Getting independent mortgage advice

Key takeaways

• You can get free mortgage advice whatever your circumstances, to help you understand your mortgage options

• Mortgage brokers can help you find the right mortgage that suits you, often for free, and they only charge if you choose to take the mortgage

• You can take out a mortgage without advice or a broker, but it may not necessarily be the best deal available for you

Whether you are a first-time buyer, moving home, looking for a buy to let mortgage, or staying put and  remortgaging, there’s a vast range of mortgages to navigate from hundreds of lenders.

Even if you’re an experienced mortgage switcher, a lot could have changed since the last time you went through the process. So where do you start?

Why should I use a mortgage broker?

You should use a mortgage broker as they can you save you time and money by comparing deals across the market, handling the paperwork, and finding a mortgage suited to your circumstances.

A good mortgage broker will:

• Find out about your personal circumstances, such as your earnings, outgoings, and deposit. Based on this information, they can calculate your affordability

• Sift through available mortgage products to find the cheapest interest rates and fees, matching flexibility to your needs so you find the right deal

• Provide advice on which deals you’re most likely to be accepted for, so you can apply more confidently

• Guide you through compiling the necessary paperwork and make sure it’s completed correctly

• Carry you through the application process and be on hand for any questions

• Liaise with the selected lender on your behalf and deal with any problems that could cause unnecessary delays

• Advise you on any other relevant financial products alongside your mortgage, such as life or home insurance

However, for this process to work at its best, you will need to ensure the broker you choose is independent. But what does this mean exactly?

How do I choose a mortgage broker?

It’s usually best to choose a regulated, whole-of-market mortgage broker who is transparent about fees and clearly explains options tailored to your situation.

There are three main categories of mortgage broker:

Tied or multi-tied mortgage brokers only offer a limited range of lenders, meaning you could miss out on a cheaper or more suitable deal. For broader choice, it’s often better to use an independent or “whole-of-market” broker, such as our partners Fluent or Mortgage Advice Bureau.
However, even these brokers won’t have access to “direct-only” deals that are only available by going straight to a lender.

How will I know what type of mortgage broker it is?

Under rules set down by the Financial Conduct Authority (FCA), your broker must be clear and upfront about the kind of advice it is offering at the start of the process. Your broker should also tell you how it is being paid, as well as how much. For example, some will take commission from lenders, while others will charge you a fee for their services. Only mortgage advisers who offer you the choice can call themselves ‘independent’. This information will be set down in a European Standard Information Sheet (ESIS) and handed to you at the start of the process. The ESIS replaced the better-known Key Facts Illustration (KFI) document in 2019.

Check the ESIS thoroughly, ensure you understand it and make sure it’s what you are expecting.

How much will a mortgage broker cost?

The cost of mortgage advice can vary depending on the broker, but it doesn’t have to be expensive. Some brokers – including our partners Fluent and Mortgage Advice Bureau – offer advice for free and only charge a fee if you go ahead with a mortgage. Both operate as independent brokers.

What questions should I ask a mortgage broker?

The following questions are crucial to ask when you’re looking for a mortgage broker:

• Are they whole of market or tied to certain lenders?

• Is the broker regulated by the FCA?

• What are the fees for mortgage advice?

• Is there a charge if you change your mind and pull out of the process?

• How much is the broker being paid?

Can mortgage advice benefit my application?

Yes – mortgage advice can strengthen your application by helping you choose the right deal and avoid mistakes that could lead to delays or rejection.

When applying for a mortgage, the lender will carry out some checks to determine whether you are reliable as a borrower.

For instance, they'll want to look at your credit score and understand how well you’ve dealt with loan repayments in the past. Sometimes, it only takes a minor delay to affect your credit history.

Generally, mortgage brokers will be able to assess your finances, sort out any slight mishaps in your credit history, and improve the chances of a successful application.

Brokers also tend to know what each lender’s eligibility criteria are and which mortgage providers are more likely to accept you. So you may be more likely to find the right deal for your circumstances.

Can I get a mortgage without advice?

Yes – you can get a mortgage without advice by applying directly to a lender, but you’ll need to research and choose the right deal yourself.

Many lenders allow borrowers to compare rates online and submit applications without speaking to a broker, which can save on fees.

However, taking mortgage advice can be highly beneficial, especially if your financial situation is complex or you want to ensure you’re getting the best deal. A broker can help you navigate the market, identify suitable products, highlight potential pitfalls, and handle much of the paperwork, increasing your chances of a smoother, quicker approval.

If down the line you discover that their recommendation was not suitable, you have more protection and can file a complaint that the mortgage advice wasn’t appropriate.

Where can I get mortgage advice?

You can get mortgage advice from independent brokers, lender advisors, financial advisers,
or through MoneySuperMarket’s specialist broker partners like Fluent and Mortgage Advice Bureau.

Ultimately, our aim is to help you find the perfect mortgage solution for your needs and your pockets. With our affordability calculator, you can find out how much you could borrow for your new home.

Compare mortgages with MoneySuperMarket

Use our mortgage repayment calculator

Other useful guides

• Remortgaging with the same lender | MoneySuperMarket

• Do I need a mortgage broker or a lender? | MoneySuperMarket

• Can I sell my home to a family member? | MoneySuperMarket

Your home may be repossessed if you do not keep up repayments on your mortgage.