What is a Mortgage Broker?

Updated: 26th Nov, 2024

Author: Charlotte Burton

What is a Mortgage Broker?

While you can get a mortgage directly from a bank or building society, mortgages can be complicated, so it's worth talking to an expert! These experts are called mortgage brokers.


🤔 Why use a mortgage broker?

  • Mortgage brokers are very knowledgeable about mortgages, and often have special access to cheaper mortgages which you wouldn't be able to find online yourself.
  • They can save you time researching & choosing a mortgage, and save you stress by guiding you through the process.
  • They are especially helpful if you are looking for specialist mortgage deals (eg if you have a bad credit rating, are self-employed, aren't a UK national, or want to buy a New Build, especially using the Deposit Unlock scheme).

  • Some mortgage brokers are free for you to use, as they get paid commission by the lender.
  • Other brokers will charge you ~ÂŁ300-500, sometimes varying with the size of the mortgage. These brokers may also be paid a commision by the lender.

Awards and good reviews are a helpful indicator that a mortgage broker is good quality, but it’s also good to ask your mortgage broker some questions:

  • Are they “whole of market”: this means they can access mortgages from lenders in every sector of the mortgage market.
  • How many lenders do they have access to: ideally 90+, meaning they really can access all lenders that work with brokers.
  • What are their fees: some brokers give advice for free but charge you if you want to purchase a mortgage, so make sure to ask.
  • Will they tell you about direct-only mortgages: some mortgages have to be applied for by the customer directly, rather than by a broker. Brokers aren’t obliged to tell you about these, but if they’re willing to it can sometimes be cheaper.
  • When are they available: some brokers work 9-5, which is not generally when you’re thinking about mortgages!
  • What does their service include: for example, will they do the admin and chasing up, and inform you if better mortgages come up after you’ve already been offered one?

  • Estate agents may recommend a mortgage broker, but do be wary.
  • These brokers may charge you, may not have as full access to all mortgage products as other mortgage brokers, and a few have been accused of leaking buyers’ financial information back to estate agents to help them get the best price for the seller.
  • It’s illegal for estate agents to require you to use their in-house mortgage service.

  • Mortgage advisors might recommend various products to you, including buildings and contents insurance, life insurance and/or income protection, and maybe even a will.
  • They might also recommend a solicitor, or conveyancer, to you. You can read more about making that choice in the task choose a conveyancer.
  • It is always better to take a look on your own and compare a few quotes for any product or service. Unprompted recommendations tend to mean the person is getting a referral fee for introducing you, and might not be recommending you the best product for your needs.

Where can I find a good broker? 🔍

We've chosen 2 amazing mortgage brokers to recommend to you, who both have 5 star Trustpilot ratings from thousands of reviews by previous clients. One is completely free for you to use, while the other is a bit more specialist & charges a fee.

Click on the one you like the look of to get in contact with them! ⬇️

Logo for YesCanDo Money
Logo for SPF Private Clients
Free to use
Minimum loan amount

ÂŁ100k

ÂŁ150k

Whole of market

90+ lenders

90+ lenders

Tell you about direct-only mortgages
Do all the paperwork for you
Proactively update you on better deals
Speak multiple languages
Work with buyers currently living outside the UK e.g. expats
Have their own specialist mortgage products
Get in touch! ➡️
Fairy Godmover Waving

Let's plan your next steps!

Hello, I'm your Fairy Godmover đź‘‹ I'm here to guide you through your home buying process. Let me make you a checklist of everything you'll need to do, and guide you step by step.