What is a Mortgage Broker?

Updated: 27th Sep, 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, such as L&C (they get paid commission by the lender). How good they are varies with the individual advisor.
  • 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.

Speak to our recommended mortgage broker ⬇️

Fill in the form below to be introduced to the mortgage broker we recommend to our own friends, the award-winning firm SPF.

We think they're great because:

  • đź’¸ They can find you cheaper mortgages, that other brokers often don't have access to. That's because they work with 146 different lenders, while other brokers only work with about 90!
  • 🥇 They have a big team of specialist advisors, so your advisor will have helped people in your situation before.
  • đź“ť They'll do all the paperwork for you, and tell you about better deals even after you've been approved for a mortgage.

SPF charge a fee if you successfully get a mortgage through them, but an initial chat is completely for free.

⬇️ Fill in the form below to be emailed an introduction to the right broker for you!

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