How to Find a Mortgage Broker

Comparison websites make finding a broker easier by showing you multiple brokers in one place, along with reviews, pricing, and areas of expertise, so you can choose the one that best suits your needs.

Since each mortgage broker works with different lenders and deals, sticking with the first one you find could mean missing out on a better rate or more suitable product.

If you know someone who has recently used a mortgage broker, it never hurts to speak to them about their experiences and how useful they found it.

You should keep in mind that their financial situation is most likely different than yours so ask questions about communication and keeping to schedules, rather the deals they were offered.

If you have a conveyancer chosen already, either through a comparison site or a family recommendation, it's worth asking them if they can suggest a mortgage broker. While conveyancers don’t typically work closely with brokers, they often come across the same names through clients and may be able to recommend someone reliable based on experience.

Whether you're re-mortgaging, have a history of adverse credit, or are a first-time buyer, a broker familiar with your specific circumstances will be better equipped to find suitable mortgage deals and assist you throughout the process.

Ideally, you have found brokers who describe themselves as 'whole-of-market'. This means they can offer products from a wide range of lenders rather than being limited to a small panel. You can often identify this by checking their website or asking them directly.

Ensure the broker is authorised and regulated by the Financial Conduct Authority (FCA). This means they meet required standards, are qualified to give advice tailored to your needs and your rights are protected. You can check their status by searching their name on the FCA register.

It’s also worth looking for brokers who hold the Certificate in Mortgage Advice and Practice (CeMAP). This FCA-recognised qualification shows they have the knowledge and training to offer mortgage advice.

To keep costs down, ensure you understand the broker's payment structure. FCA-regulated brokers must inform borrowers of these details before entering into a contract.

Many brokers may take a percentage of the mortgage amount, while others charge a fixed fee or an hourly rate. Additionally, a significant number of mortgage brokers do not charge a fee to the borrower, instead, they receive a commission from the lender that provides the mortgage.

In some circumstances, the broker may even receive both a fee from the borrower and commission from the lender.

Read more on How Much Are Mortgage Broker Fees?

Some brokers only have access to a limited panel, so knowing this upfront helps you gauge how comprehensive their recommendations will be. A reputable, FCA-regulated professional should be open about the scope of their offerings.

It’s also worth checking whether you might miss out on any direct-only mortgage deals by using an intermediary. While these exclusive products are typically unavailable through brokers, some brokers may still charge a fee for advice on them.

Above all, a good mortgage broker should clearly explain the pros and cons of every product they suggest.

How you prefer to communicate can play a big role in finding the right fit. If you value face-to-face meetings, a locally based broker may suit you best. For greater flexibility, especially if you're short on time or live further afield, an online-based service might be more convenient.

Also, pay attention to how responsive they are to your initial enquiries. Are they easy to reach by phone? Do they reply to emails promptly? These small but important details can make the mortgage process far less stressful.

It's important that you look for reviews on trusted platforms like Trustpilot, Google Reviews, and comparison sites.

They offer valuable insights into past customer experiences and can help you assess the broker's reliability and the quality of their service.