’s life.