For most of us, getting a mortgage is a key step in buying a home, but the process can be complex and time-consuming. If you're feeling unsure, a mortgage broker (sometimes called a mortgage advisor) can help simplify things, compare the best deals, and guide you from start to finish.
A broker essentially acts as a middleman between you and the mortgage lenders. They’ll assess your circumstances, advise on the right type of mortgage for your needs, and help identify the lenders most likely to approve your application.
Many brokers also have access to exclusive mortgage deals not available to the public. Their support can save you time, reduce stress, and potentially lower the cost of buying a home or remortgaging.
What Is a Mortgage Broker?
A mortgage broker is a financial professional who helps you find a mortgage that suits your personal and financial circumstances. Unlike banks or building societies, which can only offer their own products, brokers usually search across a wide range of lenders to find specialist deals.
They must be regulated by the Financial Conduct Authority (FCA), and most hold an approved qualification such as CeMAP. Some brokers work in person or over the phone, while others operate entirely online, giving you flexibility in how you use their service.
What Is a Whole of Market Broker?
A whole of market broker has access to mortgage deals from a wide range of lenders, rather than being restricted to a specific panel. Because they are not tied to any one provider, they can recommend options based solely on what suits the buyer's circumstances.
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What Does a Mortgage Broker Do?
A broker will review your income, employment type, credit history, and any existing debts to recommend mortgage products that you are likely to be approved for. Their advice is tailored to your situation and can be especially helpful if you are self-employed, have a poor credit score, or are buying for the first time.
They often have access to exclusive mortgage deals that are not available when applying directly to a lender. This can save you time, help you secure a better rate, and reduce the risk of an unsuccessful application.
More than just finding the right deal, a broker can support you through the application process, explain unfamiliar terms, and help with the paperwork. This guidance can make the experience quicker, less stressful, and more efficient.
Should You Use a Mortgage Broker or Go Direct?
Whether you're buying a home or looking to remortgage, you generally have two options: go straight to a lender or work with a mortgage broker. While both routes can lead to the same end result, a mortgage offer, they differ significantly in terms of time, choice, and support.
Here's how they compare:
| Feature | Mortgage Broker | Going Direct to a Lender | Winner |
|---|---|---|---|
| Access to Lenders | Broad access across the market | Only that lender’s products | Mortgage Broker |
| Advice Type | Independent and tailored | Limited to in-house options | Mortgage Broker |
| Exclusive Deals | Broker-only rates available | No access to broker deals | Mortgage Broker |
| Time and Admin | Handled by the broker | Managed by you | Mortgage Broker |
| Approval Chances | Higher – matched to suitable lenders | Lower – risk of applying to the wrong lender | Mortgage Broker |
| Application Support | Full help with forms and documents | Limited or self-guided | Mortgage Broker |
| Fees | Most charge £200–£500; others are free | Usually free to apply | Going Direct |
| Access to Direct-Only Lenders | No – e.g. First Direct not available | Yes – but only for that lender | Going Direct |
For most buyers, especially those with limited experience, a mortgage broker's benefits can outweigh the cost attached.
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How Much Does a Mortgage Broker Cost?
Many mortgage brokers’ services are free to the customers, with fees paid in the form of commission by the mortgage lender. This is often a percentage of the mortgage amount taken out by the customer.
Some brokers charge customers directly, typically between £200–£500 depending on the loan and broker, according to research by Boon Brokers. This can be in the form of a flat fee or percentage of the loan.
The Boon Brokers research found that 38.9% of consumers paid a flat fee to the broker, while 36.6% paid a fee based on a percentage of the loan.
For more information see: How Much Are Mortgage Broker Fees?
How to Find a Good Mortgage Broker
Choosing the right mortgage broker can make a big difference to the deals you're offered and how smoothly your application goes. Look for someone who is fully regulated, transparent about their fees, and up to date with the latest mortgage rates and lending criteria.
It’s also crucial to find a broker who understands your specific situation, whether you’re self-employed, have poor credit, or are buying through a scheme like Shared Ownership. Their experience in similar cases can help match you with the right lender and avoid unnecessary delays.
Here’s what to check when choosing a reputable mortgage broker:
- They’re independent and not tied to a specific bank or building society
- They cover the whole market, not just a limited panel of lenders
- They’re FCA-regulated, which means they meet strict professional standards
- They hold an approved qualification, such as CeMAP
- They have experience with borrowers like you, whether you’re a first-time buyer, contractor, or have a complex income
- They have strong customer reviews – look for consistent feedback on service, communication, and results
Compare Mortgage Brokers
Accredited mortgage brokers
Used by over 1.5 million movers in the UK
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Whether you are buying a home or remortgaging, we can connect you with up to 5 professional mortgage brokers in your local area.
Simply fill out our online form to compare brokers, helping you save on your overall costs. All our partners are FCA-regulated and independently verified by our team to ensure the highest standards of service.
