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Most people benefit from using a mortgage broker. A good broker compares deals from many lenders to find one that fits your needs, saving you time, stress, and money. Some charge fees while others are fee-free, so understanding the differences helps you choose the right advice and the best mortgage deal.
KEY INFORMATION
If you’re wondering whether you really need a mortgage broker, the short answer is: for most people, yes.
A mortgage broker is a qualified professional who specialises in finding the most suitable mortgage for you. They can save you time by telling you which lenders are likely to accept you and how to improve your application, and can speed up the process by dealing with the paperwork.
Using a mortgage adviser is different to going to your bank for a mortgage because you’ll have a much wider choice of lenders to choose from. You won’t be restricted to just the deals your bank offers.
But not all mortgage brokers are the same: Some mortgage brokers only recommend mortgages from a select ‘panel’ of lenders while others offer mortgages from a much wider range. For example, mortgage brokers L&C work with over 90 lenders.
If your mortgage broker only has access to a limited number of lenders, you may not get access to the best mortgage rates – this means your mortgage could cost you more than it needs to.
All mortgage brokers must be authorised and regulated by the Financial Conduct Authority (FCA) to offer mortgage advice. You can check whether a broker is authorised on the FCA Financial Services Register.
Get fee free mortgage advice from our partners at L&C. Use the online mortgage finder or speak to an advisor today.
It’s important to understand the terminology before you start looking for a mortgage broker.
This means a broker can say they are a ‘whole of market’ broker even when they only work with a limited panel of lenders.
So make sure you’re clear about what service the broker offers – the FCA expects advisers to be as clear as possible about this.
The broker should give you an “Initial Disclosure Document” that tells you about the service they can provide, whether they can recommend all the mortgages in the market, a limited selection or just one lender’s products; whether they will give you advice or not; and what (if anything) they’ll charge you for the service.
A mortgage broker will:
| Using a mortgage broker | Finding a mortgage yourself |
| A mortgage broker will search for the best mortgage deals. | You’ll do research to find the best mortgage deals. |
| Understand lender criteria so they’ll know which lender is most likely to lend to you. | You’ll need to research to try to understand which lender may be most likely to lend. |
| Manage paperwork. | You’ll complete the paperwork. |
| May get access to exclusive deals. | May get direct-only deals (not all mortgage brokers offer these). |
| Receive support on complex situations such as if you’re self-employed or have bad credit. | You’ll navigate this alone. |
| May cost you if you don’t use a fee-free mortgage broker. | You may pay more on your mortgage if you don’t find the best deal. |
Find the best mortgage rates with fee-free mortgage brokers L&C. Start online or give them a call.
You don’t have to use a mortgage broker – you can apply directly with lenders – but many people find using a broker saves time, stress and money.
Here are some of the circumstances in which using a mortgage broker can be most beneficial:
However, you might not need a mortgage broker if:
Here’s what to weigh up when considering whether to use a mortgage broker or not:
| Advantages of using a mortgage broker | Cons of using a mortgage broker |
| Know the market well & should be up-to-date with the latest mortgage products | Some mortgage brokers charge fees. But some are fee-free – so be sure to check. |
| May get access to exclusive deals not available if you go directly to the lender. | Some mortgage brokers only work with a limited panel of lenders. By comparison, brokers L&C work with 90+ lenders. So be sure to check this. |
| They’ll match you to the lender that’s most likely to accept your application. | |
| Mortgage brokers will offer advice and guidance throughout the process and be your advocate with lenders, reducing stress and increasing your chances of securing a mortgage. |
Whether or not you’ll be charged fees for using a mortgage broker varies: some brokers are fee-free whereas others charge fees.
| Broker type | Typical fee | How they’re paid |
|---|---|---|
| Fee-free mortgage | £0 | Commission |
| Flat-fee broker | £300-£500 | Fee + commission |
| Percentage-based broker | Up to 1% of loan amount | Fee + commission |
At HomeOwners Alliance, we think a mortgage advisor is extremely useful in sifting through mortgage deals and finding the right mortgage for you. But we also don’t think you should have to pay a fee for the service.
Get fee free mortgage advice from our partners at L&C. Use the online mortgage finder or speak to an advisor today.
