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A good mortgage broker compares deals from many lenders to find one that fits your needs and can save 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 for you.
KEY INFORMATION
If you’re wondering whether you really need a mortgage broker, here are some of the benefits.
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 broker is different to going to your bank for a mortgage because you’ll have a 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 Mortgage Advice Bureau work with over 100 lenders.
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.
The best mortgage depends on your personal circumstances. The award-winning expert advisers at Mortgage Advice Bureau will find the right mortgage for you.
Get fee-free mortgage advice from the award-winning expert advisers at Mortgage Advice Bureau.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Please note some branches of Mortgage Advice Bureau may charge a fee for mortgage advice if you go direct. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed. So make sure you use this site, this form or phone number for fee-free advice.
A mortgage broker will:
| Using a mortgage broker | Finding a mortgage yourself |
| A mortgage broker will search for the best mortgage for you. | You’ll do the research. |
| 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. |
| 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 for you. |
Here are some of the circumstances in which using a mortgage broker can be particularly beneficial:
Get fee-free mortgage advice from the award-winning expert advisers at Mortgage Advice Bureau.
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. |
| They’ll match you to the lender that’s most likely to accept your application. | Some mortgage brokers only work with a limited panel of lenders. By comparison, brokers Mortgage Advice Bureau work with 100+ lenders. |
| Mortgage brokers will offer advice and guidance throughout the process and be your advocate with lenders, which can reduce stress and increase your chances of securing a mortgage. |
Whether or not you’ll be charged fees for using a mortgage broker varies.
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 the award-winning expert advisers at Mortgage Advice Bureau. Compare deals or speak to an adviser today.
Get fee-free mortgage advice from the award-winning expert advisers at Mortgage Advice Bureau.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Please note some branches of Mortgage Advice Bureau may charge a fee for mortgage advice if you go direct. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed. So make sure you use this site, this form or phone number for fee-free advice.
Choosing the right mortgage broker can make a big difference to the deal you get. Here’s how to find a good one:
If you’d prefer to skip the research, you can get fee-free mortgage advice from the award-winning expert advisers at Mortgage Advice Bureau.
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.
Here are the questions you should ask a mortgage broker:
If you need a mortgage, here are the next steps to take:
Get fee-free mortgage advice from the award-winning expert advisers at Mortgage Advice Bureau.
Get fee-free mortgage advice from the award-winning expert advisers at Mortgage Advice Bureau.
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 for you based on your needs and circumstances.
You don’t have to use a mortgage broker but using one can save you time and may improve your chances of approval. Also, if you go directly to your bank you’ll only have access to the deals they offer, whereas if you use a mortgage broker you may have a much wider range of mortgage deals available to you. u003cbru003eu003cbru003eFor many buyers and for those remortgaging, the benefits outweigh going it alone.
Look for a mortgage broker who’s u003cstrongu003eFCA-authorisedu003c/strongu003e, transparent about fees, and able to search a wide range of lenders. You can u003ca href=u0022https://www.fca.org.uk/firms/financial-services-registeru0022u003esearch the u003cstrongu003eFinancial Services Registeru003c/strongu003eu003c/au003e, read reviews online, or u003ca href=u0022https://hoa.org.uk/services/mortgages/u0022 target=u0022_blanku0022 rel=u0022noreferrer noopeneru0022u003eget fee-free mortgage advice from the award-winning expert advisers at Mortgage Advice Bureau u003c/au003eto get started quickly.
You don’t have to use a mortgage broker, but many people find it makes the process easier. A good mortgage broker can compare deals from a very wide range of lenders, potentially 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.
In practice, u003cemu003emortgage adviseru003c/emu003e and u003cemu003emortgage brokeru003c/emu003e usually mean the same thing: a qualified professional who recommends and arranges mortgages.u003cbru003eHowever, 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.
HomeOwners Alliance Ltd is registered in England, company number 07861605. Information provided on HomeOwners Alliance is not intended as a recommendation or financial advice.
HomeOwners Alliance Ltd is an Introducer Appointed Representative of Mortgage Advice Bureau (Derby) Limited which is authorised and regulated by the Financial Conduct Authority.
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.
