The best mortgage brokers for you
Key takeaways
A mortgage broker helps you find the best mortgage by searching across many lenders and deals, saving you time and effort.
Brokers offer expert knowledge and access to a wider range of deals, potentially saving you money.
Be aware that not all brokers see all deals, so it's worth doing some of your own research too.
Top mortgage brokers
If you’re not quite sure how to start your mortgage journey as a first-time (or second-time) buyer – or simply want the peace of mind of knowing that you’re making the right decisions when remortgaging – a professional mortgage broker can help you on your way.
As it can often be hard to pinpoint the best home loan for your needs, and time-consuming getting all the paperwork right, a helping hand through the process can be very welcome.
If you’re interested in finding out more, take a look at some of the top mortgage brokers that we work with, here at MoneySuperMarket.
As certain brokers specialise in different areas, make sure you speak to a broker who is right for your needs.
Broker Type | Broker | Phone number |
|---|---|---|
Digital | ||
Remortgage | ||
New build | ||
Buy-to-let | ||
N. Ireland | ||
High net worth |
What are the advantages of using a mortgage broker?
When taking out a mortgage, you may be wondering whether it makes sense to use a broker. Here are some of the reasons why it might be worth your while.
Saving time and stress: One of the big benefits of using a broker is the time and stress this can save you. A broker will handle everything from searching for a suitable deal to completing the application and communicating with the lender on your behalf. They can tell you which lenders are more likely to accept you and advise on how to improve your application.
Securing better rates: As a broker can get access to a wide range of lenders and mortgage products, often including exclusive deals which are not available directly to consumers, they can help you find the most competitive rates. Moreover, as they often negotiate on your behalf, they can potentially secure better rates or terms than you might otherwise have achieved alone.
Expert guidance: An adviser can add real value by explaining complex terms, eligibility requirements, and potential pitfalls.
How to choose a mortgage broker
Choosing the right mortgage broker can make a big difference when it comes to making a mortgage application, and ensuring you’re successful in finding the right deal for your needs. Here are some of the key things to consider:
Look for a whole-of-market broker
A whole-of-market broker will have access to a broad range of lenders and products, meaning they can recommend the cheapest or most suitable deal for you, potentially saving you a lot of money.
Understand what you’re getting with a tied broker
Unlike whole-of-market lenders, tied brokers may be limited to a narrower panel of lenders and products, meaning a more restricted choice.
Consider which type of broker to use
Most brokers work with customers in person or over the phone. However, there's a growing number of 'robo mortgage advisers' – web-based services that allow you to carry out some or all of the process online. Consider the pros and cons of each approach. While robo advisers may be fast, they may lack personal advice. Think carefully about whether a tech-driven service is right for your needs, or whether you need more support.
Ask about fees and charges
All mortgage brokers must clearly outline their charges and any commission they receive from a lender before you enter into a contract with them. Ask what their fees are, how much they are, and when they expect to be paid. Some charge a flat fee, while others charge a percentage of the loan amount. Fee-free brokers typically earn commission from the lender. Make sure you know all costs upfront to avoid surprises.
Enquire about the service offered
Understand what is included in the broker’s service. For example, will they handle all the administration and chase lenders? Will they offer guidance and personalised advice throughout the process? Be sure to ask for references and read reviews.
Experience and specialisation
Before choosing any broker, check what experience they have with your type of mortgage requirements (such as first-time buyer, buy-to-let, remortgage, or complex financial situation). You want to be sure they can handle your circumstances effectively.
Shop around
You are not tied to using a broker recommended by an estate agent. That broker may only work with a limited panel of lenders and may not be the best value. It's wise to talk to several brokers before deciding on one.
Do all mortgage brokers have access to the same deals?
No, not all mortgage brokers have access to the same mortgage deals. Here are some of the things you need to bear in mind:
• Tied vs. whole-of-market: Some brokers are 'tied' to a single lender or operate from a select 'panel' of lenders, limiting the deals they can offer. By contrast, whole-of-market brokers aim to scour deals from every lender.
• Bank/building society advisers: Advisers based in a bank or building society will typically only tell you about their own product range.
• Direct-only deals: Some lenders offer mortgages exclusively to customers who apply directly to them, without using a broker. Brokers have no obligation to inform you about these 'direct-only' deals.
• Broker-only deals: Conversely, some mortgage deals are only available through mortgage brokers and cannot be accessed by applying directly to the lender.
• Exclusive deals: Occasionally, lenders may arrange exclusive deals with certain broker networks or clubs that brokers can join. This means that even a whole-of-market broker might not have access to absolutely every single mortgage available.
Does my mortgage broker need to be local?
No, your mortgage broker does not necessarily need to be local. While some people prefer the option of being able to meet a broker in person, many brokers operate entirely over the phone or online. There are even fully digital 'robo mortgage advisers'.
When choosing a mortgage broker, what matters the most is experience, expertise and trustworthiness. The key is to find a qualified broker with a proven track record who can access the best mortgage deals nationwide, irrespective of location. Focus on finding someone who understands your needs – and who can guide you effectively through the mortgage process.
Compare mortgages with MoneySuperMarket
A good way to get an idea of the kind of mortgage deals that might be available to you is by using a mortgage comparison tool. With MoneySuperMarket’s mortgage comparison tool, you can quickly and easily compare quotes from a range of providers.
Just tell us a bit about yourself, your financial situation, and your plans. We’ll help you scour the market in search of the mortgage deal that is right for your needs. You can then make use of our mortgage calculators to find out how much each deal would cost you overall.
For more information on mortgages, check out some of our other guides which can help you with your decision-making:
For more information on selling your home privately check out our guide here.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Author
Collette Shackleton
Content Writer
Collette Shackleton is a highly skilled Content Writer who has over nine years’ experience creating helpful and engaging personal finance content for consumers. Collette shares her experience as a...
Reviewer
Alan Cairns
Senior Content Editor
Alan helps MoneySuperMarket break down complicated financial topics into plain English, to help you find the right deals. When he’s not writing or editing you might find him cycling the South Downs.