Choosing the right mortgage broker can make a big difference to the deal you get. Here’s how to find a trustworthy one:
If you’d prefer to skip the research, you can speak to our fee-free mortgage brokers L&C for expert advice.
Going to a bank limits you to its own mortgage products and its lending criteria may not suit you either. While a mortgage broker can compare offers from multiple lenders, including deals from your bank.
Find the best mortgage rates with fee-free mortgage brokers L&C. Start online or give them a call.
Here are the questions you should ask a mortgage broker:
If you need a mortgage, here are the next steps to take:
Looking for the cheapest mortgage rates? Speak to fee-free brokers L&C — start the process online or speak to an advisor today.
Get fee free mortgage advice from our partners at L&C. Use the online mortgage finder or speak to an advisor today.
No. There are a number of reasons why you’re better off not using the mortgage broker recommended by an estate agent you’re buying a house through:
Some estate agents tell buyers they need to use their in-house broker to have their offer put forward or will be disadvantaged in some way if they don’t. This is known as conditional selling and it is illegal. Find out more in our guide Conditional selling: Do I have to use an estate agent’s mortgage adviser?
If you believe you have been given poor advice, the first step is to complain, in writing, to the lender, financial adviser, or broker. If they do not resolve your complaint satisfactorily within eight weeks, you can take your complaint to the Financial Ombudsman Service.
A mortgage broker is a qualified professional who helps you find and apply for the right mortgage. They compare deals from multiple lenders, explain your options, and guide you through the application process to make getting a mortgage easier and often cheaper.
A mortgage broker reviews your financial situation, recommends suitable mortgage deals, and handles much of the paperwork on your behalf. They’ll liaise with lenders, ensure your application meets criteria, and help you secure the best rate based on your needs and circumstances.
You don’t have to use a mortgage broker – you can go directly to a lender. But using a broker can save you time, improve your chances of approval, and help you access exclusive deals not available on the high street. For many buyers and for those remortgaging, the benefits outweigh going it alone.
Some mortgage brokers charge a fee, while others are fee-free. Fee-free brokers, such as L&C, are paid by the lender through commission, meaning you don’t pay for their advice. Always ask how your broker is compensated before proceeding.
Look for a mortgage broker who’s FCA-authorised, transparent about fees, and able to search a wide range of lenders. You can search the Financial Services Register, read reviews online, or use a fee-free broker like L&C to get started quickly.
You don’t have to use a mortgage broker, but most people find it makes the process easier and cheaper. A good mortgage broker can compare deals from a very wide range of lenders, saving you time, stress and money. They’ll also guide you through the application and help you avoid lenders that are likely to reject you.
Yes – in most cases, a mortgage broker is worth it. They can often find mortgage deals that aren’t available directly to the public and help you find the best deal overall once fees and rates are considered. Using a fee-free mortgage broker means you can get expert advice and support at no extra cost to you.
In practice, mortgage adviser and mortgage broker usually mean the same thing: a qualified professional who recommends and arranges mortgages.
However, some advisers work for a single lender (like a bank) and can only offer that lender’s products. While a mortgage broker compares deals from many lenders across the market. Choosing mortgage broker usually gives you more choice and better value.
HomeOwners Alliance Ltd is registered in England, company number 07861605. Information provided on HomeOwners Alliance is not intended as a recommendation or financial advice.
Mortgage service provided by London & Country Mortgages (L&C), Unit 26 (2.06), Newark Works, 2 Foundry Lane, Bath BA2 3GZ, authorised and regulated by the Financial Conduct Authority (FRN: 143002). The FCA does not regulate most Buy to Let mortgages. Your home or property may be repossessed if you do not keep up repayments on your mortgage.
HomeOwners Alliance Ltd is an Introducer Appointed Representative (IAR) of LifeSearch Limited, an Appointed Representative of LifeSearch Partners Ltd, authorised and regulated by the Financial Conduct Authority. (FRN: 656479).
Independent Financial Adviser service is provided by Unbiased, who match you to a fully regulated, independent financial adviser, with no charge to you for the referral.
Bridging Loan and specialist lending service provided by Chartwell Funding Limited, registered office 5 Badminton Court, Station Road, Yate, Bristol, BS37 5HZ, authorised and regulated by the Financial Conduct Authority (FRN: 458223). Your property may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.
